Condo/Towwnhouse/Duplex Owners

[debtfreeme]

What kinds of questions would you ask before buying one of the afore mentioned properties? I am starting to look around as they seem to be more reasonably priced, but i want to know what to ask. Especially about management issues.

Thanks,
Kristina

[Fern]

Re: Condo/Towwnhouse/Duplex Owners

I'm starting to look, too.

What % of units are rented out? Generally, it's not a good thing to have too many rentals cus renters don't tend to take care of the property like an owner would. There may also be a minimum # of years you have to live there before you can rent out, which is also good to know in case down the road you want to sell and it's a down market.

Do common charges increase every year? If so, how much do they typically rise?

When you find a complex you like, stop and talk to anyone you see walking around and ask them how they like living there. The 3 best things about livign there, and 3 of the worst things. The answers may be revealing. I've even knocked on doors in the past to do this.

Ask to get a copy of the bylaws.

[Ima saver]

Re: Condo/Towwnhouse/Duplex Owners

I once bought a condo to use as a rental. My roof leaked and the association would not fix it. I later learned that one couple owned over 50% of the condo's and they made up the entire board along with son and daughter in law. I fixed the roof myself and sold at a loss.

[homeCooking]

Re: Condo/Towwnhouse/Duplex Owners

Condos and townhouses have monthly fees but a duplex is different is a income property.

[mccartygirl]

Re: Condo/Towwnhouse/Duplex Owners

Questions to ask:

* How much is monthly fee
What is covered in monthly association fee - lawn care, snow removal, etc.
* Is there any open assessments out currently
* When was the roof and siding replaced

[Ima saver]

Re: Condo/Towwnhouse/Duplex Owners

Also, at the condo I owned, they would not pay the water bill on time, and the water got shut off a lot.