How much are the yearly or quarterly condo fees, and how are assessments made? It’s good to ask current residents about their experience if possible, and ask if the condo board has approved or expects any costly renovations, expansions, or repairs in the near future.
What rules have the condo or homeowners association put in place for the condo? Make sure you look over the conditions, bylaws, and restrictions of the building you’re buying in. What hours is the pool or recreation area open, and are there restrictions on guests?
What do your fees cover? Don’t make assumptions about what will be included in the maintenance and administrative fees you’re paying the condo board. Ask about pool maintenance, repairs and maintenance to your unit and shared areas, snow shoveling and plowing, amenity maintenance, nightguards or security, outdoor maintenance, and any other costs not explicitly mentioned in the guidelines.
Does the condo committee have a reserve fund? Condo fees are paid regularly, and well maintained budgets should include a reserve fund put aside for unexpected or costly repairs and renovations.
What is the surrounding area like? Take a look at planned construction for the immediate vicinity. A beautiful view might be obstructed by another building in the near future, or a school being built nearby could contribute to the future value of the property.
Are there any current legal disputes or or concerns expressed in online forums about the condo complex you’re considering? A simple Google search could bring up feedback and forums where current residences speak honestly about their experience living in the condo you’re considering.
How much parking is available?
How many rental units are in the building, and how many are owner-occupied? Some condo buildings have a vast percentage of their units owned by one investor. This can influence the lifestyle, foot traffic, and noise levels in the building.
Are there rules about animals or pets? Some condos have specific rules about the number of pets you can have, and may restrict certain breeds or animals.