Margaret Rome's Blog

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Questions To Ask Before Buying A Condo

 

If you are planning to move into a condo, coop or community with an HOA..make sure you know the rules. Make sure you read the documents. Some even have both..a condo and a home owners association. 

 

Know what the community allows. Talk to neighbors who live there, find out who is on the board. Figure out a way to get the minutes of recent meetings or even ask IF you can attend a meeting PRIOR to purchase.

 

Please read the documents, ask questions, have an attorney review.

Talk to several people who have lived in the community for awhile.

 

Find out if you can:

Plant flowers or bushes

Paint the color of your door

 

 

Ask about pets.

Here are some of the pet restrictions:

Absolutely no pets

Breed type or weight restriction.

Some may only allow one cat.

Do you have a service animal or an Emotional Support Animal? 

 

 

Find out the  delinquency rate, percentage of renters and the reserve fund.   It is also important to check any lawsuits or litigation going on with the HOA as well. *

What if you need a new roof. Is there an assessment or one being discussed? 

Can you grill on your patio or balcony?

Is this an age restricted development?

 

 

What are the fees, the frequency and what do they cover.

Ask about:

 Utilities, water, cable, parking, front desk service, security, pool, tennis, clubhouse, social activities, meeting room, party room, guest room, extra storage, help with groceries/packages, answering service and more. Do you control the heat and AC? 

 

Check on move in times..elevator has to be reserved.

How about repairs? Renovating? What hours can you have contractors. Does the building have an on-site manager? A repair person for minor maintenance?

Who covers the furnace/AC?

 

Garage..is the space deeded, assigned and for how many cars? Can you rent another space. Can you rent your space if not needed? If no garage...is there a dedicated space for you. Where do guests park? What if you have a 2nd car?

 

With any property... ask lots of questions.

Find out as much as you can BEFORE you buy and move in.

 

 

If you have questions about

CONDOs, HOAs, COOPs  or any home

Call Margaret Rome

 

Margaret Rome

 Search All Active Listings

 

Sell Your Home With Margaret Rome

Broker-Owner HomeRome Realty 

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Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

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Comments

This is great advice. You don't want to find out about these things AFTER you take ownership!

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, 914-419-0270, kat@thehousekat.com) about 1 month ago

The differences in various HOAs is vast.  Some can be so restrictive as to almost not allow you to breathe.  Yet, others work really well, and when the cost of monthly dues are figured in which take care of exterior maintenance and community amenities, can be quite comfortable.  It is also important to check any lawsuits or litigation going on with the HOA as well.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) about 1 month ago

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!    

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) about 1 month ago

It is so important to know what rules, regulations and covenants of the community you are about to buy into.  There's a reason that seller's must give you that tome of boring legalese.  READ IT!!

Posted by Chris Ann Cleland, Associate Broker, Bristow, VA (Long and Foster REALTORS®, Gainesville, VA) about 1 month ago

Kat Palmiotti  The more information up front...the better prepared. 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 month ago

Myrl Jeffcoat  *It is also important to check any lawsuits or litigation going on with the HOA as well.  

I just added the above sentence..thanks to you. 

Appreciate being in your OFC group

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 month ago

Chris Ann Cleland  So true...Just read it!

Thought of you today...had the same waitress who did the chocolate artwork. I'll try to get a blog up soon.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 month ago

Chris Ann Cleland it was Shamika...congrats New Home

and she got a bit more creative with her chocolate today!

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 month ago

WOW!  That's amazing.  She's far too talented to be waiting tables.

Posted by Chris Ann Cleland, Associate Broker, Bristow, VA (Long and Foster REALTORS®, Gainesville, VA) about 1 month ago

creativitity 

@Chris Ann Cleland 

 I found this on marti garaughty's site today

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) about 1 month ago

Hi Margaret, it's so important to read those often numerous pages of CC&Rs before purchasing. We were on the board of an HOA a few years ago, you can't imagine the number of people who acted completely dumbfounded regarding the guidelines - such as the inablity to park a boat or an RV in the driveway for more than loading, or unloading for a day. 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) 29 days ago

Debb Janes EcoBroker and Bernie Stea JD How long were you on that board. Would like to talk with about your position. Maybe we can touch base next week.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 28 days ago

Great post, Margaret.  Far too many people buy condos without the proper due diligence and it turns into a nightmare. 

Posted by Carol Williams, "Customized Mentoring & Marketing Services" (U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business.) 28 days ago

Debb Janes EcoBroker and Bernie Stea JD That is a long time. Almost like a career board member. How did you get out of the responsibility or did you just move?

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 27 days ago

Carol Williams And too many people, including agents, don't know the rules of the different condos and therefore don't know how to advise. 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 27 days ago

Some small home-owners associations ( 4 units, or 20 units) are very pleasant to work with, they often self-manage, yet stay on top of all maintenance issues quite well.

Posted by Steffy Hristova, Tempe AZ Realtor - Your Home Close to Your Work! (HomeSmart Elite Group Tempe AZ Tel: 480-966-9353) 26 days ago

Steffy Hristova I have seen wonderful self managed associations and I have also seen just the ooposite. Depends on the capability and competency of those involved.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 26 days ago

This is such valuable information for buyers to be made aware of BEFORE they purchase property in an HOA.

Make sure you see their financial statements. Do they have a reserve? I recently sold a condo in an HOA that carried no reserve. They assessed each unit owner $15,000 for outside repairs. While that work was being done, a hurricane came through and did some damage. They were assessed another $3000 each.

Many selling out because they cannot afford the assessments.

Posted by John Wiley, Lee County, FL Real Estate GRI, SRES,GREEN,PSA (Right Move Real Estate Group- EXP Realty) 19 days ago

John Wiley You are so right. This information is needed BEFORE they purchase.

There are those who are selling out because they cannot afford the increased monthly fees and huge assessments. We all need to check the reserves and any  proposed future assessments. 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 10 days ago

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