A condo is a great alternative to purchasing a single family home if affordability and lifestyle conveniences are important to you.
A condominium complex is divided and sold as individual condo units. Each condo unit owner has partial ownership in what’s called “common property”. Because of this, there are many factors to consider if you’re considering purchasing a condo.
Here’s a list of the top 10 questions you must ask before buying a condo.
1. What is the Condo Fee & What Does it Cover?
2. What are the Condo Rules & Regulations?
3. How Much Money is in the Reserve Account and How Much is Funded Annually?
4. Are There Any Pending Special Assessments?
5. Who Manages the Condo Complex?
6. Is the Condo Association Involved in Any Pending Legal Actions?
7. How Many Condo Units are Owner Occupied?
8. How Many Condo Units are Delinquent on Paying Their Condo Fee?
9. Do Condo Unit Owners Have Exclusive Easements or Right to Use Certain Common Areas?
10. What does the Condominium Complex’s Master Insurance Policy cover?
For over the past 10 years Ron Carpenito of Keller Williams Realty Andover has been helping home buyers and sellers in Andover, North Andover, Haverhill, and the Merrimack Valley with their real estate goals. If you’re thinking of buying or selling a single family home or a condo in North Andover or anywhere in Massachusetts or know someone who is, contact Ron today at (978)494-0346.