Questions You Should Ask When Buying a Condominium

By
Real Estate Agent with RE/MAX Executive Realty 91362

Questions to ask when buying a condoThere is no doubt that there is a lot you should know as a buyer when you are considering purchasing Real Estate. Of course a good Realtor can you help in this endeavor and be your guide throughout the buying process.

While buying a home entails a lot of considerations, when purchasing a condo this is magnified even further. When purchasing a condominium there are a whole host of issues that should be on your radar that you don't have to worry about with in the purchase of a home.

There are questions to ask when buying a condominium that every buyer should have the answers to as part of their due diligence. The answers to these questions can make or break whether the condo neighborhood you are thinking about purchasing in should even by considered.

Some of the more important information that you should have a good grasp of include what are the condo association rules and how will they effect me? How much are the condominium fees and what exactly do they include? Is the complex professionally managed or will I be dealing with a home owners association (HOA)? How much money is in the reserve fund and are there any special assessments coming up that I should be aware of?

For a myriad of reasons you should also know what the rental policy is in the neighborhood. Other condo purchasing considerations include the parking arrangements, if there is any current pending litigation against the association and how easy it will be able to sell a unit in the near future.

Click the above link and you will be taken to an article that covers all of these condo issues in much greater depth. ** For all my Active Rain friends I would appreciate it very much if you visited the original article and shared it socially with your networks like Facebook, Twitter and Google Plus! **

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About the author: The above Real Estate information on questions to ask when buying a condo was provided by BillRE/MAX Executive Realty Hopkinton Mass Real Estate Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of many Metrowest towns for the last 25+ Years.

Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise!

For Massachusetts Real Estate and homes see Maximum Real Estate Exposure. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder.

I service the following towns in Metrowest MA: Framingham, Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Franklin, Grafton, Northboro, Shrewsbury, Bellingham, Northbridge, Uxbridge, Sutton, Millbury, Worcester, Millville, Douglas, Natick and Wayland MA.

 

Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 25 years.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Gabe Sanders 10/01/2012 03:38 AM
Topic:
Home Buying
Location:
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questions to ask when buying a condominium

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Rainmaker
2,004,679
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is a good post and anyone looking to buy a condo should read it and check out the link. Good luck.

Sep 18, 2012 04:54 AM #1
Rainmaker
613,520
Bobbie Smith
RE/MAX OF THE POCONOS - Stroudsburg, PA
Real Estate in the Poconos of PA 570-242-1891,

Excellent thoughts to ponder Bill. We do not get too many condominium buyers but I will be sure to refer to your Blog if I should get a Condo buyer.  Thank you!

Sep 18, 2012 04:56 AM #2
Rainmaker
913,597
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Thanks Gita & Bobbie it would be great if you take a look at the article on my blog and comment if you like:)

Sep 18, 2012 05:03 AM #3
Rainmaker
608,170
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

Bill--There are so many questions to ask about a HOA...good topic and information for anyone considering.

Sep 18, 2012 01:04 PM #4
Rainmaker
591,134
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Bill,

It's a great start!

You also need to get a sense of the HOA and management, are they heavy handed and suit happy? The title will show any open suits, but checking the Recorder's Office can show settled suits.

Bill

Sep 18, 2012 05:18 PM #5
Ambassador
1,952,560
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

Bill I would add three other questions.  What is the percentage of condo owners delinquent with condo fees?  What is the owner to investor ratio?  Are the condo's on the FHA approved condo list?  Sorry the is the Loan Officer coming out in me :)

Sep 18, 2012 05:32 PM #6
Rainmaker
913,597
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Teri & William - thanks for the comps on the questions you should ask when buying a condo.

George - Excellent...I am going to use some of these and fill in the blanks on what I have already wrote!

Sep 18, 2012 05:37 PM #7
Rainmaker
1,549,561
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

We just posted a blog with some of this info the other day and will include your thorough list on another one of our sites! With the rules and regulations that go with owning a Condo, they may not be right  for everyone...

Sep 19, 2012 04:59 AM #8
Ambassador
1,484,691
Karen Kruschka
RE/MAX Real Estate Connections - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Bill  In gigh rise condos the insurance liabilty is important to know.  Suppose there is a leak in the unit above you.  Is the owner insured or in violation of HOA requiirements?

Sep 19, 2012 05:47 AM #9
Rainmaker
913,597
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Karen - proper insurance is always a smart consideration when purchasing a condo.

Sep 20, 2012 04:57 AM #10
Rainmaker
653,774
Sheila Newton Team -- Anderson & Greenville SC Real Estate
Berkshire Hathaway HomeServices - C. Dan Joyner - Anderson, SC
25 years experience -Residential Real Estate Sales

great points Bill.... we don't have that many condos in our area and recently I was visiting my daughter in CA and we are starting to look for a property for her.. I was shocked at the difference in the home types there and the differences you must know about... All areas really do have their own differences and so do each home type!!

Sep 26, 2012 07:04 AM #11
Rainmaker
913,597
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Thanks Sheila! Yes condo's are a completely different animal where due diligence is an absolute must.

Sep 26, 2012 07:14 AM #12
Rainmaker
542,279
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

Bill, great article about what to look for in buying a condo. I'll go over to your other site and check out the blog.  

Sep 30, 2012 11:19 AM #13
Rainer
155,681
Andrew Capelli
Fidelity National Title - Troy, MI

Bill: Great points, especially about the association rules.  Depending on who's running the association, enforcement can be downright draconian!  I know of a local condo association that has no common Dumpster or community garbage facility.  Most units don't have a garage, but the association has rules against keeping external garbage cans.  So, if you want to live there, you have to keep all of your garbage inside your home until trash day or risk getting fined!  That would be a deal-breaker for me!

Mar 19, 2013 10:29 AM #14
Ambassador
1,955,325
Nestor & Katerina Gasset
International Properties and Investments LLC - Wellington, FL
Realtors, Wellington Florida Homes For Sale
Excellent article you have here Bill that provides informationon what one should ask when buying a condominium. Thank you for sharing and keep up the excellent work.
Jun 15, 2013 07:41 PM #15
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Rainmaker
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Bill Gassett

Metrowest Massachusetts Real Estate
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