Buying a condominium unit can be more involved than buying a single family home. This is because you have to worry about both the unit itself and the condominium project as a whole.   10 Questions You Should Ask Before Purchasing A Condominium Unit

Not all condominiums are created equally. Some condominiums are very well run and some are quite poorly run and underfunded. If you are interested in purchasing a condominium unit, you must do their homework:  not only about the condition of the individual unit you are interested in purchasing, but on the financial health and governance of the condominium as a whole. Remember, you are buying into the entire project as much as you are the unit, and your decision will impact your daily living and your ability to re-sell.

Here are the 10 questions you should ask when deciding to purchase a condominium unit:

  1. What is the monthly condominium fee and what does it pay for?
  2. What are the condominium rules & regulations?
  3. How much money is in the capital reserve account and how much is funded annually?
  4. Are there any contemplated or pending special assessments?.
  5. Is there a professional management company or is the association self-managed?
  6. Is the condominium involved in any pending legal actions?
  7. How many units are owner occupied?
  8. What is the condominium fee delinquency rate?
  9. Do unit owners have exclusive easements or right to use certain common areas such as porches, decks, storage spaces and parking spaces?  
  10. What Does The Master Insurance Policy Cover?