|
| Tips on Choosing a Condo | You also should look for a building with a good condo association.
A good condo association is critical to maintaining your condo's value. A condo owner has the space between the unit's walls; the building itself and any common space are held by the condo homeowners' association. As an owner in a complex, you will become a member of its association and will have to pay a homeowner's fee. The association will cover expenses to insure and maintain the property, so make sure that it is professionally managed and has the funds to make needed repairs. The type of regulations can vary widely, from fresh interior paint in the common areas to a new roof, so a condo association's reserve funds are rather important.
If you don't have good management on-site or necessary financial reserves, the probability is, if something small happens, the association will look after it. It might be landscaping or a small crack, but if you miss those things, greater problems may occur. And that will decrease your condo's value.
Consider the association's budget, because this will help define the services you will receive, and the rating you will be charged. These assessments are generally compulsory and collected monthly, quarterly or annually. If you don't pay these fees, they may be slap a lien on your property. Also check out what the assessments cover and don't cover (for example, maintenance of common areas and trash collection), and compare these assessments with similar condo associations in your area. The budget should have a reserve fund for major expenses. Since it is not, condo owners may be hit with special assessments for major repairs.
Look for any “hot” issues between residents and the elected board. You may also speak to current residents that may yield telling insights. Just try to talk to the people and ask them whether the association is well-managed and they enjoy living there.
|
|
