Real Estate Knowledge
Things to Know
Having worked with hundreds of buyers over the years we know what the questions you would ask about the Home or Condo. We will review the questions about the condos first.
What did the buyer pay for the condo? We can look that up. A recent sale means we can appreciate the price and see if the new price is fair. Ask for the updates as the condo may have been updated since the seller bought the unit.
What are the prices on comparable units that have sold in the last six months. The best comps are in the same building but they may be hard to find so we can view the latest sales in the neighborhood and come up with a value. It is never just about the size of the Condo.
What do the condo fees cover ? Our MLS sheets will give us the basics but the best thing to look at is the condo budget so you can see every line item which is the best way to view. It will also give us the current reserves and how much are going into reserves on a monthly basis.
Are there any current assessments on the property? This should be on the property disclosures. We add a condo addendum to the purchase agreement asking about any assessments. Best way to research any future assessments is to review the minutes of the last condo association meeting so you can see what was talked about.
Are pets allowed in the condos and common areas? This would be in the rules and regulations and condo docs. Most condos allow pets but will have weight limits and limit the number. Certain Insurance Issues with certain breeds will mean that Pit Bulls and like dogs are not allowed. This is almost 100% of all condo associations.
Can I rent my condo for any length of time? The condo docs will tell you there is a certain time frame that you can rent. Short term rentals are not generally allowed. The City dictates the rents can only be as short a 30 days. Condo Docs will tell you 60,90,120 or how many days you can legally rent.
Buyers have a period of time to do inspections on the condo once the offer is accepted. I like to jump right on the inspections and get them done. We can say 10-15 days and get it done much quicker. We then negotiate the repairs needed with the seller. They can fix or give us funds to do repairs. The biggest issue is how the a/c and heater are working. If the unit is old we can get an a/c tech for about $100 to check the entire system.
Should we get a termite inspection like we do for all home inspections? The complexes have almost all units under a termite contract for the association. The larger complexes tend not to be an issues. Conversions from homes which have from 2-5 units could be inspected if the condo inspector found some damage while he was doing his inspection. This would be about $100 but well worth the cost we we detect any issues. The termite company that has the contract will kill them if we find any live termites.
Who do you recommend for helping us with our purchase? Being in the business over the last 20 years both Patti and Eric have learned to use the best vendors in the business. They work well so that is why I use the vendors below. They work hard for us.
Buying a Home
Things to Know