As you search for a condo community that is right for you, be sure to take your time. Doing research can help you make an informed decision. Here are seven steps you should take before buying a condo:
1. Work with a reputable and licensed real estate agent who is well-informed about condo purchases and sales and understands your needs.
2. Select a real estate lawyer to represent you who has substantial condo transaction experience.
3. Obtain a copy of the Association Bylaws, Declaration, Association rules and regulations, recent budget, and minutes from meetings held over the last 12 months. Go over these documents with your attorney. Ask your attorney to interpret these documents and to explain them to you.
4. There are many great books and online resources to help teach you about your options. It’s worth investing time up-front to ensure you make the right decision for you.
5. Meet with the Association President and Board Members. Ask to attend a Board Meeting.
6. Take a walk around the condo complex and try to meet some of the residents. Talk to them about what it’s like to live in their condo complex.
7. Make a list of your questions and concerns. Seek answers to all your questions and concerns before you close.