If it`s a condominium you`re looking for, Sandra Moore, general manager of Relocation Consultants Inc. in Elmhurst, has some additional advice.
”Of course, you look for many of the same physical features in a condo as you do in a detached dwelling,” she said, ”but there are also specialized areas which should be investigated.
”If the building is a conversion, you`re entitled to an engineering report, which should alert you to any potential problems with the building`s systems and common areas. Older systems and poorly maintained equipment can result in horrendous special assessments.”
Here are other things she suggested that potential owners look into:
— Check the condo association`s reserve fund; some associations don`t have one. It should be large enough to cover any unexpected emergency repairs or replacements.
— New owners are often assessed a move-in fee. Find out what it is, and see if you can persuade the seller to pay it.
— Also be alert for additional fees which often accompany a condo purchase. There`s almost always a fee for transfer of documents and many associations will want two months of assessment on deposit. You also may have to appear before the condo board for a review prior to closing. This means you must bring copies of the contract, a credit report, references and other supportive materials as required for each board member. Some of these expenses also are negotiable.
— Read the association rules and regulations carefully. What do they say about pets? If there is a health club, will you have to join it? Are there regulations about overnight guests?
”I`d also suggest that people take a hard look at their financial situations before considering a low-end unit in buildings ranging from $45,000 studios to large and luxurious $400,000 to $500,000 quarters,” she cautioned. ”Owners on the high end can vote in outrageously expensive improvements or renovations. If you`re retired on a fixed income or just starting out and mortgaged to the hilt, the assessments can ruin you.
”Finally, I strongly recommend that anybody considering a condo purchase engage an attorney familiar with condo laws.
