FrugalInvestor wrote:You are still responsible for the inside maintenance of your condo. If you are averse to this why are you considering taking it on?
Could you explain this more? Shouldn't vacant units help you in your negotiations? You can threaten to move, which would result in even more vacant units. Clearly they don't have another tenant ready to go.I have attempted to re-negotiate to no avail unless I prepay for a year or two. I am paying premium for living in this building (2 br/2ba duplexes rent for about same) and there are some units vacant, which doesn't help with negotiations.
Saving$ wrote:If you decide you would consider buying a condo and find one you are interested in, before you make an offer, request the following:
1. Last 5 years of budgets and actual costs for Operations fund
2. Last 5 years of budgets and actual costs for Reserves fund
3. This years budget and dues, and 2011 ending balances for both the reserves and operations fund
4. List of all special assessments in the last 10 years
5. Reserves study (compare this to how much reserves they are collecting and the
6. Itemized listing of each expense for last one or two years
7. Meeting minutes for the last x (at least 2-3) years.
8. All covenants, bylaws, etc. Read them and look around the place and decide if they are being enforced.
9. Stop by the place and randomly talk to people about the association. Make sure you talk to the people that one set of people tell you are the problem. The ones pointing out a problem are generally actually the problem. Find out if the association enforces, over enforces or under enforces its covenants.
If you buy a condo next to a problem neighbor, you are stuck owning it. If you rent, you just move.
phillytreasures wrote:This is very helpful; thank you. Question for you, Saving$: do i have the right to ALL of this paperwork BEFORE making an offer?...
Are there laws that govern this or is this a general business practice to allow the potential buyer see all the docs you mentioned?
I can see why r/e agent would be reluctant in going through the trouble of providing this every time someone is considering to make an offer...(Of course, I , as a buyer,
Saving$ wrote: They are counting on most buyers being as ill informed as they were when they bought, and counting on the buyer having no idea until after closing.
1. I absolutely do not wish to own a house. (I am on friendly terms with a screwdriver, but hate the idea of external and internal upkeep. Owned a small, easily manageable 1400sqft house when married and hated it then, too.)
Condo fees about $250.
phillytreasures wrote:My rent has steadily gone up from $800 four years ago to $830 now. I have attempted to re-negotiate to no avail unless I prepay for a year or two. I am paying premium for living in this building (2 br/2ba duplexes rent for about same) and there are some units vacant, which doesn't help with negotiations.
4. I have heard horror stories about condo assessments and, while I could certainly pay them, it is a huge concern.
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