Buying a town home or condo where all the exterior maintenance is covered by the association fee can be a very attractive option for buyers that don’t have the time and/or energy to worry about mowing the lawn/gardening, etc. As you take a look at the options available, it is important to make sure the association is financially healthy and the building/grounds are maintained well.
The top 10 things to look for are included in this list.
- Get all the required documents including the declaration, articles of incorporation, bylaws, rules and regulations, any amendments.
- Get a full understanding of the disclosure statement that details the accounting for the association.
- You should receive a re-sale disclosure for the particular unit you are buying so you can see that the seller is up to date in paying their dues to the association.
- Within the documents listed above, you should learn if there is any open litigation against the association.
- Within the documents listed above, you will learn what insurance company insures the property and what is covered within the insurance policy.
- Examine the condition of the windows
- Examine the condition of the siding
- Examine the condition of the roof
- Examine the condition of the landscaping, sidewalks
- If you figure out what the community will need to repair or replace in the next 5-10 years – you want to make sure they are planning for these repairs or replacements in the budget.