Questions to Ask Before Buying a Condo
Essential questions to ask before buying a condo to understand the property, HOA, fees, and what to expect as a condo owner while making an informed investment decision.
1What are the monthly HOA fees, and what do they cover?
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What are the monthly HOA fees, and what do they cover?
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Why this works
Understanding HOA fees helps you budget for ongoing costs and know what services and amenities are included.
2What is the HOA's financial health, and are there any pending special assessments?
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What is the HOA's financial health, and are there any pending special assessments?
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Why this works
Learning about the HOA's finances helps you assess the stability of the association and avoid unexpected costs.
3What are the HOA rules and restrictions, and how do they affect your lifestyle?
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What are the HOA rules and restrictions, and how do they affect your lifestyle?
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Why this works
Understanding HOA rules helps you know what restrictions exist and whether they align with your preferences.
4What amenities are available, and how are they maintained and funded?
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What amenities are available, and how are they maintained and funded?
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Why this works
Learning about amenities helps you understand what you'll have access to and how they're maintained.
5What is the building's age and condition, and are there any major repairs planned?
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What is the building's age and condition, and are there any major repairs planned?
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Why this works
Understanding the building's condition helps you assess potential maintenance needs and costs.
6What is the parking situation, and are there any restrictions or additional costs?
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What is the parking situation, and are there any restrictions or additional costs?
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Why this works
Learning about parking helps you understand your parking options and any associated costs or limitations.
7What is the pet policy, and are there any restrictions on pets?
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What is the pet policy, and are there any restrictions on pets?
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Why this works
Understanding pet policies helps you know if you can have pets and what restrictions exist.
8What is the rental policy, and can you rent out your unit if needed?
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What is the rental policy, and can you rent out your unit if needed?
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Why this works
Learning about rental policies helps you understand your options for renting the unit in the future.
9What is the insurance situation, and what coverage do you need?
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What is the insurance situation, and what coverage do you need?
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Why this works
Understanding insurance helps you know what coverage is required and how to protect your investment.
10What is the resale market like, and how do condo values typically perform?
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What is the resale market like, and how do condo values typically perform?
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Why this works
Learning about the resale market helps you understand the investment potential and market conditions.
Buying a Condo Successfully
Expert tips and techniques for getting the most out of these questions.
Before Making an Offer
Review HOA Documents
Carefully read all HOA documents, including bylaws, rules, and financial statements.
Get Professional Inspection
Hire a professional inspector to assess the unit and building's condition.
Understand the Market
Research local condo market conditions and comparable sales to understand value.