There is more to buying a condo than the condo unit itself. Here are three aspects of the building you should research before purchasing your unit.
Building Health
The stability and “health” of your unit is definitely one reason to have an inspection. However, have your inspector do an overall building inspection as well. Check for foundation stability, roof and drainage, common room safety, and the upkeep of any amenities such as pools and fitness rooms. Building health can affect the overall health of your unit and should not be overlooked.
Financial Health
Financial health is not the health of your finances, but the finances of the homeowners’ association that will collect fees for common areas. Is the association or co-op that manages these funds prepared for emergencies or future improvements on the building? Have they set aside collected fees for this purpose or would they assess those to you all at once? Would you rather have an additional $70 added to your monthly fees, or a one-time payment when the building needs repair? Factoring in the financial stability of the HOA should be a key factor in your decision to go ahead with the purchase.
Property Management Company
Finally, factor in your association’s property management company. Property management companies offer many different options, such as 24/7 emergency service response and online account management (making it easier to pay and track fees). Other services many include construction management, maintenance and cleaning services, cost analysis, and more. Having a good property management company that stays on top of building issues can improve your condo’s value over time.
