One of the principle reasons people decide to buy a condo is there is no exterior maintenance required by the owner. Whether a first time home buyer or if you are planning to downsize, often a condo is the right choice. Remember, when you buy a condo, you are buying the space inside from the ceiling to the floor and from the front door to the balcony. You are not buying the exterior walls, grounds, pools, elevators, corridors or other common areas.

Once that decision is made, there are a number of things to look into first.

• Check to see who owns most of the units in the building. If there is a high renter to owner ratio, then you may be disappointed in your purchase simply because renters may not keep up with their place as well as an owner.
• Review the prospectus and the disclosure statement which are documents that officially describe what you are buying.
• Read the by-laws from the condo association. These will help you decide if this is the particular building for you. For example, you may want to rent out your condo if you are there only part of the year. Do the by-laws and regulations allow this?
• Review the minutes of the board meetings for at least the past 24 months. This will give you an indication of the types of problems that the board has had to deal with. Look especially for plumbing problems or vandalism indicating poor security.
• Check out the parking. Is there assigned parking or is it common, first come first serve?
• Ask about amenities and then go to see them. Do not rely on sales brochures to describe the pool area or gym. Ask for a tour. Pools, gyms, tennis courts, etc., require upkeep and that means higher maintenance fees. Consider whether you will use the facilities.
• All condo associations assess maintenance fees. Check to see if they seem unusually high. Ask to see the financial reports for at least the past 24 months. Is the condo association meeting all their expenses? If it is an older building, are there any major repairs that are impending and will the maintenance fees increase as a result?
• Does the association have a contingency fund in case of a major repair such as the building needing a new roof.

• Leaky condos have generated a lot of publicity lately. If that is a problem in the condo you are considering, then you will read about it in the condo association's minutes. You also have the right to hire someone to do a detailed inspection of the building.

If any of these are a cause for concern, then it is wise to look elsewhere for your condo. Buying a condo is a major investment and you want to be happy with your purchase.

The nice folks at Nancy Chandler Associates, REALTORS, Licensed in Norfolk, Virginia can help you with your condo purchase and they are available to answer your questions about buying a condo. Call them at (757) 623-2382 for additional information about buying a condo.