How Do You Buy A Condo Or Co-Op Apartment?
Buying a condominium or cooperative apartment is a lot like buying a single-family home, but there are things to consider that are unique to this type of property. Step 1 Look at the amenities of the development. Some developments are small while others are almost completely self-contained complexes. Step 2 Consider the homeowners’ association dues. Step 3 Review the binding rules (known as Covenants, Conditions and Restrictions, or CC&Rs) of the homeowners’ association. Make sure they won’t affect your lifestyle. (Some places have many limitations, such as not allowing pets outside or parking outside – even in your own driveway.) Step 4 Review the recent repairs done to the unit you’re considering. Will a major repair – such as a new roof – be necessary soon? Does the association have sufficient reserves to pay for the repairs? Speak with the secretary of the association and request a copy of the bookkeeping statements it provides to prospective buyers. Step 5 Notice the overall condi
