I listed this very nice condo today.
Before I did, I reviewed the 3 Essential CONDO CAVEATS, reminding myself that things can appear to be black and white , but beneath the charm could look a big red stoplight!
1. Fifty (50) percent or more of the units are tenant (renter as opposed to owner) occupied.
Check to see the percentage of rented condos in the complex. If 50 percent or more of the units are rentals, it may be more difficult to find a lender to loan money for a unit in the complex. If few lenders will make loans, this may impact you when you want to resell.
2. The condo association's "reserve fund" is less than healthy.
Get the name of the HOA President and make sure the association has a healthy reserve fund. Without a substantial sum of money in reserve, when a major repair needs to be done, owners might have to pay a costly special assessment. This can affect resale value.
3. The project is in litigation.
Double check this one. If the project is involved in litigation with builders and/or other homeowners, this can quickly deplete reserve funds and affect resale value.
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