You have decided to purchase a Windsor condo. Before you sign your name on the dotted line, be sure and ask yourselves the following questions:
1. What are members of the condo association complaining about? Take a look at your condo’s board meetings and see what is on the monthly agenda. Read the minutes to reveal what projects are underway and if there will be an extra cost to all condo owners.
2. Is everyone paying their condo fees on time? Are there people that are behind that will show the association is underfunded?
3. Is there a repair fund and is it properly maintained? There is an unwritten rule for Windsor condos or any condos under ten years of age should have a fund that contains 10% of the costs to replace items such as roofs, roads and tennis courts. For older complexes, between 10 and 20 years of age, the repair fund should have at least 25% to 30%. Condos older than that should have at least 50%. Anyone who says that they do not pay much in repair maintenance probably live in a complex that is not properly funded.
4. Get a copy of the certificate of insurance. This will summarize your association’s policy and provide you with an idea of what is covered and an estimate on rebuilding. Find out what the association will pay and what you will be responsible for. Keep in mind that it is your responsibility to insure your own personal belongings. Don’t hesitate to take the insurance certificate to your agent for clarification.
5. It is always a good idea to have a real estate lawyer go over your associations by laws should you have any concerns. Have any former or current owners have a suit again the association. It’s always good to know what you are getting into.
6. Find out the value of your Windsor condo. Get a Windsor Realtor to send you a list of units that have sold.
7. Can you rent your condo if you desire? Is your complex friendly to renters? Remember, an association can change their laws to prevent or restrict renting.
Renting a condo has many perks, but it is important for a buyer to understand that there are many regulations that need to be followed.