Before You Buy a Condo

Posted by Lisa Nichols May 22, 2008

If you’re thinking about buying a condo, there are a few things you need to keep in mind. Ask all of the questions you can before you make an offer. That way, you know exactly what you’re getting into before you buy the condo:

Get HOA Fees, Rules and Insurance Details Before You Buy a Condo

Find out exactly what the HOA (homeowner’s association) fees are before you buy a condo. These vary widely depending upon a number of factors, so you need to know the exact figure before you buy. If someone is telling you that they don’t know how much the HOA fees will be, tread carefully- or just walk away.

When you’re buying a condo and you’re a pet owner, make sure that you fully understand condo rules relating to pets. Many condos have rules about the number of pets that you can own, and additional rules relating to pets in common areas around the grounds of the condo.

Find out how much homeowners insurance will be before you buy a condo. In addition, find out what kind of insurance the HOA has for the condos. Condo insurance provided by the homeowner’s association will not cover your personal belongings. But the insurance should cover a couple of things related to living in a shared space that won’t be covered by your insurance.

Get information on insurance for landlords and insuring vacation timeshare units online.