Have you found your dream condo? If so, then it's time to start thinking seriously about the next step. When you are looking into condo ownership it can be easy to get carried away with the moving in and decoration process. However, before you can even consider what you will do with that extra bedroom or where you will put your new sofa set, you need to take a step back and discuss the condo in detail with the leasing office.

Ask the Right Questions

One of the questions you should ask when speaking to a condo leasing office is what are the most common concerns condo owners in the building face? They may be reluctant to tell you but other owners in the complex will be happy to shed some light on the situation. Faulty plumbing, lack of garden maintenance or too many rules in place are some of the most common concerns. Ask to see the HOA meeting notes to see what upcoming projects and concerns are talked about at the board meeting. If your complex is putting a swimming pool in the next year and you are highly against this, then it might not be the dream place to live after all.

Another thing you should always ask about is the maintenance fees and condo coverage expenses. If you are not paying very much in maintenance then this is not necessarily a good thing. It could mean that the building is not properly maintained or that the HOA condo insurance master policy is not adequate for the condo owners' needs. Ask to see a copy of the condo insurance master policy to see what it included exactly. Check to see if the replacement costs are an accurate estimate of the building and see if the coverage includes a bare wall or all in policy.

Another thing you will want to know is if the complex allows renters. Many people will use their condo as an investment property. If you choose to move in with a spouse down the road and it is not a good time to sell your condo, you may want to rent it out for a few months until the market gets better. It is good to have this option. Renting is normally allowed but find out the rules in place - does the management company find renters for you or are you responsible for finding your own tenants? How many people are renting and how many people own their condos in the complex? If there are a lot of renters in the complex then you might want to consider why.

Common Condo Concerns

Finally, find out who is responsible for what. Are you responsible for your own condo (self management) or is the entire complex managed by a property company? There are pros and cons to both. For many condo owners, however, self management can be too much, especially if you are using the property as an investment property. Not having to deal with a leaking pipe or a broken heater after a long day of work is comforting for many condo owners. Consider your lifestyle, your DYI skills and your organization habits when determining whether you would be comfortable managing your own condo.

While it can be easy to jump the gun when you find that perfect condo you need to always take the time to sit down with the leasing office and discuss your concerns and questions. Asking the right questions for condo leasing office is one way to know what lies ahead and what you can expect if you do decide to make the purchase.

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