Before You Buy a Condo
Here are some good questions to ask before purchasing a particular condominium:
What are the monthly maintenance fees and what do they include?
Self managed or managed by a property management firm?
What is the reputation of the builder/developer?
If the building is older than 1999, what building inspections have been done? Any engineering reports?
Are there any structural problems for future special assessments or commitments made by Council?
What is the maintenance plan for the next 5 - 10 years? How much money is in the Contingency Reserve Fund to support such plans?
What are the pet and rental restrictions?
Are there any ongoing issues?
Court arbitrations or actions?
Are the units in this development keeping up with appreciation of other units in the area?
These are just some of the questions you need to be asking when considering the purchase of a condominium. The formula for success is to find the right realtor and then together find the right property.