The unit is only part of the purchase
A condominium buyer is also buying into the building or community structure. Association finances, reserves, insurance, rules, litigation and planned work can matter as much as the finishes inside the unit.
Documents to review
- Association budget and financials
- Reserve information
- Recent meeting minutes
- Rules and leasing restrictions
- Insurance information
- Special assessments or planned projects
- Pending litigation or major maintenance
Monthly cost matters
Compare the total monthly carrying cost rather than only the mortgage payment. HOA or condo fees, insurance, taxes, parking and special assessments can change affordability.
Use the right professionals
Your real estate agent can help organize questions, but legal interpretation, insurance coverage and financing eligibility should be reviewed with the appropriate attorney, insurance professional and lender.
Want to apply this to a real property?
Use the guide as a starting point, then discuss the specific property, neighborhood and objectives with the appropriate professionals.