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Charlotte Condominium: Facts Before Buying or Selling |
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Charlotte
Condominiums
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Topics Bookmarked
Click to scroll down.
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For Starters: |
Did you know that in most
cases
the Home Owners' Association can foreclose
on a unit with delinquent monthly dues? |
| Documents |
| Financial Status |
| Ratios |
| Dues History |
| Active/Sold |
| New |
| Incentives |
NC Real Estate
Commission |
| CAI |
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1.Read Governing documents: Regulations, By-Laws, Covenants and
Restrictions Are rentals allowed? Is there a limit to number and size of
vehicles? Number and size of pets? Smoking?
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| 2.Ask
about Financial
Status: Amount set aside for reserves, pending
assessments, law suits pending or in progress. How do dues compare
to like projects in the area...and what do they include. More and
more town home communities are including homeowners insurance because
of better rates. |
| 3.Investor
ratios and owner occupied units. This can affect financing and
perhaps your decision to buy in a heavily investor-owned property. |
| 4.Ask
about increases in dues in the preceding 5-6 years and what is the
history of assessments and what were they for? |
| 5.
Check the actives and the solds and the dates of each for the last
year or so to get a snapshot of activity...too much, prices up or
down? |
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New construction requires asking questions about the builder and the
developer. Most handle management until a certain percentage of the
units are sold. |
| 7.
Watch promotions for the complex if it is a new one...there are
usually some incentives...some you have to ask for, some not...check
to see how many are still on the market and over what time period. |
| 8.
Click here for the NC Real Estate Commission Questions
and Answers on Condos. |
9. Know
about a good resource: Community Associations Institute in Alexandria, VA.
They address many issues and answers for attached housing.
http://www.caionline.org/ |
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