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.