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10 Questions to Ask Your Condo Board

Below are 10 questions you need to ask about the condo complex before you buy. Plus ensure you have the contact name and number and you should speak to them yourself, to get a feel for how efficient the association is.

1. What is the owner to tenant occupancy rate? The higher percent of owners the better, above 60% is best. Anything lower will make it harder to get financing and will affect your resale.
   
   
2. What are the rules and regulations for the association? Are there any amendments or grandfather clauses to the condo docs? You should ask and receive a copy of the condo documents with all amendments. It will tell you everything you need to know about the association. I highly recommend you review the docs and have your attorney review them as well. Remember to always have "Subject to reviewing and accepting of the condo docs" added to your contract. You should NEVER purchase a condo without reviewing and accepting the condo docs.
   
   
3. How much money does the association have in reserve and how is it invested?
   
   
4. Does the condo fee go up every year and by how much? How much of the fee goes into the reserve each month?
   
   
5. What does the condo fee cover? Normally the fee covers Master insurance (check on flood insurance, if needed), exterior maintenance, common area maintenance (landscaping), recreational facilities, trash collection, snow removal and some cover heat, hot water and electric. Also ask if the items covered will be changing soon.
   
   
6. How many special assessments has there been in the last five years? How much was each owner assessed? Special assessments are part of condo living (like the roof, repaving, etc.) but they should be planned for and not a surprise. Some surprise special assessments are unavoidable; they should be small and not very expensive (like roof leaks, heating failures, etc.). Repeated, expensive assessments could be a red flag about the condition of the building and/or the board’s management policy.
   
   
7. What is the turnover rate for the association? High turnovers could be a sign of problems in the complex.
   
   
8. Is the association currently in litigation? Have there been any lawsuits against the association in the last 5 years? Any lawsuits against the association will affect your pockets; get an attorney to review the status and history of any lawsuits.
   
   
9. If the condo is a new construction or conversion, ask if the developer is reputable. Find out what other condo projects the developer has completed and visit one or two if you can. Ask current residents about their experience with the developer and the complex. Always get a home inspection, even if the building is new, don't assume everything has been done correctly.
   
   
10. Are there multiple associations for the complex? In large developments there could be many small associations covering different buildings or sections, there could be multiple fees involved.