It is important to ask a lot of questions about any big investment. I am going to detail a few questions you shold ask when .
* What is the percentage of owner-occupied units in the complex? Finance companies might not finance a condominium in a complex which is heavily owned by investors not ocupying the condos. They will usually look for around 66% owner occupied. And remember, if no one wants to finance the condo it will afect you when not only just while you are buying, but when you are trying to sell it as well.
* Have any special assessments been made on the complex in the previous three years? Will any expensive maintenance projects take place in the next twelve months?
Owners and associations alike have unforeseen maintenance costs. A good condo association plans ahead and make the fees enough to cover those costs. Many assessments indicates poor planning. It would be terrible for you to buy a condo from a person who paid small fees for years, and then you get to pay for an assessment as soon as you move in.
* Are there any disputes among owners that the Association is trying to resolve?
If there are many problems, think twice about living in that environment. Watch for the following common issues:
Hanging stuff on the balcony. Most complexes don't allow this in order to prevent people from hanging laundry and other things that could become hygienic problems, but often people make a fuss about little other things like small decorations.
Live in pets. Even in complexes let you keep pets, owners usually experience problems because a few owners' pets are nasty and poorly behaved.
* Is the HOA involved in any lawsuits?
Sometimes the association will end up in suits with the condo owners, the providers of construction work or materials, or occupants of units. It will benefit you to discuss these with a lawyer.
* Are there any discussions of possible changes to by-laws applying to the condos?
Some by-law changes may have an impact on your use and enjoyment of the complex. You won't have a vote until you own the unit.
