FAQ: What Questions Should I Ask When Buying A Condo?

If you’re thinking of buying a condo you might want to check this out. PS..grab a beverage, it’s a LONG one!

You Must Know

In my personal opinion, buying a condo is HARDER than buying a single family home. The details are endless and you need to be prepared.

Let’s Dig In: The Questions

How many units are in the building?

Is the building large with so many tenants coming and going that you’ll get lost in the shuffle?

Is there a building manager? What is he/she responsible for? Do they live on site?

How much are the association dues?

A MUST know…without a doubt. You have a budget for your mortgage. If the price seems right, but the dues are too high, you’ve gone overboard. It’s in your best interest to review dues before you see the unit. Don’t waste your time.

What do the dues cover? Is there a “repair fund”?

If the dues seem high, take a step back and see what they cover. Some will cover all utilities, cable, and internet. Do your homework and crunch the numbers to see if they work for you.

How is the HOA run?

Each Homeowner’s Association has their own set of rules and guidelines. Be sure to see how things come together

Is parking included?

Many condominiums do NOT come with parking, or parking costs more. Even if the listing online says there is parking, double check with your Realtor.

Where do I take out the garbage?

Seems silly, but do you have to lug your garbage a few miles, or just down the hall? Hmmm…..

Can I see the covenants, financials, and history of the dues?

YES! Your Realtor should request these before you make your offer. Make sure you see and review all of these documents. They hold the answers to many questions you might have about where your dues are going and what the future of the condo might be.

Will my furniture fit?

Another question that might seem silly right now…but how are you going to get that baby grand piano up the stairs or elevator? (Yes, this is a real scenario…)

Can these units be rented out? How many units are owner occupied vs. renter occupied?

Can I rent out my extra parking stall?

What is the history of resale of these units?

Not everyone gets to stay put for more than a few years at a time. If your job or life might take you elsewhere, find out the history of how these units have sold.

Does each unit have laundry?

If laundry is not in the unit, is it included in dues or do I have to pay?

Does each unit control their own heat? AC?

What kind of privacy can I expect?

Oh boy…I’ve been waiting to add this piece. @mitchgroup on Twitter gave me this one. You should ask: “can i get a refund if the guy upstairs is a tap dancing insomniac who likes rap music?” booom booom clickety clack giggity! (If you appreciate his humor…follow him here)

What repairs/updates have been made to the building in the last 5 years?

Get a handle on what’s been done. If the roof is 30 years old…you might expect an increase in dues.

Are there any current or pending special assessments on the property?

Are pets allowed and are there limits?

Without a doubt, this is the number 1 question I get at a condo open house. Kudos..if Fifi or Sparky can’t stay, then you should go.

There is also info that your lender will need to know when you buy a condo. Tomorrow will be part two featuring advice for condo buyers from Tyler Osby of Four Legacies Mortgage.

Wow…a lot of info. As always, we welcome your input in the comments below…