20 Questions to ask when buying a Condo in Venice FL
Considering buying a condo in the Sarasota and Venice area? Take the time to research the community, review the condominium rules and regulations and study other data to answer these questions.
Whether you have decided to buy a Condo at the beach, in a golf course community, or a gorgeous condo with elevator on the water the questions remain the same. It doesn’t matter which type of Condo you have in mind, ask these 20 question before you buy a Condo.
- Condition?: What’s the condition of the unit, the building, and the entire complex?
- Common Areas? Are common areas well maintained?
- For Sale? Ho many condos are for sale?
- Owner Occupied? What percentage of the units are owner-occupied? (Lenders may not give you a loan if the majority are rented)
- Condo Fees? How much are the condo association fees and what do they cover?
- $$$ Reserves? Does the association have adequate reserves for emergencies and renovation?
- Are the insurance policies up to date and a renewal in place before the policy expire? This just happened to one of our transactions. Watch out if you finance your purchase!!
- Lawsuits? Are there pending lawsuits against the association or judgments you might have to help pay? You may not be able to get a loan if there is a pending lawsuit.
- What does the association’s insurance cover? You may need supplemental insurance to protect everything else.
- Debt? Does the association have any outstanding debt?
- Arrears? What percentage of the units are in arrears on their dues?
- Special Assessments? Does the seller owe special assessments for improvements of the building/common areas, that may become your responsibility when you buy?
- Neighborhood? What’s the neighborhood like?
- Parking? Does the unit come with reserved parking? Is there adequate additional parking for guests?
- What is the pet policy? How many pets can you bring?
- Storage? Will you have extra storage space for bikes, kayaks, paddle boards?
- Management? Is the association managed by a qualified professional company?
- Rent? Do association rules limit your ability to rent the unit?
- Age restricted: Is this a 55+ community? Make sure to check who can buy.
- Restrictions? Will restriction prevent you from changing visible elements and alterations to the building?
Depending on your personal situation and preferences, there can be more important questions to ask. This is a pretty good list of the most important questions to ask. We helped many buyers with a Condo purchase. We have learned from each and every transaction and have accumulated a lot of experience of the years. We always stay abreast of any new developments and can help you navigate through the entire transaction. Don’t hesitate to contact us with your personal questions.