Before touring, you must determine if the building's finances match your own.
: Review the association's reserve fund study . Ideally, the fund should be at least 70% funded to avoid sudden special assessments.
: Request the last three years of financial statements and HOA meeting minutes. Watch for repeated complaints about broken items (deferred maintenance) or lawsuits. we buy condos
: Even without land ownership, you pay real estate taxes. You will need a personal HO-6 insurance policy for your unit's interior.
Standard home inspections often only cover the unit interior. For a condo, you must look at the "big picture." Before touring, you must determine if the building's
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. : Request the last three years of financial
: Your budget must include more than just the mortgage. Account for: Monthly HOA/COA Fees : Typically $200–$800+.