5 BIGGEST MISTAKES PEOPLE MAKE WHEN BUYING INTO A CONDOMINIUM OR HOMEOWNER ASSOCIATION

1. THEY DON’T READ THE GOVERNING DOCUMENTS:
• DECLARATION
• BYLAWS
• RULES




2. THEY DON’T CHECK OUT THE DEVELOPER (IF IT IS A NEW COMPLEX).




3. THEY DON’T TALK TO THE RESIDENTS TO SEE WHAT THE ENVIRONMENT REALLY IS LIKE.




4. THEY DON’T CHECK OUT THE FINANCIAL PICTURE OF THE ASSOCIATION---IS IT ADEQUATELY FUNDED? DOES IT HAVE RESERVE FUNDS? ARE THERE ANY SPECIAL ASSESSMENTS NOW OR PLANNED? HOW MANY OWNERS ARE DELINQUENT?




5. IS THERE A PROFESSIONAL MANAGEMENT COMPANY OR IS THE COMMUNITY SELF MANAGED? THE RESPONSE TIME FOR REPAIRS AND PROBLEMS MAY BE BETTER WITH A MANAGEMENT COMPANY.

Kay Senay is the author of CONDO BUYING & OWNERSHIP MADE SIMPLE: TIPS TO SAVE TIME & MONEY.  Visit her website at www.condo-condominium.com for a FREE TIP SHEET.  Send your questions and stories to Kay at condotalk07@yahoo.com. 

Copyright Kay Senay 2008