Steamboat Springs Condo Considerations
I have developed numerous condominiums developments in my real estate career and would be happy to pass that knowledge on to help you determine if this ownership is right for you, and to buy the best condo to meet your desires.
1. Why buy a condominium?
List all the reasons you want a condominium rather than a single family detached house.
2. Do you want a condominium or would a townhome or single-family home be more suited to your lifestyle?
3. Pay close attention to the covenants, restrictions, by-laws, budget, etc.
The contract I write for you will have a contingency subject to your approval of these documents.
4. Don’t hesitate to contact the “Board of Directors” for questions and concerns.
This can be addressed during the due diligence period after contracting. The BOD is the body who should be able to give you the facts on key issues that may be important to you and also make you aware of past problems.
5. The quality of construction
An important issue both in the short and long run. A majority of your concerns here should be addressed in a property inspection from a reputable inspector.
6. Assessments and fees
Are the fees realistic? Low fees could be a problem waiting to happen. When a developer sets the HOA dues for new projects, he is taking his ‘best guess’ as to what the costs will be to adequately operate and maintain the property. Only after a few years will the actual costs be known, so plan on dues moving up or down if you are buying into a new project. Many HOA's have reserve studies done by an independent contractor to look at how much money the HOA has for down-the-road expenses and if there are enough reserves to cover those expenses. I request a copy of that study in the contract for clients to review and approve.
7. Get past minutes of the Annual HOA Meetings
I also make this a contract contingency, so we can see if there are any issues the HOA is discussing.
8. What is the profile of the occupants who live there?
- % owner occupied
- % long term rentals
- % short term rentals
- % second/vacation homes
- Other demographics or use patterns important to you
9. Did you select a real estate agent that understands condominiums?
See more information at the bottom of the Condominium Search page.
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