4 Essential Things to Consider When Buying a Condo

Condominiums remain popular housing choices, especially among those seeking a low-maintenance lifestyle while still enjoying ownership.

Before purchasing a condo, however, keep these things in mind:

1) Fees and service charges – Make sure you know what’s included, anticipate large expenditures, and pay attention to deferred maintenance or planned upgrades so you aren’t taken by surprise.

2) Management and operational efficiency – Talk with current residents and look around to get a sense of how well things are maintained.

3) Finances and reserve funds – Perform due diligence on the financial shape of the association so you don’t walk into a mess. Especially pay attention to foreclosures or vacant units that could result in existing owners having to swallow higher premiums to make up for loss of revenue.

4) Lifestyle and values – Be sure the condominium community shares the same values and interests that are important to you.

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About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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