How would someone select a good condo?

There are many aspects of condos that are different from buying traditional forms of real estate. Buyers should take care not buy into problems and expenses they do not understand. First, choose a Realtor that has extensive experience with previously owned condos.

What are important things to look for when choosing a condominium?

Inadequate maintenance can be a sign of financial trouble that could translate into higher condo maintenance fees and delays in resale the of the property later.

Identify condos that are well-maintained and in good condition. Try to determine to the financial well-being of the condo association.

Things to you will want to consider

• Ascertain the latest condo association financial statement. Make sure nothing looks unusual.
• Find out from the board of directors if major repairs or improvements are imminent. If so, determine what they will cost and if there is enough money in the reserve to pay for them.
• Be sure that by-laws, rules and the covenants, codes and restrictions (CC&Rs) do not prohibit or restrict you from living the way you want. Some condos restrict pet ownership and renting units. In some units, the board has the right of first refusal on unit sales
• Determine the owner-to-tenant ratio. You see; many owners purchase condominiums as rental investments, and there could be a large number of renters in the building.
• Get to know the homeowners association, including any legal disputes or possible conflicts. Read the minutes of previous condo association meetings.

Remember a condo will be a great investment, but only if you choose the right one.