Condominium ownership, especially on the beautiful Oregon coast is a tremendous option. You can get a condo for almost any budget out there and they come in many flavors, so to speak. If you are seriously considering a condo purchase you are going to want to ask some very important questions before you decide to dive in. Here are some of the top relevant questions you will want to ask before you make that purchase. It will be the difference between years of enjoyment or years of pain and anxiety so follow along and remember; These are just guidelines and there are more questions you can ask but these will get you in the door to find out more.
1. Is there a resident manager on the premises? This is crucial to the condo owner to have someone who is overseeing all the maintenance issues that come up. Having a maintenance manager on the property ensures you that any issues will be taken care of in a timely manner.
2. What are the HOA fees and what do they cover? Most Condominium’s charge fees to cover expenses outside the building such as pool, rec. areas, parking lot’s, bldg. maintenance needs, etc. You will be responsible for upkeep on the inside usually but the fees usually cover any issues to the complex itself. Fees range widely depending on the amenities offered but average around 350 dollars a month. Another question might be to ask if the fees are going to go up in the near future for a project.
3. Ask to see the financial statements. A well run condo association will have clean books, or spreadsheet that should be easily read but should show a good amount of capital overlay, meaning they should have a good amount of cash on hand for emergencies. If they’re not willing to allow a look at the books or they are very hard to understand should be a red flag that there could be cash flow issues.
4. Ask for a copy of the rules. Always ask for a copy and read every rule and bylaw of the association before you purchase. Most of the time they are your basic rules but sometimes you might have a situation where they have specific rules about christmas decorations or how many people you may have over or time regulations for curfews and such. Read all the rules and make sure they match your criteria.
5. Ask if they are in any kind of litigation or lawsuits at this time. Any kind of lawsuit pending against a condo association can be a huge financial burden on potential owners so buyer beware and always check to see what their liability is at the time of purchase.
These are just a few relevant questions to ask your potential homeowners association before making that purchase of a condo. If you have any questions about condo ownership don’t hesitate to give us a call, we would be more than happy to answer any questions or concerns you might have.