Steamboat Springs Condo Considerations

 

1. Why buy a condominium?

Make a list of all the reasons you want a condominium rather than a single family detached house.

 

2. Do you really 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

 

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.

 

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 that are important to you

 

9. Did you select a real estate agent that understands condominiums?


I have developed and managed a number of successful condominium properties and be happy to help you purchase yours!