The appeal of a condo over a single family residence or an apartment unit is that is a mix of independence and convenience. This isn’t the right choice for everyone, but even if it is, that doesn’t mean everything is necessarily perfect. There are plenty of hidden pitfalls to consider, some of which apply to any purchase, but some of which won’t necessarily apply to other types of homes.
It’s not uncommon for condos to have deferred maintenance, particularly since the HOA often needs to agree to it. A fancy entrance lobby can hide deeper problems. Take a good look at hallways, stairwells and elevators. Peeling paint or broken lights often signal bigger maintenance issues. Sometimes the issue isn’t deferred maintenance, but foundational problems. Walk the grounds and check for cracks, uneven floors or other signs of sloppy workmanship.
Check the finances. If monthly condo fees seem high compared to nearby buildings, find out why. Ask to see the condo association’s financial statements. Ensure that there’s a healthy reserve fund to deal with unexpected problems. Check to see if the owners are up to date on their payments, as well. If lots of owners are behind on payments, that’s a warning sign. It could mean the community’s financial stability is at risk and that repairs might get delayed.
Spend some time visiting, including at different times of the day. This will help you get a feel for the actual day to day living. You might not notice thin walls until you can hear your prospective neighbors at night, and you want to be prepared for what rush hour traffic is like in the area. Talk to current residents, as well. No one will know better than those who live there what living there is like. They may also be more willing to discuss complaints they have about management with a potential neighbor than they would be sending in a complaint to management.