Buying a condo can be a great thing. When you live in a condo, all of the outdoor maintenance is done for you, significant costs are shared among the condo community, there are often amenities like gyms and pools, and you get to enjoy community living. Condos also tend to offer more affordable living, better locations, and better security. However, the condo is only as good at the condominium association that governs it. To avoid the potential pitfalls of owning a condo, be sure to do these four things before purchasing.
Check Out the Governing Documents
When you live in a condo, you are bound by the association’s governing documents – so it pays to know what they are. If you find that you don’t want to comply with condominium regulations, or you can’t comply with them, it is best to find a different condo complex.
Examine their Finances
The resale disclosure packet, which you can easily obtain from the condominium association, will contain the association’s annual budget and assessments owned by each owner. If the association has financial issues, you will see higher assessments in the future.
Check the Minutes
Obtain the minutes from a recent Board of Directors meeting to see if any major problems are facing the association that you may wish to avoid.
Check Their Insurance
If the condominium association is sued, the insurance should cover it. If they do not have enough liability insurance though, the homeowners will have to contribute to the payment.
Our law firm in Loudoun County, VA, provides expert legal advice for condominium and homeowners’ associations. Contact us today for more information.