Condominiums Buyers Checklist

Making an offer to buy a condominium can be very exciting, but make sure to do your homework first! Below is a list of questions to ask and thing to consider, to minimize any surprises on move in day. 

  • What is the monthly association fee for the unit you are interested in?
  • What does the monthly fee cover?
    (management company, , insurance, snow removal, landscaping, common area cleaning, water, sewer, trash removal, road maintenance)
  • What are unit owners responsible for?
  • Are there any other additional required fees or expenses (gym/club, pool, tennis, etc.)?
  • How old is the building? Recent improvements? 
  • What are the specific common areas?
  • Do units have assigned parking spots/garages, decks/patios, yard areas, storage, etc.?
  • How many units are in the association?
  • What percentage of the units are owner occupied (many lenders have minimum requirements)?
  • Ask for copy of the condominiums association Master Deed (understand what you are buying).
  • Who is responsible for replacing windows, decks, hot water tanks, heating equipment, etc.
  • Ask for a copy of the association by-laws (what is allowed, pet policy, age restrictions, quiet hours, guests, etc.)
  • How much does the association have in reserve? Ask for copy of association budget and financial statement.
  • Are there any expected/pending special assessments (large expenses)?
  • Is the association professionally managed, or self managed by the unit owners?
  • Are there any pending or anticipated legal actions against the association?
  • What does the master insurance policy cover?
  • Can owners rent out their units? Airbnb?
  • How many guest parking spots are there, and where are they located?
  • Restrictions on outdoor furniture, flags, plantings, outdoor grills, etc.
  • Are home offices allowed? Can they have employees?
  • Is the association FHA approved? (buyers will have better financing options)
  • Visit the property at various times checking for loud noise, parking availability, crowded common areas, etc.
  • Delinquency rate of unit owners paying monthly fees
  • Are there restrictions (days/hours) on moving in and out? Moving fees?
  • Ask you insurance agent to quote the cost of a condominium owners policy 

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