What To Ask Before Buying Your Condo
There are lemon laws on cars. In every state in America, if you think you have purchased a faulty vehicle you can call a lawyer and receive cash for it. It does not work that way with apartments, however. If you don't want to get stuck with a nightmare of a beachfront condo, take the time to ask some questions before purchasing.
First, ask around to the other residents of the complex as to what their complaints are. This might be a daunting task because no one wants to discuss the issues they have with their homes and it might seem a little presumptuous of you to ask. Luckily, there is a little spy work you can do to find out this information. Take a look at the minutes of the condo association board meetings. This will show what problems the complex has and what kind of issues are being brought up by the tenants. Most likely you'll be incredibly relieved to see that there are no issues or complaints but these minutes might still reveal new projects or renovations that you might not have heard about from the seller.
Another thing you can learn from the condo records is the delinquency rates of the current residents. It's a distinct possibility that trouble will follow if you find that people are not paying their dues on time. It could mean trouble in the ranks or that the association is drastically underfunded. Either way, it spells trouble.
You should also consider asking for a copy of the certificate of insurance. This will not only show you what you are responsible for and what the association will insure. If you are smart, you will insure your personal belongings that are not covered by the certificate of insurance. Also included in this policy will be the upgrades that have been made on older buildings since their construction. This can be incredibly valuable information that even the seller might not be aware of and help you make a good decision about purchasing the condo.
With just these simple facts in your back pocket, you can not only avoid purchasing a beachfront condo or just a luxury condo that is not exactly up to scratch. You don't want your dream home to end up keeping you up at night. You want to have all the information that you can before purchasing, lest you end up with a lemon!
by: Mark Etinger
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