5 BIGGEST MISTAKES PEOPLE MAKE WHEN BUYING INTO A CONDOMINIUM OR HOMEOWNER ASSOCIATION

 

  1. THEY DON’T READ THE GOVERNING DOCUMENTS:
    • DECLARATION
    • BYLAWS
    • RULES

   2.  THEY DON’T CHECK OUT THE DEVELOPER (IF IT IS A         NEW COMPLEX). 

    3.  THEY DON’T TALK TO THE RESIDENTS TO SEE WHAT         THE ENVIRONMENT REALLY IS LIKE.

   4.  THEY DON’T CHECK OUT THE FINANCIAL PICTURE OF         THE ASSOCIATION—IS IT ADEQUATELY FUNDED? DOES         IT HAVE RESERVE FUNDS? ARE THERE ANY SPECIAL        ASSESSMENTS NOW OR PLANNED? HOW MANY OWNERS        ARE DELINQUENT?

5.  IS THERE A PROFESSIONAL MANAGEMENT COMPANY
OR IS THE COMMUNITY SELF MANAGED? THE
RESPONSE TIME FOR REPAIRS AND PROBLEMS MAY
BE BETTER WITH A MANAGEMENT COMPANY.

Kay Senay is the author of CONDO BUYING & OWNERSHIP MADE SIMPLE:
TIPS TO SAVE TIME & MONEY.
Visit the “BOOKS” link to order.