10 Questions to Ask Your Condo Board
When considering condos, before you buy contact the condo board with the following questions. In the process, you'll learn how responsive and organized its members are.
- What percentage of units is owner and renter occupied?
- Can I see the CC&Rs (covenants, bylaws, and restrictions)? 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.
- How much does the association have in reserves? Is that money invested?
- What does and doesn't the association fees cover?
- Are there any current or considered association special assessments?
- What other special assessments have been mandated in the past five years?
- How much turnover occurs in the building? Your agent can show you sales activity through the MLS and tax records.
- Is their any current litigation?
- Is their any major or minor updates that are being considered?
- How long have you had this management company and what is their experience?
