Condo Buying Tip List

• Number of units in complex?
• Percentage of owner-occupants?
• Percentage of unsold units?
• Monthly homeowner association dues?
  1. What do dues cover?
  2. How often have dues been increased?
  3. Any anticipated increase in dues?
  4. How many homeowners are delinquent in paying dues?
• Is there a fee for transferring association membership?
• What does homeowner’s association insurance cover?
  1. Will you need additional insurance coverage?
• Is the homeowner association professionally managed?
• Amount in the association reserve account?
  1. Any large expenses anticipated?
• Is the association involved in litigation (status and likely resolution)?
• Are pets allowed?
• Can you rent your unit out?
• Are there restrictions that’ll cramp your style?
• How many parking spaces are included?
• How many storage spaces are included?
• What common facilities are included?
• What do current owners like best about the complex? (Interview current owners).
• What do current owners like least about the complex?
• How is the soundproofing?
• How are water pressure, heating systems, etc.?
• Does the developer have a good reputation?
• Are sales prices going up or down?
• How active are sales?
• Attend homeowner’s association meeting.
• Review covenants, conditions, and restrictions.
• Review bylaws and articles of incorporation, or have an attorney review them.
• Request minutes of the last few Board/Owners’ meetings.