Condo Quality - A Major Concern:

The quality of any property you are considering should be a major concern, but the quality of construction of a condominium complex is especially important.  There are several reasons for this.  First, of course, is your health and safety.  Also, as a homeowner, you will be responsible for the costs of repairs. Even if there are many homeowners, the cost to each may be substantial.  The cost of the hazard insurance carrier by the association is based upon the construction quality of the building.   Another important consideration has to do with future financing.  Lenders can pick and choose those properties on which they wish to make loans.  If the condominium complex is anything but a prime property, it may be very difficult, perhaps impossible, for a buyer to get a new institutional loan when it’s time for you to sell.  This may hurt your attempts to sell your home for the greatest profit.

Because most people do not understand the construction of large buildings, they choose to be unconcerned with quality.  Do a careful inspection of the entire complex before writing an offer an a condominium.

This Homebuyers Tip was excerpted from:

How To Buy Your Home and do it right by Sue Beck, Dearborn Financial Publishing, Inc., 1993.

ISBN# 0793104947