Question: It looks like the only property I can afford to buy is a condo. One concern I have is that it will be too noisy. What else should I take into consideration?
Answer: Because inadequate soundproofing is the chief complaint of condominium and cooperative apartment owners, prospective buyers should check the soundproofing by asking neighbors to turn on their TVs or walk around before making a decision to buy.
It is also important to ask neighbors and onsite resident managers about their likes and dislikes about the complex and if they have any knowledge about the unit that is up for sale.
Other key considerations include whether or not the complex has professional management in charge of common area maintenance and fee collection; whether any special assessments or hikes in the monthly fees are planned; and whether there are any costly master leases with the developer that may spur fee increases.
Most importantly, buyers should investigate the homeowner's association's finances, making sure that reserve accounts are adequate and that the association is not involved in any lawsuits.
Though complexes owned mainly by the developer could leave the buyer in trouble if the developer defaults, buyers should not be discouraged in complexes where the developer keeps a personal residence or where the developer has purchased units for family and friends.
For answers to your real estate questions, call Allison at 970-468-6800 or 1-800-262-8442. Email - [email protected] or visit their web site at www.SummitRealEstate.com. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.