So you’ve decided that condo living is right for you. Before you take the plunge and sign that contract here are a few things you should check out.
1. Understand the association's financial situation and how it is governed.
When you buy a condo you become a “co-owner.” This means you share an ownership interest with everyone else in the condominium complex. As a group you are responsible for the financial operations, governing and even the maintenance of the entire property. No this doesn’t mean you will have to mow the lawn or trim the hedges a few times a year. The condo association will typically hire a management company to oversee items like that. It is important that before you buy a condo that you verify the condo associations