What Questions to Ask When Buying a Condo
Twenty questions for buying a condominium, covering the monthly assessment and its history, reserves, special assessments, master insurance, rental caps, litigation, and what the board minutes show. Written for buyers who need to evaluate a building as well as a unit.
The questions
Open any question for the note
What is the monthly assessment, and what does it cover?
Why ask it
Get the list rather than the number. Water, heat, trash, cable, insurance for the structure, and a contribution to reserves are all sometimes inside the fee and sometimes not, and two buildings with identical fees can leave you with very different bills. Ask which line items are billed separately so you can compare buildings honestly.
How much has the assessment risen in each of the last five years?
Why ask it
The trend matters more than today's figure. Flat fees for five years are not good news: they usually mean the board has avoided raising money it will eventually need, and the correction arrives as a special assessment. Steady, modest increases indicate a board that budgets rather than defers.
How are utilities metered and billed?
Why ask it
Older buildings often have one meter for the whole structure, so heat and water are shared costs inside the fee regardless of how much you use. Individually metered units mean a smaller assessment and a separate bill. Ask what a unit this size actually pays across a full year, ideally from a current owner.
Are parking and storage deeded to the unit, assigned, or rented?
Why ask it
This determines whether the space is an asset you own and can sell with the unit, a privilege the board can reassign, or a monthly cost. Deeded parking usually adds value and sometimes taxes. Assigned spaces can move when rules change, so get the arrangement confirmed in the documents rather than by the seller's description.
Which parts of this unit am I responsible for: pipes inside the walls, windows, the balcony, the heating and cooling equipment?
Why ask it
The boundary between unit and common element is the single most expensive thing to misunderstand. Balconies, windows, and in-unit mechanical equipment fall on different sides of the line in different buildings. Ask for the specific section of the declaration that defines it, and read that section yourself.
What does the master insurance policy cover, where does my responsibility start, and what is the deductible?
Why ask it
A large master deductible can be passed to the owner whose unit caused a loss, and that figure runs high in many buildings. Find out whether the policy covers original fixtures only or improvements too, then buy a personal policy that fills the gap, including loss assessment coverage. Bring the master certificate to your own insurer before closing.
What is in the reserve fund, and when was the last reserve study?
Why ask it
A reserve study lists every major component, its remaining life, and what replacement will cost, which is the closest thing to a financial x-ray of the building. A study more than a few years old, or none at all, means nobody has priced the roof and the elevators. Compare the balance against the study, not against your instinct about whether it sounds like a lot.
Have there been special assessments, what for, and how much per unit?
Why ask it
Past assessments tell you two things: what the building has already fixed, which is good, and whether the reserve was too thin to cover it, which is not. Ask for the amount per unit and how long owners were given to pay it. A pattern of repeated assessments points at chronic underfunding rather than bad luck.
Is any major project planned in the next five years?
Why ask it
Roof, elevators, windows, facade, plumbing risers, and parking structure repairs are the projects that produce large bills. Ask what is scheduled, what it is expected to cost, and whether it will be funded from reserves, a loan, or an assessment. If a project is discussed in the minutes but not in the budget, you are looking at a future assessment.
What share of owners are behind on their assessments?
Why ask it
Delinquency shows up before anything visible does, because the building's costs do not fall when owners stop paying, so everyone else covers the shortfall. High delinquency also restricts mortgage lending in the building, which will matter when you sell. Ask for the figure from the management company rather than the seller.
What share of units are owner-occupied, and is there a cap on rentals?
Why ask it
Owner-occupancy affects lending: many loan programs limit how much of a building can be rented, and a building above that line becomes hard for your future buyer to finance. Ask for the current percentage, the cap, and whether there is a waiting list, since a cap you cannot get around also limits your own options.
Is the association in litigation now, or has it been in the past three years?
Why ask it
Ask plainly, because active litigation can make a unit unmortgageable and can signal an unresolved construction defect. What matters is the subject: a slip-and-fall claim is routine, a suit against a developer over the building envelope is a different matter entirely. Get the case name and read what it is about.
Who manages the building, and how long have they held the contract?
Why ask it
Self-managed buildings can be excellent or chaotic depending entirely on who volunteers. A professional manager who has been in place for years usually means stable records and predictable maintenance. Frequent turnover in management is a reliable sign of a difficult board, and it also means institutional memory keeps getting lost.
Can I see the last twelve months of board minutes?
Why ask it
Minutes are where the real condition of a building appears: the leak that keeps returning, the argument about the parking structure, the resignation of a treasurer, the bid nobody accepted. Read them before the financials. A board that will not release minutes to a prospective buyer has answered a question you did not have to ask.
What needs board approval if I want to renovate?
Why ask it
Buildings vary from a simple notice for flooring to full architectural review, a licensed contractor requirement, insurance certificates, and a deposit. Ask about hard floors specifically, since sound rules stop many renovations, and ask how long approvals have taken recently. A committee that meets quarterly can delay a kitchen by a season.
What are the rules on renting, including short-term letting?
Why ask it
Ask whether there is a minimum lease term, a waiting period after purchase, a cap, and an outright ban on short stays. This matters even if you never intend to rent, because it determines whether you can cover the mortgage if you have to move suddenly. Get it from the recorded documents, since rules change by amendment.
What is the pet policy, and does it apply to a pet I already have?
Why ask it
Weight limits, breed restrictions, and caps on the number of animals are common, and some buildings grandfather existing pets while others do not. Verbal assurance from a seller or an agent is worthless here. Ask for the rule in the documents and check whether any amendment is pending, since pet rules are among the most frequently changed.
What will I hear from the neighbors, the corridor, and the mechanical rooms?
Why ask it
Sound is almost impossible to judge on a quiet weekday showing and close to impossible to fix once you own the unit. Ask what is above, below, and beside the unit, and where the elevator machinery, trash chute, and garage door sit. Then visit in the evening and stand in the bedroom with the door closed for a full minute.
Is there a right of first refusal, or any restriction on who I can sell to?
Why ask it
Some associations reserve the right to match an offer or to approve a buyer, which adds weeks to a sale and deters some purchasers. Ask how often the right has been exercised and how long approval usually takes. A restriction that is rarely used is a nuisance; one that is used often is a real cost to your exit.
What do owners complain about at meetings?
Why ask it
Ask this of the manager, and then ask a resident you meet in the lobby. The recurring complaint is the true character of the building: parking, noise, the board's spending, a neighbor's dog, the state of the pool. Ask it of two people, because one complaint is a person and the same complaint twice is the building.
Evaluating the building, not just the unit
Practical guidance for the conversation itself
The documents that actually matter
- 1The reserve study, and the current reserve balance next to it. Read the components due for replacement in the next ten years.
- 2The last two annual budgets and the most recent financial statement, including the delinquency figure.
- 3Twelve to twenty-four months of board and annual meeting minutes. This is where problems are described in plain language.
- 4The declaration and bylaws, particularly the section defining unit boundaries and maintenance responsibility.
- 5The rules and regulations, plus any amendments passed in the last few years, which is where pet, rental, and renovation changes hide.
- 6The master insurance certificate, with the deductible, and confirmation of what it covers inside a unit.
- 7The resale certificate or estoppel, which discloses pending assessments and violations against the specific unit.
What to look at in the building itself
- The parking structure and the roof, if you can get access. These are the two most expensive things in most buildings and neglect shows.
- Corridor carpet, paint, and lighting. Deferred cosmetic work usually means deferred structural work too.
- The mechanical room and the age of the boilers, pumps, and water heaters. Ask when each was last replaced.
- Water stains on ceilings in corridors and stairwells, which point to roof or riser leaks.
- How full the visitor parking is, and whether cars are parked in places they should not be.
- Whether the mail area, trash room, and bike storage are orderly. It tells you how the building is actually run.
Talk to people who are not selling you anything
A resident in the lobby
Two minutes with someone who lives there is worth an hour of documents. Ask what they wish they had known before buying and whether anything is coming up that owners are worried about. Most people answer honestly and in specifics.
The building manager or superintendent
They know what breaks, how often, and how quickly it gets fixed. Ask what the most common maintenance call is and what they would repair next if the money appeared. Their answer usually matches the minutes.
Your own insurer
Send them the master policy certificate before you commit. They will tell you exactly what gap you are carrying and what the master deductible could cost you if a pipe in your unit floods the one below.
Signals worth slowing down for
- A reserve balance that is small relative to the components due for replacement within five years.
- An assessment that has not risen in several years in a building with visible deferred maintenance.
- Litigation involving the developer, the building envelope, or a construction defect.
- High delinquency, or a lender telling you the building is non-warrantable.
- Minutes that record the same problem across many meetings with no resolution.
- A board or manager who is slow to produce documents a buyer is entitled to see.