Buying a condo is an exciting step, but it’s essential to go beyond aesthetics and thoroughly evaluate the property and its overall management. Whether you’re a first-time buyer or a seasoned investor, this guide will help you identify the main concerns and ensure a wise purchase.
1. FINANCIAL HEALTH OF THE CONDO CORPORATION
- Concern: Poorly managed finances can lead to higher maintenance fees or special assessments.
- What to Look For:
- Review the status certificate for reserve fund details, fee increases, and lawsuits.
- Confirm there are no major repair projects planned that might increase...