Condo Questions

April 6, 2007

Condos are great options for first time home buyers and empty nesters as they are generally less expensive than a similarly sized single family home. Condos also appeal to the buyers who do not want the responsibility of yard and exterior maintenance. It is very appealing to be able to have the security of a homeowner's association and, in some instances, a gated community.

Robert J. Bruss, a real estate news columnist, suggest that there are key questions that a potential condo buyer should ask.

1. What is the financial condition of the condo association?

2.How do the monthly fees compare with comparable nearby condo complexes and what is included in those fees?

3. Is the condo association professionally managed?

4. How good is the soundproofing?

5. What is the percentage of renters?

6. Ask current residents, "What do you like best and least living here?

Your real estate agent will help you in obtaining some of the answers with #6 being one you might want to ask the neighbors of the unit you might purchase.