Friday, September 11 2009
Homebuyers contemplating purchasing a condominium should review a long list of documents and other information to make sure that the property they are considering is a solid buy in this challenging market.
The following information is a the top of the must-consider list:
Source: Chicago Tribune, Lew Sichelman (08/23/2009)
- Budget. Examine the current budget, a year-to-date statement of income and expenses, and a couple of previous years’ budgets to see how they’ve changed.
- Reserve study. Understand the plan for maintenance and how it will be paid for.
- Special assessments. Ask if there have been any and whether more are planned.
- Delinquencies. How many owners are behind in their payments? Many lenders say no more than 15 percent of owners can be in arrears or they won’t write mortgages in the complex.