Six Things to Keep In Mind Before Buying a Condo

You have found the perfect place, in the right neighborhood. You are ready to relax and enjoy the amenities, the sculptured grounds and the ambiance. Before settle into that comfy chair, there are some things you should do before committing to buy your dream condo.

Whats to Complain About?

Take a look at the condo association's board meetings minutes to see what residents are complaining. If you are reading about bad lawn service, or plumbing problems, then you that the association's management is lax. Even if there are no on-going problems, reading the minutes will tell you about any projects coming up.

Late Again?

Find out about the delinquency rates of current owners. If there are quite a few residents who are not paying the dues on time, this is normally a sign of discontent or that people are upset with the management. It may also mean that the association is under-funded.

Can you Fix That?

Ask how much the condo association has in reserve for necessary upkeep. A rule of thumb to keep in mind, if the complex is less than ten years old, then 10% of the cost of replacing items (roofs, roads, tennis courts, swimming pools, etc) should be in the reserve fund. Between 10 and 20 years, then 25%, and at 20 years the fund should be at 50% or above.

Are we Covered?

Get a copy of the certificate of insurance, if you look at nothing else. This is a summary of the association's insurance policy. Look to see if replacement costs are accurate. Older buildings may have had some upgrades since the original construction. Make certain they are covered. Determine what the association is responsible for covering and what you, the homeowner is responsible for covering.

Who is in Charge?

Avoid communities whose owners manage themselves. Many are operated efficiently, but self management can lead to hassles for owners, especially if the owner lives thousands of miles away. If the complex is professionally managed, check out the management company. Ask other owners. Ask people who live nearby. Interview the day-to-day manager, directly.

At Tanners Landing, you will find friendly management who understand. Not only are these condos the perfect place to live, they are perfectly managed.