Ask These Questions Before You Buy a Condo

When looking at promotional material for condos for sale, it’s not hard to be in awe of the life of luxury that they project. However, it’s also important that we focus on reality and really look at the different aspects of life in a condo, since buying a unit would be a very big investment. Before making your investment, don’t forget to ask the developer or manager these questions.

·         Are the condo unit owners satisfied? See if you can get information about past board meetings of the association; the minutes will let you know how unit owners feel about owning or living in the condo. If you find out that there are problems that occur regularly, such as elevators that are often out of order, or plumbing that needs frequent repairs, these might be an indication of poor management.

·         What are the common facilities available for everyone? Ask about the various facilities that everyone in the condo can use, and if they are maintained on a regular basis. If residents have to stick to a certain schedule if they want to use these facilities, it could mean that there is not enough equipment for everyone in the condo to use.

·         Are the owners punctual when it comes to paying dues? Find out if the unit owners are paying their dues when they should; if a lot of them are late on their association dues, they could be telling the condo’s manager that there are things about the condo that they are dissatisfied with.

·         What changes am I allowed to make? When you live in a condo, it means that you can take a break from chores like regular yard maintenance and difficult repairs. On the other hand, the condo’s management might also have a say about things that you might want to change, such as wall painting. Find out early on what sort of renovation or redecorating efforts they allow in the unit so that there won’t be any trouble in the future.

·         What are their rules and regulations about renting? If your plan is to buy a condo for sale and then rent it out; you should find out the population of renters in the building as this will tell you if there could be a risk that the complex might decide to impose a no-renting policy. Also, interview some of the renters and find out if they are experiencing any unjust treatment from the management.

·         How secure is the complex in emergency situations? In case the condo is in an area where flooding is a regular occurrence, see if they have any safety measures that will guarantee very minimal damage to the condo and your belongings. Are there fire precautions like smoke detectors and sprinklers all over the building, and are the emergency exits easily accessible? Find out if the building has master insurance, as well as the extent of its coverage.

·         Are there generators in the building? No matter where people live these days, they are often subject to unexpected power outages. See if the building has back-up power for situations like this. If there is an emergency power source, ask if it is only limited to common areas of the condo, or if units are supplied with power as well.

Developers don’t usually tell potential buyers about the negative sides of living in a condo unit; they want to be able to sell so they focus on the promoting the advantages. This means that the buyer should take on the responsibility of asking these questions to get a feel of what condo ownership or residence will really be like.