Condo Buying Checklist
So you've decided to take the leap and buy versus rent - hooray! Just be aware that buying a condo brings in some different factors than buying a home. Here are 7 tips you should check out before you sign on the dotted line.
Does the unit have separate water shut off or do you have to shut off the whole building or floor if you are doing a plumbing project.
Have the inspector check the sprinkler box for the unit to see how old the equipment is and when it was last inspected. Also, this can be a good place to find if termites have moved in.
Get a copy of the HOA financials. You'll want to get maybe for the last 5 years to see how much HOA fees have increased over the years. Get a copy of the CC&R (covenants, conditions, and restrictions) from the HOA as there should be information in there about how much they can increase your HOA fees each year (it's usually capped at a set percentage)
Determine the HOA demands at the time of closing. Often there are working capital fees, reserve fees, capital improvement fees all collected at closing and they can add up.
Ask how the building is constructed, they may or may not know. If it's a cement building then the possibility of hearing your neighbor above will be lower.
Find out the last time major projects were completed (roof, painting, streets paved if it's a gated area) as this could potentially mean a special assessment in your future.
Find out the pet policy, especially if you have a dog. Many have weight and breed restrictions
Condos can be a great place to live but you need to be aware of what you are buying BEFORE you put down all that cold hard cash.
If you have additional questions please reach out as I'm here to help. Michelle Miller 480-466-2984 or firstname.lastname@example.org
MichelleMillerRealty & Berkshire Hathaway HomeServices Arizona Properties.