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Bridget Alves                of Valencia

Blog - Full Service Real Estate Group, Inc

Thinking of purchasing a condo?

Bridget Alves - Monday, June 06, 2016


Condominiums are a hot commodity in markets across the country these days, and it really isn’t too difficult to see why. A condo is a cross between a single-family home and an apartment. On the one hand, when you own a condo, you’re off the hook for a lot of things that a traditional homeowner has to deal with like landscaping and maintenance/repair arrangements. On the other side of that coin, though, is going to be that when you own a condo, you’re going to have to deal with, and adhere to, the rules and regulations of the association. 

If you’re entertaining the idea of purchasing a condominium, here are a few things you’ll want to know before you sign anything:

  • The information about the association’s activities and operations that buyers are entitled to receive will vary from state-to-state. Make sure to ask any questions you have, and obtain any information you can about the association before the sale closes. You’ll want to know what you’re getting into.
  • Make sure that all the rules, regulations and bylaws are up-to-date. If not, it’s always possible that they can be updated in the future in an unsatisfactory way, and you’ll be stuck with it.
  • Ask for the budget reports for the previous year, current year, and upcoming year from the association. If you’re financially savvy, you can pour over the documents and make sure the budget is sound. If not, make sure to get a financial advisor who can take a look at it.
  • Every year, associations will receive an accounts report from a CPA that details the association’s financial situation. Pay very close attention to the details, as any concerns the CPA has with the association’s finances will be listed here. 

Purchasing a condo that’s covered by a well-managed association should be your primary goal. The location, price and aesthetics of your condo will seem far less important to you if you find yourself stuck with an inept association.

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