Buying a Condo or Townhome

By
Real Estate Agent with Crossroads Realty Inc
When purchasing a condo consumers should evaluate the entire seneiro. Most complexes charge a one time association fee and 98% of them charge a montly maintenance fee. Make sure your agent gets you this information befor you buy.

What do your monthly dues include?

  • Water, Sewer, Cable
  • Ground maintenance / gardeners
  • Trash pick-up  
  • Insurance: How much coverage and what does it cover?
  • Professional management fees
  • Pool, spa or fitness centers
  • Roads and sidewalks
  • Assigned parking (and if so, how many spaces?)
  • Gate access

How do the fees compare to fees charged by other condos in the area?

Once you make an offer, It is always a good Idea to speak with the association yourself  You need to assess How Financially Sound the Homeowners Asoiation is.

Try to get copies of:
  • Covenants, Conditions and Restrictions
  • By-Laws and Regulations
  • Meeting Minutes for the last year
  • HOA Financial Statement

This requires hours of reading but it will help you get a handle on what's in store for you.

These documents will tell you about:

  • Special assessments being planned to address deferred maintenance.
  • Capital improvements planned
  • Amount of cash reserves
  • Whether the association is being or has been sued
  • History and likelihood of dues increases

Make every effort to educate yourself so you know what your buying.

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Rainmaker
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Dawn Marie White

Broker-Office Manager
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