This is the second installment in our video blog series on Questions to Ask Before Buying a Condo in Andover and beyond. If you’re thinking about buying a condo in Andover or anywhere in Massachusetts, you’ll want to be informed on every aspect of the property before you purchase it. It’s important that you know just the right questions to ask to uncover any issues before you buy.
What are the Condo Rules & Regulations?
Before you write an offer on a condo, ask for a copy of the rules and regulations. This is important because if you intend to do something in your condominium that is prohibited by the rules and regulations, you want to know that before he even waste your time writing an offer on a condo in Andover and beyond.
Examples of some common rules and regulations are:
- Pet rules: limited amount of pets, types of pets, what you must do with your pet, pet behavior, removal of pet if the pet does not behave
- Noise rules: quiet hours
- Parking rules: no you may not be able to park overnight on the street, guest parking rules
- Rental rules: you may want to rent your condo out or have someone live with you in the condo which may be prohibited
Looking at the rules and regulations a very important before you purchase a condo. I have seen variety rules and regulations, typically the larger condo complexes have more detailed and lengthy rules and regulations to account for the many things that happen with a large number of people in a condo complex. The less restrictive condo rules and regulations are typically for the smaller condo complexes, the 4-10 condo unit complexes.
Ask your Realtor to get the rules and regulations before you even waste time writing an offer on a condo in Andover, it would be worth your time.
More Questions to Ask Before Buying a Condo:
1. What is the Condo Fee & What Does it Cover?
2. What are the Condo Rules & Regulations?
3. How Much Money is in the Reserve Account and How Much is Funded Annually?
4. Are There Any Pending Special Assessments?
5. Who Manages the Condo Complex?
6. Is the Condo Association Involved in Any Pending Legal Actions?
7. How Many Condo Units are Owner Occupied?
8. How Many Condo Units are Delinquent on Paying Their Condo Fee?
9. Do Condo Unit Owners Have Exclusive Easements or Right to Use Certain Common Areas?
10. What does the Condominium Complex’s Master Insurance Policy cover?
For over 30 years the Prime Property Team and Ron Carpenito of Keller Williams Realty Andover have been helping home buyers and sellers in Andover, North Andover, Haverhill, and the Merrimack Valley with their real estate goals. If you’re thinking of buying or selling a home anywhere in Massachusetts or know someone who is, contact Ron today at (978)494-0346.
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