Buying a condo

[disneysteve]

What do you have in the way of savings and emergency fund? Do you have any disability insurance? What would happen if after you bought the condo, you lost your job or got injured and couldn't work for a while? Do you have enough savings to continue paying the mortgage and all the expenses?

What about savings/EF if a significant repair crops up in the condo? Owning can be a lot more expensive than renting and you need to have a much larger cash reserve since everything is your responsibility.

In addition to finding out if the condo allows dogs, also find out if you can get homeowner's insurance. Around here at least, many companies won't insure you if you own a dog.

[tinapbeana]

In addition to finding out if the condo allows dogs, also find out if you can get homeowner's insurance. Around here at least, many companies won't insure you if you own a dog.

that's odd: around here you often get LOWER rates on homeowner's if you have a dog, it's considered a protection mechanism. may just be the difference between more urban and more rural areas.

[LuxLiving]

Don't forget to spend an afternoon or evening talking with the folks who would be your new neighbors. How is it working out for them? What's been happening with the association? with the building itself? How does assoc. keep up w/the maintenance? What are the meetings like? (Actually I'd probably want to attend one or two.) Perhaps you need a weasel clause in any offer you make that you want to reserve the right to withdraw your offer until after you can attend a meeting and look at the associational books.

[disneysteve]

that's odd: around here you often get LOWER rates on homeowner's if you have a dog, it's considered a protection mechanism. may just be the difference between more urban and more rural areas.

Many companies exclude certain breeds (pit bulls, etc.). Others will insure you but exclude any claims related to the dog - bites, etc. I guess they know statistically that homes with dogs have higher claim rates. Same goes for swimming pools.