The amenities and urban living condos often provide make them highly attractive to many first-time buyers.

However, when you buy a condo, you are also buying into a condominium association and the related maintenance and repairs. Would-be condo buyers should consider the following:

• Review the condominium association’s reserve study, which outlines the minimum level of funds in reserve for repairs. Make sure to understand the condo’s plan for ongoing maintenance.
• Find out if there have been any special assessments and/or if any are planned. Special assessments are levied for unbudgeted expenses, and all homeowners in a condominium complex must pay their share.
• Ask how many owners are behind in their payments. A delinquency rate of more than 15 percent can be a red flag.
• Comb over the complex’s insurance policy to find out what it covers. Just the buildings themselves, or does it include your possessions as well? Does it cover flooding? This will help you figure out what you’ll need to pay for in a policy of your own.

If you have more questions about buying or selling a condo, feel free to contact the Walker Team anytime!