Questions Every Buyer Should Ask Before Buying a Condo

Key takeaways

• Ask about condo association fees, what they cover, and if there have been recent increases.
• Review the condo association’s financial health, including reserves and any upcoming special assessments.
• Understand the rules and regulations of the condo association before buying.
• Learn about common area maintenance and future renovation plans.

Buying a condo is a significant step, so you’ll want to ensure you’re asking all the right questions to find your perfect fit. Condominium purchase can be different from purchasing a single-family home, mainly because you’re also becoming part of a community governed by a condo association, which functions very similarly to a homeowners association (HOA). 

This means understanding not just your unit, but also the shared aspects of the building and its financial well-being. So no matter if you’re eyeing a condominium in Miami or a condo in Phoenix, here are some important questions to ask when buying a condo. 

Questions to ask about the condo association

What are the monthly condominium association fees and what do they cover?

This is usually one of the first questions on buyers’ minds. HOA and condo fees can vary widely and typically cover things like exterior maintenance, landscaping, common area utilities, and amenities. It’s good to get a clear breakdown so you know exactly where your money is going.

Have there been any recent or planned increases in condo association fees?

Understanding the history of fee increases can give you insight into the condo association’s financial management and potential future costs. A sudden, large increase might indicate underlying issues.

What is the association’s reserve fund status?

A healthy reserve fund is needed for unexpected repairs and long-term maintenance projects. Ask for documentation to see how well-funded the reserves are. A strong reserve fund often means less risk of special assessments later.

Are there any upcoming special assessments?

Special assessments are additional fees charged to condo owners for large, unexpected repairs or improvements that aren’t covered by the regular condo association fees. Knowing about these in advance can save you from financial surprises.

Can I review the association’s financial statements and budget?

Reviewing the financial statements provides a detailed look at the condo association’s income and expenses, offering transparency into its financial health.

Questions about the condo rules and regulations

What are the rules regarding pets?

If you have furry friends or plan to get one, this is a must-ask. Policies can vary from no pets allowed to specific breed or weight restrictions.

Are there restrictions on rentals?

If you ever consider renting out your unit, this is a definite question to ask when buying a condo. Understand the HOA’s policies, as some have strict limits or even prohibit rentals.

What are the rules for renovations or modifications to my unit?

Even though it’s your unit, there might be rules about exterior modifications or even interior structural changes that could affect common elements.

What are the noise policies?

This is especially relevant in multi-unit dwellings. Understanding quiet hours and general noise guidelines can prevent future disagreements with neighbors.

Are there any other significant rules or restrictions I should know about?

Sometimes, there are unique rules for things like parking, trash disposal, or the use of common amenities. It’s always best to ask for a copy of the full rules and regulations.

What is the maintenance schedule for common areas?

Understanding how often things like the roof, elevators, or shared recreational facilities are maintained can give you peace of mind about the building’s upkeep. 

Are there any upcoming major repair or renovation projects planned for the building?

Similar to special assessments, knowing about big projects like a new roof or facade repair can impact your living experience and potentially your finances.

What are the security features of the building?

Ask about entry systems, security cameras, and on-site personnel. This is important for your safety and peace of mind.

Other important questions to consider

What is the parking situation like?

If you have a car or multiple cars, understand the parking arrangements for residents and guests.

What are the amenities offered and their hours of operation?

If the condo offers a gym, pool, or other amenities, know their availability and any associated rules.

What is the process for addressing maintenance issues within my unit?

While the condo association handles common areas, you’ll be responsible for your unit’s interior. Understand how to report issues and who to contact for assistance.

What is the overall resident demographic?

While not a formal question, observing the mix of residents can give you a sense of the community vibe and whether it aligns with your lifestyle.

Frequently asked questions

What are condo association fees?

HOA and condo association fees are regular payments made by condo owners to the homeowners association, covering shared expenses and maintenance of common areas and amenities.

Why is a condo association’s reserve fund important?

A healthy reserve fund ensures the condo association has sufficient money for unexpected repairs, large-scale maintenance projects, and capital improvements without needing frequent special assessments.

Do all condos have HOAs?

Yes, almost all condos have the condo equivalent of a homeowners association (HOA), called a condo association, that manages and maintains the common elements of the property.

Can condo rules change?

Yes, like HOAs, condo associations have rules that can change. Associations typically have a process for proposing and voting on amendments to their bylaws and regulations.