When buying a condo the most important condition to include in your offer is ‘Condominium Document Review’. These documents contain very important information about the building or complex you are buying into. Without knowing this information you are flying blind.
Many people understand that reading the documents in important, but don’t understand that getting them professionally reviewed is a must. The best way to think about this would be comparing it to a home inspection. Reading the documents yourself is the same as doing the home inspection yourself. Unless you have an extensive knowledge and experience with residential home construction, renovation, and always changing building codes, you are only exposing yourself to major risk.
You should always hire a professional condo document review company to read the documents for you. They will use their expertise to properly decipher the important information so you know what you are buying into is safe or not. The last thing you want to do is buy into a condo and be slapped with a huge increase in condo fees or big lump sum in the form of a special assessment. Knowledge is power and you want the power.
Every condo building or complex will have issues in their lifetime. It is a fact of life. The same is true for every house. At some point along the line there will be an unexpected cost to deal with. Buying into a condo that has plans in place to have money ready for future replacement costs, budgets properly, and enforces the rules will ensure there is minimal risk to owners.
If you have any questions or need help with anything let me know.