Buying a condo or townhome

When purchasing a condo consumers should evaluate the entire seneiro. Most complexes charge a one time association fee and 98% of them charge a montly maintenance fee. Make sure your agent gets you this information befor you buy.

What do your monthly dues include?

• Water, Sewer, Cable
• Ground maintenance / gardeners
• Trash pick-up
• Insurance: How much coverage and what does it cover?
• Professional management fees
• Pool, spa or fitness centers
• Roads and sidewalks
• Assigned parking (and if so, how many spaces?)
• Gate access

How do the fees compare to fees charged by other condos in the area?

Once you make an offer, It is always a good Idea to speak with the association yourself You need to assess How Financially Sound the Homeowners Asoiation is.

Try to get copies of:

• Covenants, Conditions and Restrictions
• By-Laws and Regulations
• Meeting Minutes for the last year
• HOA Financial Statement

This requires hours of reading but it will help you get a handle on what's in store for you.

These documents will tell you about:

• Special assessments being planned to address deferred maintenance.
• Capital improvements planned
• Amount of cash reserves
• Whether the association is being or has been sued
• History and likelihood of dues increases

Make every effort to educate yourself so you know what your buying.