18 questions to ask when buying a condo
Questions to ask about the HOA
How does the condo’s HOA work?
The HOA or condo association is typically the governing body of the building. Every person in the condominium who owns a unit is usually a member of the association. Members of the association often elect a board of directors to enforce building rules, manage HOA finances and hire service providers to maintain the property.
Understanding how the HOA implements policies, manages disputes and takes feedback from members can help you determine whether the building is right for you.
What are the HOA fees?
HOA fees can range from hundreds to thousands of dollars a month. They’re among the most important things to know when buying a condo — especially as you work out your monthly budget.
What do HOA fees cover?
In general, HOA fees are used to pay for building utilities, maintenance and upkeep of amenities. It may be helpful to ask for a breakdown of the HOA fees to better understand how your money will be spent.
What is the history of HOA fee increases?
Asking about the history of HOA fee increases may show the potential for higher costs in the future.
Questions to ask about condo management
Who manages the condo?
Larger buildings may hire a professional management company, while smaller buildings may have the HOA board directly handle maintenance. Knowing how your building is managed could clarify daily operations and how you should submit maintenance requests.
How does management respond to issues or claims?
Often, different condos have different processes for filing issues or claims. Asking about their process may help reveal how responsive and supportive their management team is when problems arise.
Questions to ask about condo amenities
What amenities are included?
Gyms, pools and entertainment spaces are often attractive amenities offered by condominiums. Be aware that some amenities may result in higher HOA fees.
Will storage spaces be available?
Some condo buildings offer extra storage space in the lobby or basement. Keep in mind there could be limited spaces, and some may require additional fees.
How is parking handled?
Available parking may be essential for some individuals and families. Learning how your building arranges parking for residents and guests might help determine whether purchasing the condo is right for you.
What is the condition of the common areas?
Common areas typically include lobbies, hallways, elevators, parking garages and fitness centers. How well they’re maintained and by whom may be important to consider when buying a condo.
Questions to ask about condominium rules and regulations
Are there restrictions on renting out the condo?
Different condos have different rules about renting out your unit. Some buildings allow for a certain percentage of owners to rent or sublet their units, while others have strict no-renting policies.
What are the pet policies?
Many HOAs have rules about the type, quantity or size of pets you’re allowed to have. These policies could be a deciding factor if you already have multiple furry friends.
Are there restrictions on noise?
Some properties follow specific noise policies and quiet hours you may need to consider if you love to host parties or late-night jam sessions.
How do you resolve disputes or complaints?
In a shared space with rules and regulations, disagreements may arise. Getting documentation of your building’s guidelines and knowing how to escalate issues when needed helps you understand your rights as a potential resident.
Questions to ask about repairs and maintenance
What are my repair and maintenance responsibilities?
In general, you should only be in charge of maintaining and making repairs to your individual unit while owning a condo. Knowing what you’re responsible for can help you determine potential costs and insurance needs.
Who is responsible for landscaping and property repairs?
The HOA or building management is typically responsible for landscaping and property repairs. Getting clear information on who oversees these spaces helps ensure you’re not responsible for more upkeep than you’re looking for.
Questions to ask about insurance for condos
How is the building insured? And what does that cover?
The HOA or property owner should have insurance for the building, typically known as the “master policy.” This insurance is designed to cover the structural elements of the building and common areas.
Do you need condo insurance?
Your mortgage provider or HOA may require condo insurance. It may also be wise to purchase individual condo insurance, since the building’s master policy only covers the structural elements and shared spaces of the building.
Condo insurance is designed to protect your belongings if they’re damaged or stolen in events like fire, smoke, theft or accidental water damage. It also typically helps protect your personal liability in case someone is injured while visiting your home.
After making the big decision to purchase a condo, having an added layer of coverage can help you avoid major out-of-pocket expenses. Learn more about your condo insurance options today by getting a quote through TruStage™.
