Email Post to a Friend: 5 Questions to Ask When Buying a Condo

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October
18

Finding the Pefect Condo in Chattanooga for You

Chattanooga Condo for Sale

Buying a condo in a city like Chattanooga offers you plenty of conveniences not easily found in other communities—like access to downtown restaurants, shopping and entertainment.  However, if you are interested in buying a Chattanooga condo, you should know that part of picking out the perfect living space is asking the right questions. Our REALTORS® in Chattanooga know exactly which questions to ask to uncover information that shapes your condo buying decision. Let's take a look at some of the best questions to ask before making a commitment to a condo.

  1. What are the bylaws and rules of the condo?
    No two condo complexes have the same bylaws and rules. Some have extremely strict covenants, conditions and restrictions (CC&Rs). Ask for copies of these documents in writing. Take them home to study their nuances. If there is any vague language, make sure it is cleared up before making any sort of financial commitment.

  2. Is there ample soundproofing?
    One of the top condo owner complaints is insufficient soundproofing. If you feel as though the seller is not providing you with a detailed or honest answer about the condo's soundproofing do not hesitate to request that the neighboring condo owners, as well as those who live upstairs and downstairs turn on their TVs/stereos. If you can clearly hear the noise, committing to the condo might turn out to be a regretful decision. If you are especially sensitive to noise, search for a top unit so you don't have to worry about noise pollution from anyone above you.

  3. Does the complex have renters as well as owners?
    In general, a complex with a high percentage of renters is not as desirable as a complex with a high percentage of owners. Most real estate experts will agree that a complex with 25 percent or more renters is a bad sign. Alternatively, a complex with strict rental restrictions should be strongly coveted. The preference for owners as opposed to renters is centered on the fact that owners have a vested stake in the property. They are more likely to follow complex rules, treat the property with respect and also treat fellow complex tenants with respect.

  4. Does the homeowners' association have ample financing and insurance to cover the costs of a fire and other liabilities?
    Though few condo-seekers know it, they are legally entitled to a copy of the complex's latest financial statement. This statement will provide evidence of the complex's financial reserves, yearly expenses and revenue. Examine this document in-depth to determine if the homeowners' association can withstand the financial stress of a fire or a lost lawsuit. If there is active litigation against the complex owner, it is a red flag as such litigation lowers the odds of individual condos being sold for a fair price. In terms of liability and replacement insurance, the complex should carry at least $2 million of coverage.

  5. Ask questions of existing owners
    Do not hesitate to ask condo owners in the complex what they like and dislike about the property. They have no reason to lie. Their responses will provide valuable insight that helps you determine if it is worth making an offer on the available condo. Be sure to ask them how long they have lived in the complex, whether the homeowners' association fees are worth the money and whether the maintenance crew performs thorough and timely work.

Contact Fletcher Bright Realty

We are here to help you buy your dream condo. Our team has decades of real estate experience. Contact Fletcher Bright Realty to get the ball rolling on your condo search. Trust our real estate agents to answer all of your questions, address your concerns and help you pinpoint the perfect living space.