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The
Minutes:
Take a
look at
the
minutes
of
association
meetings.
See what
current
owners
are
griping
about.
The
complex
could be
having
difficulties
if the
complaints
are
about
plumbing
or
landscaping.
The
minutes
also
detail
what
projects
are
under
way.
The
Management:
Is the
condo
managed
by
professionals.
In an
effort
to save
some
association
attempt
management,
while
many are
competent
other
lack
practical
knowledge
of
exactly
what
they are
supposed
to be
doing.
Professional
managers
do this
for a
living.
Bylaws
and
Special
Restrictions:
What
restriction
and
bylaws
govern
the
complex.
Be sure
to get a
copy of
the
bylaws
to see
if you'd
be
comfortable
living
there.
Be sure
to check
for
Grandfathers
Clauses.
There
may be
restriction
placed
on new
owners.
Owner
Occupied:
What
percentage
of the
building
is owner
occupied.
Higher
percentages
of owner
living
in
complex
is
preferred.
The
higher
percentage
the more
marketable
for
resale.
Financial
Condition:
How much
is kept
in
reserves.
Reserve
standards
$2000 to
$3000
per
unite or
25% of
the
annual
gross
income
of the
association.
The age
of the
complex
is a key
factor
here.
More
reserves
my be
required
as the
building
ages.
What's
Covered:
What
does the
fees
cover -
common
area,
trash,
snow
removal,
pool,
gym.....
Legal
Problems:
Does the
Association
have any
legal
problem.
Contact
a good
real
estate
attorney
to go
over the
bylaws
and to
check
court
records
to see
if any
owners
have
filed
suits
against
the
association..
The
Special
assessment
History.
What
assessment
have
there
been in
the last
five
years
and how
much was
each
owner
responsible
for.
Delinquency
Rate:
If owner
aren't
paying
association
dues on
time,
then the
funds
might be
under
funded
and or
there my
be some
discontent.
Renter
Friendly:
Is the
complex
renter
friendly.
What are
the
rental
policies. |
