1. How many people own and how many are renting in the building? Condominium
complex managers will often "fill" the unsold condos with rentals.
So, find out how many of the condos in the complex are "rentals
only", and how many possibly will be in the future.
2. Tour the property, and spend some time. Ask the neighbors what they think
of the condominium association and those who live there. This can provide
invaluable information that you will never get from any document.
3. Ask for a copy of the last two years of association minutes. As a
consumer, having an opportunity to peruse these will enable you to really
understand what is happening in the complex you are interested in.
4. Are pets allowed? Most condominium documents will list whether pets are
allowed or not; but find out if there are any restrictions regarding both the
type and the number of pets occupants may have. This could save you a whole lot
of trouble later. You don't want to find out after you purchased that your much
loved pet will have to find another place to live.
5. Can you sublet or rent if necessary? Always plan for all eventualities
for who knows what the future may bring? You should receive documents to cover
this, but they may not. It is in your best interests to ask.
If you are thinking about purchasing your first condominium, hopefully you
will find this advice helpful. As with any property purchase, emotion and
excitement is a big part of the process, so don't jump in too quickly. Some
really small details taken care of in the beginning can save a whole host of
problems later. To chat some more about this, give me a call and I will be
happy to help: Call Dale at 902-222-6909