What important things to know when buying a condo?

Answer 1

When you're looking for an investment so that you can be a landlord and earn money from renting real estate -- and considering a condominium, here are few items to consider:

**Read the governing documents to confirm that you are willing to require that your tenants abide by them.

**Be willing to screen your potential tenants, so that you do not endanger other residents by installing a non-viable tenant.

**Confirm that you can pay the mortgage and the assessments without a tenant, should the unit be unoccupied for a period.

**Determine your options under any rental cap that may be in effect.

**Work with the association's manager to understand the value of your votes in the association, and decide how involved and knowledgeable you will become in order to vote for the benefit of the association.

Answer 2

Of course there are financial and use questions to ask yourself, so that you are confident you can occupy a unit in the community in comfort.

Experience dictates that the number one question to ask as many current residents as possible is this: "How does this community function as a community?"

If the community does not socialize, regard or respect other residents, if upkeep, maintenance, landscape and general curb appeal are missing or lacking, you may not want to choose to invest in that community, however emotionally the granite countertops may appeal to your sense of self worth.

If you can, attend a board meeting so that you have a sense of how the board conducts the association's business.

A real estate-savvy realtor can advise you as to the vagaries of owning a unit in a condominium, based on governing documents, limitations and so forth.