Planning to buy a condo at south edison - 08837 (HOA, condos)

[himaja17]

Hi, me and my husband are in process of buying a condo at centerplace at edison which is next to middlesex community college. Both of us are new to New Jersey and want to know how are the condos or the community? We had to waive off inspection to even get considered with the offer we placed for condo and my husband is saying that since condos are built in 2011, we probably won’t need any inspection. But Im insisting on getting an inspection atleast for our own knowledge. Regardless of whether we get the condo inspected or not, i wanted to know from people who are already living there about HOA, or how the management company is or any known problems that we should be aware of.

[zjack2000]

The biggest risk with an HOA is the risk of chronic underfunding for routine maintenance. There were several recent cases in florida where HOAs did not fund routine maintenance. And one of the buildings actually collapsed due to structural damage. There are loads of examples of condo owners in Florida trying to get out because the HOA rates skyrocketed due to inept management by the board.

I would get a copy of the Bylaws and read them. Ask for a copy of their financial statements and annual reports. If there are any external audits or inspections ask for a copy. Read what the inspectors recommend and make sure they are doing the necessary repairs. The biggest cost items will be roofing, foundation and anything structural. Once you buy a condo and join the HOA, you will be liable for any costs incurred.