Could condo living be for you? For many condominium living can be an attractive alternative to a single family home. The price per square foot of a condo is often less than a single family home. Before you make the leap to condo living make sure to do your homework to see if it truly is the best choice for you. Here is a checklist of a few things you may want to consider before signing on the dotted line.
- Condominiums have monthly maintenance fees.
- Check with the condominium association to see what the annual increase in the monthly maintenance fee has been for the past few years.
- What is the percentage of residents are current with their monthly association payments. Look for about ninety-seven percent of the development's residents to be current with their monthly payments.
- What percentage of the association fees are dedicated to a reserve fund. A good number would be at least 10 percent of the association's annual budget.
- What are the condition of the condo's roof and major mechanical systems? When were they last replaced or repaired. When the condo requires big upgrades, costly "special assessment" fees are passed on to the homeowners.