If you are browsing condominiums in Athens the number one question you need to ask, right after determining “location,” is regarding the general health, welfare, and overall harmony (or lack thereof) regarding the condo owner’s association. What to look for before you sign on the dotted line at closing?
For starters, the seller should provide the buyer any and all financial documents relating to the association during the due diligence time period in your contract. These should be reviewed thoroughly by your own real estate attorney or Realtor during your “free look” period.
Questions to as:
- Does the association budget include money for operating expenses such as water, lights, elevator maintenance, and landscaping? Are these paid and up-to-date? I saw recently how through not asking the question upfront, a buyer got suckered into an assessment (which these can run into the thousands potentially) at the first home owner’s meeting because so many homeowners were behind.
- Is there extra money set aside in a reserve fund for maintenance? Some experts believe that there should be ample money in reserves to cover 50 percent of the estimated cost of repairs over the next 12 years at a minimum.
- Do the condo’s expenses and outstanding payables exceed expected association dues due to foreclosure rates in the development, lack of payment by property owners, or other? As I mentioned above, have seen this happen recently, and if you buy into one of these communities you will be hit most likely with assessments or suffer a lack of services or amenities.
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