If you are considering community living and/or purchasing a condo, it’s important to take your time and research before you sign your final contract. It’s up to you to discover which complex best matches your wants, needs and expectations.
Condos offer the security of living among others, less maintenance responsibility, on-site recreational facilities and amenities, and the benefits of living in a “close-knit” community. However, there are some considerations, including sharing walls, floors, and ceilings with neighbors. Be sure to understand the condo association's rules and expectations before you buy.
What should I know about condos?
As a condo owner, you’re subject to the rules listed in the bylaws and you are legally bound to abide by them. When you own a condo, you pay the condo association for upkeep of common areas, and you retain responsibility for upkeep of your condo itself. In some condo complexes, unit owners may receive repair and upkeep services through proceeds of association dues and fees.
When you own your own home, you are responsible for upkeep of the house and the property on which it sits. The homeowner bears the cost and must budget and prepare for unexpected repairs.
Should I buy a condo or a house?
Whether to purchase a condo or a stand-alone house will vary from person to person. There are many great checklists available online that can help you explore the pluses and minuses of community living versus home ownership.
What are some issues prospective condo buyers should consider?
There are many books, articles and online resources that offer prospective condo buyers tips and advice before they buy. Here are some examples of considerations you should think about:
- Make sure that condo living is for you.
- Select a reputable and licensed real estate agent who knows and understands condos. They may have insights that can make the difference between finding the right and wrong community living opportunity for you.
- Read the condo documents carefully: Be sure that the condo you’ve selected matches your lifestyle: Does the condo complex cater to a particular age group? Is it family friendly? Is it a haven for pet owners? Does it prohibit pet ownership?
- Review the condo association’s financial documents carefully: How much does the association have in reserves? Are all condo owners meeting their payment obligations? How much has the association budgeted to spend?
- Speak with your potential future neighbors: Ask them about their experience living in the complex. What do they wish were different? What are their biggest complaints? Ask about repairs. Are there any repairs that take a particularly long time? What do they wish were updated, improved, replaced or fixed? Ask them whether condo association meetings are held regularly. What’s attendance like? Do they attend? Do they feel like their association represents their interests?
What are some questions I should pose to my real estate agent and/or attorney?
Among many other questions, you will want to know about:
- When the complex was built
- Age restrictions
- Dues and fines
- Any outstanding debts
- Foreclosures
- What the association has in reserve
- Budget line items
- Owner's rights to occupy the unit
Want to learn more? View Condo Ownership in Connecticut