The purchase of a condo is significantly different than purchasing a single family home or townhome. There is a lot to consider. BUT, the homework will be worthwhile. Let us share some of our expert tips with you.
WHAT SHOULD YOU KNOW & WHY DO THESE THINGS MATTER
• Is the building professionally managed or owner managed?
• Resident feedback.
• What are the monthly HOA fees and what do they cover?
• Understand the HOA balance sheet, is it healthy?
• What are the HOA rules, understanding the by-laws?
• What does the building’s master insurance policy cover?
• Understand past or present lawsuits.
• Who owns the balconies?
• Understand any assessments or potential for those that might be coming.
• Are there storage units available?
• How many units are owned by investors?
• What type of loan can I get to purchase a condo?
• What is the structure of the building made of?
• What type of parking or transportation options are available for me and my guests?
• How many units are in each building and how many elevators to service them?
• What are the amenities and are they shared with a hotel or apartment portion of building and which have additional fees?
• How is this development partnering with the city and local homelessness programs surrounding such initiatives and plans for this neighborhood.
This is a short list of some of the topics that are important to understand before you make a decision. Follow one of our social media groups (links on each page of this site) to get the answers to the questions above and to stay on top of the hottest condo news in Denver!
Founder of Denver High-Rise Living