: One-time fees for major repairs like roofs or elevators. Phase 2: Due Diligence & Inspections
: Hire an inspector who specializes in condos. Ensure they check electrical, plumbing, and shared systems like elevators or roofs if possible. Phase 3: Lifestyle & Rules (CC&Rs) we buy condos
: Lenders often reject buildings with too many rentals (investors), ongoing lawsuits, or low occupancy. Seek out FHA-approved communities if using an FHA loan, as many complexes do not qualify. : One-time fees for major repairs like roofs or elevators
: Condo financing is stricter than for single-family homes. Lenders evaluate both your credit and the building’s financial health. Phase 3: Lifestyle & Rules (CC&Rs) : Lenders
Before touring, you must determine if the building's finances match your own.
Buying a condo is more than just purchasing a unit; you are buying into a shared financial and legal entity. Unlike a single-family home, your investment's health depends heavily on the collective decisions of your neighbors and the board.
: Request the last three years of financial statements and HOA meeting minutes. Watch for repeated complaints about broken items (deferred maintenance) or lawsuits.