Think Twice About Buying a Condo With These Red Flags
As a potential condo owner, you need to consider the unit and the complex before buying. Either could have costly problems you should avoid. Watch for these red flags when buying a condo.
Poor Construction or Maintenance
Be wary of a condo showing signs of poor workmanship. It could be due to construction shortcuts or a lack of maintenance. Either way, those problems become yours if you buy.
An Unwillingness to Provide Financials
Ask to see the complex’s resale package. It should include financial statements. If it doesn’t, look elsewhere. If it does, see that they have reasonable money reserves for maintenance and repairs.
Fee Issues
Watch for fees that are exorbitantly high or very low. High fees might not be worth the expense. Low fees may indicate a lack of funds to maintain the property properly.
Lack of Parking
A lack of parking can become a nuisance if you have people over frequently. At least make sure you have designated spots for your vehicles if parking is limited.
When condo shopping, look beyond the condo itself to the whole complex for clues that the place is financially stable and adequately maintained. Ignoring red flags when buying a condo could leave you stuck in a deteriorating complex.
