Buying A Condo – Important questions to Ask

What are the most important questions to ask when buying a condo?

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?

Protected by Copyscape Web Plagiarism Detector

0