1. Â Â Â How much are the monthly condo association feeâ€™s and what do they cover?
2. Â Â What are the specific rules of the condo? Will they allow you to rent the condo out in the future if you decide to purchase a Single Family residence? Do they allow pets?
3. Â Â How much does the association have in reserves?Â This is important to know if any unexpected costs come up.Â Letâ€™s say there is a wind storm.Â Do they have enough reserves to quickly replace a torn off roof or do they need to call a special meeting and get everyone to agree on special assessments before they can proceed?
4. Â Â Are there any contemplated special assessments in the near future?
5. Â Â How is the association managed? Professionally or self?
6. Â Â Is there any pending litigation? If so, what is it?
7. Â Â How many of the units are actually owner occupied vs. investor owned? This could be huge when looking at financing options.
8. Â Â Whatâ€™s the association fee delinquency rate?Â If there is a substantial amount of delinquent feeâ€™s there could be a potential issue with foreclosures to come.
9. Â Â Do you own certain common areas, ie., parking spaces, decks, storage spaces, or are they yours to use?
10.Â Â What does the master insurance policy cover?Â Each condo association must have a Master insurance policy, this is good to know, so that you know what your personal insurance policy should cover.