What are the most important questions to ask when buying a condo?
- Are pets allowed? Are any breeds not allowed? Any restrictions on size or weight?
- Can you run a business from your home? Any restrictions?
- Can you rent your unit? If so, are there restrictions? Is there a waiting list? Minimum term length? Restrictions on number of renters? ages of renters? does the Board need to approve the renters? Do they require a copy of the lease?
- Are any special assessments planned? Were there any in the past? If so – what is the purpose?
- How is the Financial Health of the association? Are delinquencies high? Poor cash flow?
- What is the rental % ? If it’s too high, it might affect the ability of owners to get loans and affect market values.
- What insurance coverage will you need?
- What parts of the unit is the owner responsible for? (windows, decks, doors, etc.)
- Ask current residents about possible issues.
- What are the parking rules & restrictions? Can you park your work van in your driveway?