Coldwell Banker Real Estate Now · (731) 668-1777 · Each office is independently owned and operated.

 

10 Questions To Ask Your Condo Board

Before you buy, contact the condo board with the following questions. In the process, you'll learn how responsive -- and organized -- its members are.

  1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
  2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can't rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.
  3. How much does the association keep in reserve? How is that money being invested?
  4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.
  5. What does and doesn't the assessment cover -- common area maintenance, recreational facilities, trash collection, snow removal?
  6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board's fiscal policy.
  7. How much turnover occurs in the building?
  8. Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly.
  9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer's report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren't in good repair, they become your problem once you buy.
  10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you're buying, may require separate assessments.

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Pam Blasingame is a Realtor® with Coldwell Banker Real Estate Now, 327 North Parkway, Jackson TN 38305, (731) 668-1777.

The data relating to real estate for sale on this website comes in part from the IDX Program of the Central West Tennessee Association of Realtors® Multiple Listing Service. Copyright 2015 MLSCWTAR. All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

The accuracy of all information, regardless of source, including but not limited to square footages, lot sizes, or school districts, is deemed reliable but is not guaranteed and should be independently verified through personal inspection and/or with the appropriate professionals. The information contained within this website is provided solely for informational purposes and does not constitute an offer to sell, rent, or advertise real estate outside the State of Tennessee. The owner is not making any warranties or representations concerning any of the properties listed including their availability.

If you are NOT represented by a real estate agent or broker, I would love the opportunity to help you with your real estate services. Please contact me regarding ANY of the properties listed on this website. If you ARE represented by a real estate agent or broker, please contact them regarding any property you locate on this website. It is not my intention to solicit offerings from other agents or brokers.

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Pam Blasingame - Jackson TN Realtor® - Coldwell Banker Real Estate Now