Home Buying January 14, 2025

Questions to Ask When Buying a Condo

Questions to Ask When Buying A Condo

Have you decided that a condo is the right type of property for you to purchase? There are many things to consider when buying a condo that doesn’t come into consideration when buying a property in an HOA, a rowhouse, or even a single-family home. Here are a few questions you should consider when considering this kind of home.

  1. Does the condo qualify for the type of financing you need?
  2. Is there a separate HOA with separate fees?
  3. What are the condo fees, how often are they paid and what do they cover?
  4. What are the association rules? Be sure to read the covenants and bylaws carefully before you settle.
  5. Has a reserve study been done recently?
  6. When was the last structural assessment completed?
  7. How is the condo association and building managed? And, by whom?
  8. Do I need to attend condo meetings? When are they held and where?
  9. Can I see the condo board’s meeting minutes?
  10. Can I see the association’s latest financial report and annual budget?
  11. How much money is in the reserve fund?
  12. Are there any special assessments due or planned?
  13. What is the ratio of owners to renters?  Does one entity own more than one unit?
  14.  Is there any pending litigation against the condo association?
  15. Has the building invested in any green energy initiatives?
  16. What are my repair and maintenance responsibilities?
  17. Has the building had a recent structural inspection and assessment?
  18. Do I need insurance?
  19. What are the boundaries of my unit?
  20. Is there parking for condo owners? Is there parking for guests?

 

 

  1. Can I run a business out of my condo unit?
  2. Can I rent out my unit?
  3. Are short-term rentals allowed?
  4. Are there any pet restrictions?
  5. How noisy is the building?
  6. What exactly do I own?
  7. What is the potential resale value?

Condos aren’t always multi-unit buildings, they can also be townhomes and in that case, you will also want to ask whose responsibility it is to cut the grass outside your unit.

This list of questions is not exhaustive, you may have other questions you may want to ask in addition.

Are you thinking about purchasing a condo? Let me help guide you through the process. I will help you decide what kind of condo is right for you and help you identify the things that are important to you as you start or continue your journey to home ownership.