Buying a condominium ?

Yes, inspect the unit: AC, water heater, windows, plumbing, electrical. Anything inside your walls is yours. The association handles the structure, but your first job is confirming exactly where that line falls in that building. The bigger risk is the association itself. Pull the budget and the reserve study. Get the milestone inspection report if it's an older building. Florida now requires full structural reserve funding, and owners can't vote it away, so older buildings have handed out assessments over $100,000. Ask what's levied, approved, or being discussed. Read a full year of meeting minutes. That's where the real problems live, and know that some boards write four sentences for a meeting that ran an hour. Read the rules too: pets, rentals, renovations. Then protect yourself in the contract. The standard form is vague on assessments. You want language saying who pays one levied while you're under contract, one due before closing, and one approved now but billed later. Also check financing early. Fannie and Freddie now review reserve compliance, and over 1,400 Florida buildings are on the restricted list. Get an agent who's closed a lot of condos, not one who dabbles.

You asked exactly the right question, so let me give you the whole thing rather than the highlights. And the framing that makes it click: when you buy a condo you are buying two assets. The unit, and a share of a small business you did not get to interview. Most buyers inspect the first one and ignore the second, and the second is where the money is. To your inspection question first: yes, absolutely get your own inspection. The association is responsible for the structure and common elements, but you own everything from the walls in, and that includes the HVAC, water heater, in-unit plumbing, electrical panel, appliances and windows depending on the documents. Those are yours to replace. An inspector will also catch signs of water intrusion coming from somewhere else in the building, which is the thing that turns into a fight later. Now the second inspection, the one on the association. Others here have mentioned minutes, litigation, special assessments and the master policy, all correct. Here is the rest of the list, in the order I would ask for it: - The reserve study. Not the budget, the study. It is the engineering assessment of what needs replacing and when, and what it will cost. Ask when it was last done and whether the association funds at the level it recommends. A study from 2014 that nobody follows is a warning. - The reserve balance as a percentage of the annual budget. This is the single best number for association health. - The delinquency rate. What share of owners are behind on dues. Once you get up around 15 percent, lenders start scrutinizing hard and financing gets difficult, which affects your resale as much as your purchase. - Investor concentration. What percentage of units are rentals. High rental concentration affects both financing and how the building is maintained. - Special assessments in the last three years, and any discussed but not yet levied. The second half of that question is the one people forget to ask. - The master policy, and specifically whether it is bare walls, single entity or all-in, because that determines what your own HO-6 walls-in policy actually needs to cover. Ask for the master policy deductible too, since a large deductible can be passed to owners. - The last twelve months of board meeting minutes. Somebody flagged these already and they are right that this is the most revealing document you will read. Then the part that is genuinely new since this question was asked, and it matters a lot right now. Fannie Mae has eliminated the Limited Review path for condos, which was the lighter-touch project review that let many purchases through without full scrutiny. And the minimum reserve requirement is going from 10 percent to 15 percent of the annual budget, effective January 4, 2027, unless the association has a reserve study updated within the last three years and funds at the highest recommended level. Separately, since the Surfside collapse, a building with identified critical structural repairs and no money set aside, roughly over $10,000 per unit, is simply ineligible for these loans. What that means for you practically: buildings that have kept dues artificially low are going to hit a wall. Before you write an offer, ask your lender to pull the project review on that specific building and tell you whether it is currently financeable and whether they see a problem coming. That call costs you nothing and it is the highest-value thing in this entire answer. Two more. Read the rules before you fall in love: pets, rentals, short-term rentals, parking, and what you may change inside the unit. And ask what percentage of owners are owner-occupants, because a building where people live in their homes is maintained differently than one where they do not. New Hampshire has its own condominium disclosure requirements and review timelines, so ask a local agent what package you are entitled to and how long you have to review it. That window is your protection. I am a real estate professional, not an attorney or a lender, and I am not licensed in New Hampshire. My name is Zoltan Peresztegi and I work in Los Angeles, the South Bay and on the Palos Verdes Peninsula. Call the lender about the project review first. Everything else follows from whether the building is financeable. Zoltan

Buying a condominium is quite a bit different from buying a single-family home, and many first-time condo buyers don't realize how important it is to evaluate not just the unit, but the association as well. In my 23+ years as a Realtor, I've found that buyers often focus on the floor plan, finishes, and amenities while overlooking the financial health and management of the condominium association. Some of the most important things to review include: The monthly HOA or condominium fees. What those fees actually cover. The association's financial statements and reserve funds. Whether there are any pending special assessments. The association's rules and restrictions. Rental restrictions, if you may rent the unit in the future. Pet restrictions. Ongoing litigation involving the association. The percentage of owner-occupied versus tenant-occupied units. I would absolutely recommend getting an inspection. While the association may be responsible for portions of the building, you are still responsible for many components within your unit. An inspector can identify issues with plumbing, electrical systems, HVAC equipment, appliances, windows, moisture intrusion, and other items that could become expensive surprises after closing. I also encourage buyers to spend some time in the community before purchasing. Talk to residents if possible. Look at the condition of common areas. Are hallways, elevators, landscaping, and amenities well maintained? The condition of the property often tells you a lot about how the association is being managed. One thing I've learned is that a poorly managed association can create headaches even if the unit itself is beautiful. Conversely, a well-managed association can help protect your investment and make ownership much more enjoyable. A good Realtor can help you review the association documents, identify potential concerns, and make sure you're evaluating both the home and the community before making a decision. Mary Wassef Founder | Broker Circa Real Estate Top Producing Houston Realtor | Luxury & Historic Home Specialist Five Star Professional Award Recipient (15+ Years) | Luxury Home Marketing Guild Member | PRNEWS Award Winner Serving Houston Heights, Woodland Heights, Sunset Heights, Norhill, Garden Oaks, Oak Forest & Spring Branch

Buying a condo is different from buying a single-family home because you are not just buying the unit, you are also buying into the homeowners association (HOA), the building’s finances, and shared community rules. During your purchase you should still conduct a home inspection but in addition you want to review the solvability of the condo association and make sure you are comfortable with the rules and regulations. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Great question! Buying a condo is a little different than buying a single-family home. Yes—you still want an inspection. The association may cover the structure, but you’re responsible for the inside, and it’s always smart to know what you’re walking into. Beyond that, the big things are the financial health of the association (do they have reserves, or are you walking into a special assessment?), the rules and restrictions (pets, rentals, renovations), and the monthly fees—what’s included and what’s not. Every condo community has its own personality, so knowing the “fine print” is just as important as loving the unit itself. I break all this down for my buyers so nothing gets missed.

Excellent question. Request and review all the association documents, meeting minutes, by-laws, budget, insurance, reserves, etc.

I always recommend an inspection on any real estate purchased. You need to know what is covered in your dues and the bi laws. You will also need to know who holds the master policy for the insurance and usually you can get a discount on insurance if you use the same company.

You will certainly want to do inspections and several types depending on what is recommended in your area and type of equipment. Your agent should be able to recommend appropriate inspections to be done. Read and understand the by laws, association budget, if they manage it well or not and if any law suites current pending on the association. Sometimes its a good idea to talk with people with in the community to see what others think about the association and how its ran.

Yes, you want a home inspection and request the budget, bi-laws, condo declaration, rules and regulation, board minutes and move in kits.

Great question! Treat the property like a house purchase in the sense that you will own it. So, get inspections done. ALSO, read the covenants, by-laws, and rules the govern the condominium. Depending on how you write the offer to purchase, these should be considered part of the inspection period. It is a good idea to team up with a local agent that can help you understand these things. Good luck!