Questions to Ask Before Buying a Condo
Posted by Denise Stewart on Sunday, August 27th, 2017 at 10:24am.
Questions to ask Before Buying a South Florida Condo
BY: DENISE & MELISSA STEWART
Who should you ask questions?
So, you are about to venture out into Condo-land… There will be many to look at, a lot of amenities, and a lot of questions that you should be asking.. What should you ask your realtor? What should you ask the Association? What should you ask the owners in the Condo? What should you ask the people next door? This is a list that should be helpful…
- Is there Professional Management?
There is a difference between having a management company, and having Professional Management. Having Professional Management will mean that the association will have proper reserves, will fix things before there are emergencies, and keep the entire association running smoothly. A poorly ran association will be costly in the long run.
- Are there reserves?
Having reserves is very important to all owners of every condo. If the association does not have reserves, it does not necessarily mean that you should not buy, but rather you need to know that there may be (will be) instances where you will be expected (required) to pay for the upkeep of the building, and all of the amenities. There are a lot of condos that do not have reserves, and they seem to run just fine. One issue with no reserves is that most of the time lenders will not lend in these buildings, so when you are thinking about financing, or selling your condo, just remember that financing may not be an option.
- What are the biggest complaints by the existing owners?
Just remember that if there are a lot of complaints by the existing owners, you may also have to deal with these issues if you buy. If the Management is always slow to fix items, or the grass is not cut regularly, this is going to be something that you may have to live with in the future.
- What are the rules and regulations?
Does this condo allow pets? Can you rent out your condo if you want to? How many cars can you park? Can you invite family to stay with you? Can you park a motorcycle? If there are any questions that you have about living in the condo, you need to ask before you buy, because it is unlikely that they will make an exception just for you…
- Is there any storage available?
Living in a condo means that you will have very little room for storing things, including luggage, holiday decorations, ladders, bicycles, and your lawn furniture. Just because you see others storing items on their porch does not mean that the association will allow you to do the same, so ask about storage..
- Is there any litigation against the association?
In Florida, sellers are supposed to provide you with a Seller’s Disclosure, which requires them to advise you if there is any litigation against the association. Rather than rely on this Disclosure, it is advisable that you ask the association if there is any litigation or threatened litigation against the association.
- Is the Association planning on changing any of the rules?
Ask the Association if there are any planned changes to the rules and regulations in the foreseeable future. If the association is planning on not allowing pets or renting in the future, you need to know about this, especially if you own a pet, or are thinking about renting out your condo in the future.
- What does the Association Assessments cover?
The Monthly Assessments for all associations do not cover the same items. Some have cable TV, and others do not. Some have reserves, while others wave reserves. You need to get a copy of the budget, and ask questions about the upcoming budget from the association.
If you are buying a South Florida condo, you need to make sure that you are getting what you expect, and that there are no surprises. The best thing you can do is work with a Realtor that has experience in the area you are searching, so that your questions can be answered by a professional. Don’t be afraid to ask questions, and if you don’t get the answer you want, ask another Realtor for a second opinion.
If you have questions about condos in the South Florida condos, please contact Denise at 866 783 6011 or denise@condo.net
