The point is to make sure that you have taken the time to do the diligence on some of the elements that are most important to you in being fully satisfied with your purchase once the deal has closed.
Neighborhood - What is the neighborhood like? Ask neighbors and walk the area at night and on weekends to check when residents are home.
Condition - What is the condition of the unit you are considering? What is the condition of the building? What is the condition of the complex? Are common areas well maintained?
On the Market - How many condos are listed for sale? A large percentage may indicate challenges in the community.
Occupancy - What percentage of the units are occupied by owners versus used as rental property? Lenders may balk if the majority are rented. Also, are there limits to your ability to rent your unit to others?
Parking - Does the unit come with reserved parking? Is there adequate additional parking for guests?
Storage - Will you have extra storage space for personal items such as bikes, paddleboards, etc.
Restrictions - Will restrictions prevent you from changing visible elements such as the color of your front door or your window coverings?
Fees - How much are the condo/association fees and what do those fees cover?special assessments in the future. Also, lenders may have requirements on % in reserves (e.g. 10%).
Management - Is the association managed by a qualified professional company? What is the temperament of the condo board? Board minutes may reveal controversies.
Complaints - does management handle owners' requests and complaints quickly?
Lawsuits - Are there pending lawsuits against the association or judgements that current and future homeowners may have to fund?
Insurance - What does the association's insurance policy cover? You may need to consider supplemental insurance to protect what isn't covered by the associations policy.
Debt - What outstanding debt does the association have? How does that compare to the money coming in from fees and other sources?
Arrears - What percentage of the units are in arrears on their dues?
Assessments - Does the seller owe back fees or assessments that may become your responsibility when you buy?
Reserves - Does the association have adequate reserves for emergencies and renovations? If not you could face
NAPLES REAL ESTATE BLOG
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