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Condo Buying Checklist
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Scores 4.81 with 129 votes
Finance
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Home
20 tasks
By
Nicole Nichols-West
Table of Contents
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Research
Determine where you want to live.
Decide what type of home do you want to live in.
Determine how much you can afford based on the location and the type of home you want to live in.
Take time to determine which builder you have the greatest confidence in.
Check out various web sites, drive by locations and meet the sales representatives.
Once you made your choices, work with a lawyer who specializes in condominium purchases.
Buying a Condo
Ask to see the minutes of the condo association.
Check if the members are paying their condo fees regularly.
Find out the delinquency rates of present owners.
Check if there is a reserve fund.
If the renter population is over 10%, there should be clear rental policies.
Check if the association has a proper insurance cover for the whole apartment block.
Make sure that you understand exactly what the association policy cover and what you are responsible for.
Get a lawyer or insurance agent to explain the points if you do not understand any clause under the insurance policy.
Check if there are any restrictions.
Ask other tenants about their experience.
Check if you have to manage condo block.
If the complex is professionally managed, check out the management company thoroughly.
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Scores 4.81 with 129 votes
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