Massachusetts Real Estate

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Questions You Should Ask When Buying a Condominium

Questions to ask when buying a condoThere is no doubt that there is a lot you should know as a buyer when you are considering purchasing Real Estate. Of course a good Realtor can you help in this endeavor and be your guide throughout the buying process.

While buying a home entails a lot of considerations, when purchasing a condo this is magnified even further. When purchasing a condominium there are a whole host of issues that should be on your radar that you don't have to worry about with in the purchase of a home.

There are questions to ask when buying a condominium that every buyer should have the answers to as part of their due diligence. The answers to these questions can make or break whether the condo neighborhood you are thinking about purchasing in should even by considered.

Some of the more important information that you should have a good grasp of include what are the condo association rules and how will they effect me? How much are the condominium fees and what exactly do they include? Is the complex professionally managed or will I be dealing with a home owners association (HOA)? How much money is in the reserve fund and are there any special assessments coming up that I should be aware of?

For a myriad of reasons you should also know what the rental policy is in the neighborhood. Other condo purchasing considerations include the parking arrangements, if there is any current pending litigation against the association and how easy it will be able to sell a unit in the near future.

Click the above link and you will be taken to an article that covers all of these condo issues in much greater depth. ** For all my Active Rain friends I would appreciate it very much if you visited the original article and shared it socially with your networks like Facebook, Twitter and Google Plus! **

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About the author: The above Real Estate information on questions to ask when buying a condo was provided by BillRE/MAX Executive Realty Hopkinton Mass Real Estate Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of many Metrowest towns for the last 25+ Years.

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I service the following towns in Metrowest MA: Framingham, Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Franklin, Grafton, Northboro, Shrewsbury, Bellingham, Northbridge, Uxbridge, Sutton, Millbury, Worcester, Millville, Douglas, Natick and Wayland MA.

 

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15 commentsBill Gassett • September 18 2012 04:53AM

Comments

This is a good post and anyone looking to buy a condo should read it and check out the link. Good luck.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

Excellent thoughts to ponder Bill. We do not get too many condominium buyers but I will be sure to refer to your Blog if I should get a Condo buyer.  Thank you!

Posted by Bobbie Smith, Real Estate in the Poconos of PA 570-242-1891, (RE/MAX OF THE POCONOS) over 2 years ago

Thanks Gita & Bobbie it would be great if you take a look at the article on my blog and comment if you like:)

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 2 years ago

Bill--There are so many questions to ask about a HOA...good topic and information for anyone considering.

Posted by Teri Eckholm, Acreage & Lakeshore REALTOR Minneapolis St Paul (REMAX Results) over 2 years ago

Bill,

It's a great start!

You also need to get a sense of the HOA and management, are they heavy handed and suit happy? The title will show any open suits, but checking the Recorder's Office can show settled suits.

Bill

Posted by William J. Archambault, Jr. (The Real Estate Investment Institute ) over 2 years ago

Bill I would add three other questions.  What is the percentage of condo owners delinquent with condo fees?  What is the owner to investor ratio?  Are the condo's on the FHA approved condo list?  Sorry the is the Loan Officer coming out in me :)

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut) over 2 years ago

Teri & William - thanks for the comps on the questions you should ask when buying a condo.

George - Excellent...I am going to use some of these and fill in the blanks on what I have already wrote!

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 2 years ago

We just posted a blog with some of this info the other day and will include your thorough list on another one of our sites! With the rules and regulations that go with owning a Condo, they may not be right  for everyone...

Posted by Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c), Long Island Condo & Home Sale Specialists (Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) over 2 years ago

Bill  In gigh rise condos the insurance liabilty is important to know.  Suppose there is a leak in the unit above you.  Is the owner insured or in violation of HOA requiirements?

Posted by Karen Kruschka, - "My Experience Isn't Expensive - It's PRICELESS" (RE/MAX Ultimate) over 2 years ago

Karen - proper insurance is always a smart consideration when purchasing a condo.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 2 years ago

great points Bill.... we don't have that many condos in our area and recently I was visiting my daughter in CA and we are starting to look for a property for her.. I was shocked at the difference in the home types there and the differences you must know about... All areas really do have their own differences and so do each home type!!

Posted by Sheila Newton Team -- Anderson & Greenville SC Real Estate, 25 years experience -Residential Real Estate Sales (Berkshire Hathaway HomeServices - C. Dan Joyner) about 2 years ago

Thanks Sheila! Yes condo's are a completely different animal where due diligence is an absolute must.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) about 2 years ago

Bill, great article about what to look for in buying a condo. I'll go over to your other site and check out the blog.  

Posted by Eric Michael, Metro Detroit Real Estate Professional 734.564.1519 (Remerica Integrity, Realtors®, Northville, MI) about 2 years ago

Bill: Great points, especially about the association rules.  Depending on who's running the association, enforcement can be downright draconian!  I know of a local condo association that has no common Dumpster or community garbage facility.  Most units don't have a garage, but the association has rules against keeping external garbage cans.  So, if you want to live there, you have to keep all of your garbage inside your home until trash day or risk getting fined!  That would be a deal-breaker for me!

Posted by Andrew Capelli (Fidelity National Title) almost 2 years ago
Excellent article you have here Bill that provides informationon what one should ask when buying a condominium. Thank you for sharing and keep up the excellent work.
Posted by Nestor & Katerina Gasset, Realtors, Wellington Florida Homes For Sale (International Properties and Investments LLC) over 1 year ago

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