By now, I feel like it’s pretty common knowledge among condo buyers that they will have to pay association dues. But, what isn’t common knowledge are the ins and outs of the right questions to ask the association during your investigation period. Remember, the MLS isn’t always correct. It falls on the buyer, and buyers agent, to confirm association information and ask questions to minimize any risk for surprises down the road.
So what do those questions look like? (Well, kind of like that one I guess…)
And also, these:
What do the association dues include?
How much have monthly association dues risen in the past 5 years?
Have there been any large assessments in the last 5 years?
Are there any upcoming assessments?
Is there a buy-in or initiation fee into the association?
Is there a move-in fee?
Not all associations are the same. Take note of how quickly they are responding to questions, especially simple ones. While touring the building with your agent politely ask other residents what their experience has been with the association.
Depending on the building, other items to inquire about are parking accessibility, security (cameras and doors), and common areas, such as a lounge area or work-out room. Don’t go into the condo-buying process blind! Use an experienced agent that specializes in condos. And, as I’ve mentioned before, this goes for lenders as well.