Lately I have found myself showing quite a few condos. Buying a condo is VASTLY different from buying a single family home and it requires an extensive amount of research. Frankly, I am amazed when I call listing agents for information that should be readily available, or at least in their listing folder, and my questions are answered with an "I don't know".
These are just a few of the questions I want answers to when a client is interested in buying a condo:
Is there a copy of the most current financial statement? This is a must have so that you can see how financially healthy the association is.
Is there a copy of the declarations and by laws with all current addenda? This another must have so that you know what you can and cannot do without approval from the board. This is especially important if changes have been made to items that the association will cover. For instance, many condos that were built 20 or 30 years ago covered the driveways. Over time they found it too be too expensive so the bylaws were amended to show that the association would no longer cover the driveways.
Have there been any notifications of assessments? This one is huge and the best example of this is when the complex starts needing new roofs. If the condo you want to buy was built in 1986 then there's a good chance it will need a new roof soon. Is there enough money in the reserve fund to cover the ongoing roof replacement? If there is not enough, each homeowner may be assessed to help pay for the roof. This could be $1000 or it could be $5000. Best to find this out before you buy a condo.
How many units total are there in a particular association? Contrary to popular belief, if there 300 condos in one complex, you cannot assume they all belong to the same association. There are several complexes that I know of that have different HOAs.
Lastly, if you cannot obtain these documents before you make an offer, then be sure to make your offer contingent upon the review AND approval of them.
A condo can be a wonderful place to live....you just need to get the facts before you buy!
If you would like to buy or sell a home in the southern communities of Cleveland Ohio, please call me at 440-263-7496, or you may want to visit my website for more specific information on the communities I service: Brecksville Ohio Real Estate, Broadview Heights Ohio Real Estate, North Royalton Ohio Real Estate Independence Ohio Real Estate, Seven Hills Ohio Real Estate, Parma Ohio Real Estate, Parma Heights Ohio Real Estate and Middleburg Heights Ohio Real Estate. Information is obtained from Neohrex (Northeast Ohio Real Estate Exchange) and is deemed reliable but not guaranteed and should be independently verified. Properties subject to prior sale, rental, or other status changes. All properties that are advertised as being listed or sold by Barb Szabo are in conjuntion with ReMax Trinity.
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