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You are here: Home / Homeowners / Before buying a condo

Before buying a condo

May 30, 2019 By Geoffrey Disch Leave a Comment

Buying a condo is like buying a house – only different! While you won’t have to be concerned about maintenance – that’s the Association’s job – you should be concerned about the Association. Some things to look out for:

  • How is the Association run? What are their procedures for repairs and complaints? How many on the board?
  • How much is in cash reserves? If not high enough, condo owners could be hit with a special assessment in an emergency?
  • What is the delinquency rate of condo owners who don’t pay? Fannie Mae, Freddie Mac, and FHA do not approve condominiums with the delinquency rate above 15%.
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Filed Under: Homeowners Tagged With: condominiums

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