This is the eighth 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.
How many unit owners are delinquent on paying their condo fee?
How many unit owners are delinquent on paying their condo fee?
The answer to this question is critical in order to obtain a mortgage to purchase a condo in a condominium complex. The number must be less than 15% delinquent.
How is delinquency defined?
It may be different for each condominium association. Some associations might consider a fee delinquent if it is one day late, fifteen days late, thirty days late, etc. The bank you are using to get your loan will have their own standard regarding what is delinquent. So make sure when you get this question answered, it is along the lines of what the bank is looking for in terms of what they consider delinquent.
Another reason why this is important is because if more than 15% of the unit owners are delinquent on paying their monthly condo fee, the condo association may not have the funds to maintain the property properly. So, you may not want to purchase a condo in a complex that is not being cared for because they don’t have the money.
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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