Tuesday, January 4, 2022 / by Client Care Coordinator
In the process, you’ll learn how responsive, and organized, its members are.
What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? Are rentals allowed? You may find, for instance, that those who buy a property after a certain date cannot rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. Have an attorney review property docs, including the master deed, for you.
How much does the association keep in reserve? Request further information on how that money being invested?
Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a cert ...