How do I find out if the condo complex is well run? (Brookline: real estate)

[tikaram]

I've heard now a few stories from people who bought condos, and were not happy with the way things are run when they needed to renovate, or some other issues were uncovered. Say, if you are buying a house, you can talk to the neighbors, and drive around the area at different times of day (or even at night). With condo, you can of course walk around the building all you want, but otherwise... It seems kind of too intrusive talking to neighbors, plus some may be renters, and I would have no idea to know who is owner and who is not, before knocking on their doors. Bigger complexes may have reviews online (but not always, and sometimes review is from 5 years ago, so you wonder). There are a lot of these smaller complexes, where there are less than 10 apartments, or even just 3. What hidden issues do I look for?

I'm looking for a condo in Brookline, and I don't even know where to begin - not in terms of price or location or amenities. These are easy to figure out. I just don't want to end up in a sucker of a complex, and some condos linger on the market Waaaay longer than others, and I wonder if one of the reasons is desirability of the complex?

[kmann-sherborn]

I thought you might find this article on what to ask when buying a townhome or condo helpful.

[MikePRU]

Originally Posted by kmann-sherborn

I thought you might find this article on what to ask when buying a townhome or condo helpful.

This is a well written blog post Leslie. I would only add two things:

1. Inquire as to whether or not there are any units in the building not up to date on their condo fees. If they don't pay them, then as a fellow condo owner in the building you will have to shoulder those expenses.

2. Ask about assessments. Are there any coming? Have there been any in the past? An association forced to regularly have special assessments does not have enough money in the bank to cover maintenance costs. The person who will end up making up that shortfall is you.

[unit731]

Most every condo association has a newsletter.
Usually on line. Look up and read.

Obtain copies of financial reports. Go back a few years.
Is there a management company. If so, look that one up.
Look for fee increases.
Look for special assessments.
Check the exterior and grounds. If wood exterior painting will be needed every few years.
Check pavement. That will have to be done every few years.
Check parking. Are there enough spaces. For yourself and for guests.
Pets allowed or not allowed.
Play areas for children.

And, of course, ask the folks that live there.

[massnative71]

Ask for the association's cash reserve amount as well as it's total debt load. If they will not provide you with that information, walk away.

[brightdoglover]

I'd take all financial info (assessments, reserve fund, history) to a lawyer who is good with real estate stuff and condo docs.
I'd also find out if there is professional management, how long the company has been hired, etc.

[tikaram]

These are great suggestions, thank you all!