Buyer's Reports
Real Estate Buyers Guide, Real Estate Buyers Agent Texas, Tips On Home Buying
10 Questions to Ask Your Condo Board
Before you buy, contact the condo board with the following questions. In the
process, you’ll learn how responsive—and organized—its members
are.
What percentage of units is owner-occupied? What percentage is tenant-occupied?
Generally, the higher the percentage of owner-occupied units, the more marketable
the units will be at resale.
What covenants, bylaws, and restrictions govern the property? What grandfather
clauses are in place? You may find, for instance, that those who buy a property
after a certain date can’t rent out their units, but buyers who bought
earlier can. Ask for a copy of the bylaws to determine if you can live within
them. And have an attorney review property docs, including the master deed,
for you.
How much does the association keep in reserve? How is that money being
invested?
Are association assessments keeping pace with the annual rate of inflation?
Smart boards raise assessments a certain percentage each year to build reserves
to fund future repairs. To determine if the assessment is reasonable, compare
the rate to others in the area.
What does and doesn’t the assessment cover—common area maintenance,
recreational facilities, trash collection, snow removal?
What special assessments have been mandated in the past five years? How
much was each owner responsible for? Some special assessments are unavoidable.
But repeated, expensive assessments could be a red flag about the condition
of the building or the board’s fiscal policy.
How much turnover occurs in the building?
Is the project in litigation? If the builders or homeowners are involved
in a lawsuit, reserves can be depleted quickly.
Is the developer reputable? Find out what other projects the developer
has built and visit one if you can. Ask residents about their perceptions.
Request an engineer’s report for developments that have been reconverted
from other uses to determine what shape the building is in. If the roof, windows,
and bricks aren’t in good repair, they become your problem once you
buy.
Are multiple associations involved in the property? In very large developments,
umbrella associations, as well as the smaller association into which you’re
buying, may require separate assessments.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005. All rights reserved.
Preston Hollow Real Estate Agent - Park Cities Luxury Estates
If you're in the Home & Real Estate market to buy or sell your home in the Preston Hollow, Park Cities, Highland Park areas, call me. You can rely on my 24 years real estate experience, legal background and local market knowledge. My strengths are service, negotiations, diplomacy and making the home buying and selling process fun and easy for you. I grew up in Dalton, Georgia around my family's jewelry business. I learned at a very early age how to place my clients on the pedestal they deserve. Getting you what you want is my ultimate aim.
Designations, Affiliations, Awards: Certified Residential Specialist; Accredited Buyer's Representative; Certified Luxury Home Marketing Specialist; Certified Home Marketing Specialist, Certified Negotiating Specialist; Founding Associate Keller Williams Elite; Keller Williams International Gold Medalist
BERNICE EDELMAN
Dallas Realtor
Keller Williams Elite Properties
8201 Preston Road, Ste: 265
Dallas, Texas 75225
214-420-3771 Office
214-384-7700 Cell
bedelman@kw.com
 
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