Ten Things to Look Out for When Buying a Condo

1. How much will you need to put down for a loan? In the current lending market you are probably going to have to put at least 25% of the purchase price down for a down payment.
2. Look at the condition of the complex. As a condo owner you will share in the common areas. Are they kept up or does it look like there is a lot of deferred maintenance that hasn't been kept up.
3. Pool, hot tub, clubhouse? Do you care if there are amenities? They will increase the association dues, but may increase your rentals too, if you want to rent out the condo.
4. Association dues, what do they include? Be sure to review the budget. Some associations like to keep their dues low and have special assessments for improvements or even necessities (like a new roof). Others believe in putting away money each month toward future improvements. Which would you be more comfortable with?
5. Be sure to read the home owners association minutes. Read past years also to give you some history on the complex. Is the association dealing with their issues or putting them off year after year.
6. Is there a current special assessment? Who is responsible for the payment. It's addressed in the real estate contract. In my experience the seller usually pays for the current assessment. Reading the minutes will give you a clue of future assessments.
7. Check out the Declarations, By Laws and Rules and Regulations. Make sure there are no rules you can't live with. Most associations have restrictions on pets. They may not be allowed at all, a restriction that only owners can have pets, or a restriction on the size or number of pets. A few complexes do allow tenants to have pets.
8. Does the complex have a first right of refusal? Some of the older complexes still have this requirement on their books. When an offer is made a letter goes out to the other owners giving them the chance to buy the unit at the same price and terms. It's very irritating for a buyer when they have negotiated a great deal and one of the other owners takes it up.
9. Rental restrictions. Some complexes have restrictions against short term rentals. They may allow rentals but they have to be with a minimum six month lease.
10. Occupant restrictions. Some condos are designated as "affordable housing" with a restriction that someone who works in the county at least 30 hours a week must be the occupant. When the price looks too good to be true it is probably one the those deed restricted units.
Lots of things to look out for when buying a condo. My job is to help you pick out a property that would meet your needs and then check out the documents.