The quality of any property you are considering should be a
major concern, but the quality of construction of a
condominium complex is especially important. There are
several reasons for this. First, of course, is your
health and safety. Also, as a homeowner, you will be
responsible for the costs of repairs. Even if there are many
homeowners, the cost to each may be substantial. The
cost of the hazard insurance carrier by the association is
based upon the construction quality of the building.
Another important consideration has to do with future
financing. Lenders can pick and choose those properties
on which they wish to make loans. If the condominium
complex is anything but a prime property, it may be very
difficult, perhaps impossible, for a buyer to get a new
institutional loan when it’s time for you to sell.
This may hurt your attempts to sell your home for the greatest
profit.
Because most people do not understand the construction of
large buildings, they choose to be unconcerned with quality.
Do a careful inspection of the entire complex before writing
an offer an a condominium.
This Homebuyers Tip was excerpted from:
How To Buy Your Home and do it right by Sue Beck, Dearborn
Financial Publishing, Inc., 1993.
ISBN# 0793104947
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