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Before touring, you must determine if the building's finances match your own.
: Hire an inspector who specializes in condos. Ensure they check electrical, plumbing, and shared systems like elevators or roofs if possible. Phase 3: Lifestyle & Rules (CC&Rs) we buy condos
: Review the association's reserve fund study . Ideally, the fund should be at least 70% funded to avoid sudden special assessments. Before touring, you must determine if the building's
Standard home inspections often only cover the unit interior. For a condo, you must look at the "big picture." Phase 3: Lifestyle & Rules (CC&Rs) : Review
Buying a condo is more than just purchasing a unit; you are buying into a shared financial and legal entity. Unlike a single-family home, your investment's health depends heavily on the collective decisions of your neighbors and the board.
: Lenders often reject buildings with too many rentals (investors), ongoing lawsuits, or low occupancy. Seek out FHA-approved communities if using an FHA loan, as many complexes do not qualify.
: Even without land ownership, you pay real estate taxes. You will need a personal HO-6 insurance policy for your unit's interior.
