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Many people who own condos are happy with the arrangements, but the trick is to do your research before you buy.
A well-located and well-designed condo is probably as good an investment as any real estate. The value of a condo should increase, remain fairly constant, or decrease with the general market.
Some things to know before buying a condo:
Maintenance cost or association fees.
All members want lower debt. But no member wants reduced services. Compare condo rates from other associations in the area that offer similar amenities and services.
Are there special evaluations on the horizon?
Special assessments are fees condominium associations sometimes charge homeowners to pay for emergency repairs, litigation, or to cover monthly debt in the event of multiple foreclosures.
What percentages of units are being rented by their owner?
It is an established fact that landlords take better care of their property than renters. The owners are more rule-abiding and keep the place in better shape. If a development has a lot of tenants, you’ll find that it’s generally a hazelnut place. In general, the pool, spa and other amenities may see more intensive use.
Another reason to check the tenant-landlord relationship is that it can be difficult to resell. Any development with a tenant ratio of 10% or less should be considered good; 20% or more could be cause for alarm.
What are the condo rules?
In any shared ownership development, there will be rules that you will have to live by. You may not agree with all of them when you first buy the unit, but then find that you want to change one or two, this may not be possible. You should obtain a copy of the statutes and rules. Know the rules; you don’t want unpleasant surprises later.
Location of the unit within the development.
Here are some areas you may want to avoid:
o Does the unit face a tree lined street or will it be a view of the parking area?
o Are you facing a busy street?
o Is the unit near a pool or recreation center?
o Is the unit near noisy neighbors?
Are there lawsuits pending?
The big problem with lawsuits is liability. If the association loses, the owners (who are the association) lose. That means judgment could be entered against all the owners and each could be required to pay a portion. Some states limit such loss, provided there is sufficient liability insurance.
If there is a lawsuit pending when you buy a condo and the association loses the lawsuit and must pay damages, you may be liable for your share of those damages. This could happen even if you bought after the lawsuit was filed.
How safe is the board?
You need to know how much insurance the development has. Is it enough and what does it cover? You should be particularly concerned that the development has liability coverage on:
o Accidents – if someone slips and falls on the side of a swimming pool.
o Association actions – errors or omissions.
o Employee actions: if someone is injured by negligence or is wrongfully terminated.
o Owner Actions – if someone doesn’t like a rule and goes to court to change it.
There are many other questions you need to know, but if you have the answers to these questions, you’ll be one step closer to making an informed and intelligent buying decision.