What are the key things one must know before buying a townhouse/condo?

Question

...important questions to ask the seller.

Answer 1

Both answers above contain Excellent advice. I also want to say that you are so smart to be asking these questions BEFORE you buy a condo.

I just want to mention a couple of things to you:
* Do not purchase a ground floor unit with someone living above you. No matter how well built your unit is you will hear the upstairs people moving about,dropping stuff,shutting doors,walking etc. Also if their washer leaks, sink/tub overflows, etc you could be dealing with water damage to your unit. Yes , they have to pay to fix it ( insurance) but it can be hard to settle that. The unit above me is rented out by the owner. The tenant caused $4000.00 dollars in water damage to my unit. Took almost a year to settle.Also, if your upstairs owner has a balcony realize that when they are outside using it you may hear them.


* Before you buy ask if there are any current or pending special assessments. Special assessment's are monthly fee that is tacked onto your monthly common charges for a specified project for a specified amount of time. You may be able to use this knowledge to negotiate a lower selling price.My current special assessment is 25.00 a month for 5 years ! Its for repairs of our balconies and patios and brick facades. I have heard of much shorter, high cost.

* Many times a parking space(es) are assigned to your unit, this can be good and bad.Good cause you always have a spot pretty close by.Bad cause then people know when your home or not.

* Identify the condo complexes you most desire and get to know them. Condo owners for the most part will be open to talking to someone that wants to buy into their complex. Go to the complex and TALK TO people.Ask about the maintenance and upkeep, ask if rules are enforced ( a good thing) Ask about crime in the complex ,ask if any units have been robbed or cars vandiled. Ask if there are lots of kids and pets(noise) Look at the landscaping and lawn. Is junk allowed on the balconies. Does the lawn have burnt out spots? Ask about the clubhouse, pool tennis what ever they have. Ask them if they are happy living there .Why or why not?
* On your own drive around the complex at different times of the day and night . Look at as many units that you can...even if they are not the size you want that way you get a feel for the whole complex ! NEVER believe a unit owner who is trying to sell to you ... they want to sell so they will SAY ANYTHING TO GET YOU TO BUY. I have known some of my neighbors to only show their apartments during the day when their upstairs neighbor is out so everything seems quiet. Really CHECK OUT THE UNIT.Also note that all condo complex have some nosy busy bodies that will report you for any rule you break or gossip about you so understand that going in that condos are NOT PRIVATE.

* Make sure you are getting the MOST RECENT condo assocation rules and covents. I was given outdated ones at my contract signing and then presented with newer ones at the closing. Pet rules were radicaly different. I was able to have my lawyer handle the issue but be careful.

* Do not purchase a unit near the pool,rec center, dog run, play ground, etc. All of these things will bring noise and foot traffic near your condo and lower your resale value. You woulndt want to be out on your balcony and hear kids screaming. Right?

* Find out EXTACLY what's included in you monthlyu maint. fees. My monthly fee includes heat,hot water, gas and grounds maintintence. My friend owns a condo in a different complex. His monthly fee ONLY includes grounds maint, pool maint and basic cable....That's it. Everthing else in his unit is electric , that he has to pay for himself. If you can find out the fee history...That will give you an idea of how often it goes up.

Just be extra careful and wait for a unit that you love.... May I suggest a upper corner unit. I have found those to be sharing less wall with other units. Good luck to you on your search for the perfect condo

Answer 2

You should look at in no particular order...

1. A copy of the townhouse/condo association documents listing the rules, deed restrictions, common areas, etc. Can you live with them? Do they make sense? Are the owner's responsibilities clearly defined?

2. At least one full year of meeting minutes. What has been a problem? How were the problems handled? Who is handling which problems?

3. How many units are renter-occupied versus owner occupied? Too many renters and selling becomes difficult because lenders won't lend. Also, are the rules the same for renters as for owners?

4. Financially how sound is the condo/townhome? Are there any assessments being discussed? What do the reserve accounts look like? When was the last time the books were audited? How many owners are delinquent in their dues?

5. Who is managing the property? Is it a professional or is the property self-managed?

6. Make sure you have adequate insurance for yourself. A small condo/townhome association may have opted to go light on the insurance. In that case, the owners are jointly responsible for the liability. What happens if a visiting child drowns in the community pool and the association allowed the liability policy to drop? Get a copy of the insurance certificate and take it to your insurance agent for review.

Proceed with caution and ask lots of questions.

Answer 3

-What are the condo fees?
-What are the neighbors like?
-Are there any plans of renovations?
-How strong is the condo board?
-How much money is in the condo reserve fund?

Answer 4

in the checking account at a association is there any amount they can have