Buying a condo requires careful consideration, including a thorough examination of finances and building conditions. Potential red flags include overly restrictive HOA rules regarding rentals, pets, and renovations. High or rising HOA fees should also be scrutinized for transparency regarding what services they cover. The state of communal areas, such as signs of neglect in maintenance or outdated systems, reflects the management quality and can signal potential issues for future buyers. Understanding these aspects is crucial for making an informed decision.
When considering a condo purchase, potential buyers should closely review the condo association's finances and governing documents to avoid future financial pitfalls.
It's essential to thoroughly inspect not just individual units but the entire building to identify maintenance issues, ensuring a sound investment.
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