The quality of any property you are considering should be a major concern, but the
quality of construction of a condominium complex is especially important. There are
several reasons for this. First, of course, is your health and safety. Also,
as a homeowner, you will be responsible for the costs of repairs. Even if there are many
homeowners, the cost to each may be substantial. The cost of the hazard insurance
carrier by the association is based upon the construction quality of the building.
Another important consideration has to do with future financing. Lenders can pick
and choose those properties on which they wish to make loans. If the condominium
complex is anything but a prime property, it may be very difficult, perhaps impossible,
for a buyer to get a new institutional loan when it’s time for you to sell.
This may hurt your attempts to sell your home for the greatest profit.
Because most people do not understand the construction of large buildings, they choose
to be unconcerned with quality. Do a careful inspection of the entire complex before
writing an offer an a condominium.
This Homebuyers Tip was excerpted from:
How To Buy Your Home and do it right by Sue Beck, Dearborn Financial Publishing, Inc.,
1993.
ISBN# 0793104947
