Monday, August 07, 2006

Facts to know before you decide to own a condo

Did you see Mark Pearlstein's condominum column from Sunday's Trib.? One of his answers gave 10 facts to know before buying a condo. Here are the most critical:

1. Expect assessments to increase annually.

2. The association maintains everything outside your unit. Everything inside the drywall is your responsibility.

3. You are buying into a system where the rules can be changed by an amendment or board regulation. These changes include leasing and pets.

And my summary, be vigorous in getting your 22.1 disclosure pre-purchase so you know exactly what you're buying and the financial condition of the association!


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