It is important to ask a lot of questions about any big investment. I am going to detail a few questions you shold ask when buying a condo.

*What portion of the units are owner occupied? If they are heavily occupied by the owners it will be easier to get financed. Most finance companies look for a ratio of about two thirds. Remember that a condo that can’t get financed will cause you problems when buying and selling.

* Have any special assessments been made on the complex in the previous three years? Will any expensive maintenance projects take place in the next twelve months?

Both homeowners and condo associations have unexpected maintenance. But a good association will plan for these things & make the condo fees sufficient to cover the cost. Multiple assessments are an indicator of bad planning. You don’t want to buy a condo from someone who had low condo fees for years, just to have to immediately shell out a huge assessment on the complex.

* Are there currently disputes among owners that the Association is still trying to resolve?

If condo owners have multiple problems, you may not want to buy into that environment. Here are a few common disputes:

Hanging stuff on the balcony. Most complexes don’t allow this in order to prevent people from hanging laundry and other things that could become hygienic problems, but often people make a fuss about little other things like small decorations.

Animals. In condos that allow them, there are often problems because one or two occupants let their pets be nasty and run a muck.

* Is the association in any lawsuits?

Many times the HOA can end up involved in lawsuits with owners, material providers involved in construction, or the occupants. You and your lawyer should discuss these suits.

* Is the association discussing changes to the complex by-laws?

By-law changes can have an impact on your rights and enjoyment of the condo. You won’t get a vote until you purchase the unit.