I’m thinking of buying a condo. What advice would you give?
Fees & Service Charges: Condo associations typically charge a variety of fees to cover everything from modest maintenance charges to extravagant luxury amenities. Understand what is included, anticipated large expenditures, and out of the ordinary expenses likely to be incurred.
Management and Operational Efficiency: Spend time speaking with current residents, review community literature, and take a careful look around the area to get a general “feel” for how things are maintained.
Finances and Reserve Funds: Perform due diligence on the finances and reserve funds of the condo association to make sure their problem doesn’t become your own. Pay special attention to large numbers of vacant units that could eventually result in higher per owner premiums to compensate for loss of revenue.
