Buying a condo in the Greater Boston Area Communities means buying full ownership of a portion of a building or complex. It means you have neighbors, association members, fees and bylaws. It means, you need to know what to ask about when you are buying so that you will not have any unpleasant surprises after moving in.
We do not mean to sound a negative tone here, condo buying is a terrific way to go, just be thorough in your research. Here are 6 important questions that you need to have the answers to before making an offer:
1. What is the number of units in the complex, the number of owner occupied units and the number of units owned by any single entity?( Important for you to know and very important for your bank to know. In addition, the number of units currently on the market, the number of units recently sold and the square footage price for those sales is also of interest to you and your bank. All of this impacts the ability of your bank or mortgage company to provide you with financing on your purchase. This info is especially crucial in the current market with its reduced prices and increased foreclosures.)
There are many basic bits of information you should ask about the physical unit as well:
2. Parking? Is it deeded/assigned/common?
3. Is there laundry and storage specific to the unit or shared?
4. Are the outside spaces common or exclusive use?
5. Are pets allowed and what specific rules govern the allowance of pets?
The condo fee is another huge concern:
6. What is the current fee, what is the history of fee increases, have there been any special assessments or are there any scheduled for the near future?
Yes, lots to think about. If you are considering a condo purchase in the near future, you may want to make use of the Condo Checklist in our Better Buyer Guide. Be smart now and insure yourself a wonderful condo purchase!