Karin & Jan Heitmann
Realtors
| Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive — and organized — its members are. You’ll also be alerted to potential problems with the property. 1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale. 2. What covenants, bylaws, and restrictions govern the property?What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you. 3. How much does the association keep in reserve? Plus, find out how that money is being invested. 4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs.To determine if the assessment is reasonable, compare the rate to others in the area. 5. What does and doesn’t the assessment cover? Does the assessment include common-area maintenance, recreational facilities or trash collection? | 6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy. 7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS®, owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years. 8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly. 9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy. 10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments. Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved. |
Research Surrounding Areas Before you make an offer, be sure to research the neighborhood and local surroundings. If you have children, research the local schools, sports programs, clubs and check to see if your children will have playmates in the neighborhood. Take into consideration the distance you will be from local freeways, grocery stores, entertainment, restaurants and what the traffic is like. By educating yourself with these details you will get a more realistic expectation of what life in your new neighborhood will be like. If in doubt we can give you any information regarding the local area that will help you make a wise decision and make sure it includes all of the things that are important to you and your family. Making a Decision Everyone wants to purchase the right home for his or her situation. Regardless if you are single or married, usually more than one person is involved in, or influencing, the decision making process. Before you set appointments to see a house, make sure everyone involved in the decision, or whose opinions matter to you most, are going to be available for the showings. Home viewing appointments and showings are a waste of time for you and when all key decision makers are not present. At this stage in the buying process it is difficult to separate yourself and your emotions from any one piece of property. If you are willing to place a bid on a residence then it is apparent that your interest in the property is high. In order to increase your chances of getting a particular house shorten the time frame of your bid. By doing this you will minimize the amount of time the seller has to shop your bid against other offers. Have an Open Mind Have an open mind when going through the showing process and consider all the possibilities a certain home may encompass. Not every home is going to be decorated as you see fit, just remember that some things are easier to change than others. When viewing a home try to visualize it with your furniture and according to your taste. It is easy to paint walls, change carpeting and re-landscape. However, adding a bathroom, expanding a room, or knocking out walls may get costly. |
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Information Deemed Reliable, but Not Guaranteed. The property information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this web site comes in part from the participating Brokers.
Last updated on May 20, 2012.