Make sure and find out how many owners are occupying the property and not just investors. Also, if the condo has been established for a while, check out to make sure the condo's HOA is up and running and funded properly. The last thing you want to do is buy a condo when the HOA isn't funded properly and the maintenance of the property then falls on the owners instead of the HOA.
I've heard a lot of condo docs have some ridiculous rules to "abide" by; and no matter how few there may be today, they could change at any time. I'm not interested in living in one because I think the condo docs are a way of taking away rights that we all deserve to have. Plus, some condo walls can be as thin as some apartment walls.
Two of the main things, ensure that the condo association is approved for the type of financing that you are utilizing. Then take a long hard look at the financial status of the hoa to guard against future special assessments and ensure they are financially solvent.
think you should get it inspected real good before deciding anything.
http://hubpages.com/hub/golden-rules-of … eal-estate
Spend a lot of time understanding the HOA and how it functions. It can be a nightmare to live somewhere that is poorly maintained and the Board of Directors aren't performing the duties they volunteered to accomplish. I will never buy into an HOA again where I am not responsible for the roof over my head and the outside walls of my home.
First of all you have to check that the company or organization which you are hiring for buying condo is reliable or not and are providing all the facilities related to condo or not. I made contact with the New Condo company in Singapore for buying new condo and they offered me the best services.
by kvasanthak 6 years ago
one of the unit owners in the condo property I live in is trying to sell his unit on short sale...and yet he has condo fee arrears of over 4000.00 dollars .Do you think Home Oweners association can get this money back from the new buyer? or what option areavilable to recoup this money. Sad...
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by rieom 6 years ago
Is a condo a good investment?
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How to avoid work-from-home scams? Tell your experiences and denounce scams here!
by hholland76 7 years ago
What is a typical and reasonable amount to pay in HOA fees per month when buying a townhouse?
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Hypnosis for dummies. Basic steps. Things to watch out for.
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