Post
by indoor66 » January 20th, 2011, 1:10 pm
1. Find a good property lawyer familiar with the area to represent you and to answer your questions.
2. Look at the Condo Documents to be sure there are not any requirements or limitations that are unpalatable to you and your desired lifestyle. After you own it is usually too late or too expensive to deal with them. (pets, decoration limitations, antenna limitations, parking restrictions, noise limits - loudness and timing, insurance requirements, rental limitations, etc.)
3. Insurance on a condo is very similar to renters insurance. It is a good idea to bundle it with your car insurance as you will get the best rate that way.
4. You do purchase cubic feet with a condominium. The floors, ceilings, load bearing walls and external walls are common elements - maintained by the Association. You get to clean the interior and paint and decorate. Usually you cannot do anything to the outside. You also cannot do anything to the inside that will directly infringe on other owner's enjoyment or that might cause damage or injury to the common areas.
5. Be sure you understand the Monthly Maintenance Assessment situation. Also, your attorney should review the annual budget and, as important, the reserves in place for high dollar maintenance - Exterior painting, roof replacement, parking area maintenance and paving, recreation amenities repair and maintenance, etc.
6. Another concern is how the Condominium is administered. Is there professional management that looks after the regular maintenance and landscaping or is it done by the Board of Directors. If the Board, is there a group of "condo commandos" who revel in their importance and power? Are they jerks
Just be prudent. As an owner you are responsible for the whole as well as your unit. Ask questions and demand answers. An experienced local attorney may well know many of the answers. Also your realtor is a source for information or can be asked to find answers for you.
Good luck. Ownership is a wise move if prudently pursued.
If you give up your dream, YOU DIE.