So you’ve decided to purchase a condo and you are ready to take that next step. Before you make that decision then about where to place your investment dig a little deeper by following these few simple steps so that you know that your venture is the most profitable, the most adventitious, and the most beneficial one you make. Ask one of our agents at Miller and Associates to set up an appointment to see several different complexes that interest you and then once you’ve decided on a location let us help you research the HOA, the rules, and the outlying development.
First off, find out how much are the HOA fees and what does it include? Does it include any utilities, are pets allowed, are their restrictions on rentals, and what about renovations?
Next, find out about the master insurance policy and what does this include? What is the coverage amount should any damages arise? Don’t forget about the owners own HO-6 policy for interior coverage.
Are there any lawsuits pending? This can determine if there is any trouble going on between owners, the developer, or the association.
What is the associations budget and are they delinquent on their dues? What are the capital reserves? Problems with delinquency and capital reserves can signal financial troubles.
Are there any pending special assessments? Special assessments for capital improvements can run into the thousands of dollars and are an extra expense you should be aware of.
Finally, What is the ratio of owners versus renters in the development? How quiet, loud, or noisy is the complex and is there lots of turn over traffic.
Answering these simple questions is imperative before you make the next move. You will want to have the peace of mind that what you choose will be the perfect match that is the most suitable for your needs. Ask one of our knowledgeable agents to assist you to find the answers to these questions. Then you can go ahead with the purchase of your new property!