When Buying a Condo
Condo ownership is increasing in popularity across the U.S. However, when purchasing a condo, you need to keep an eye out for potential problems that could cost you down the road.
For example, many condos have underground storage tanks that could start leaking. If they did, the condo owner may be specially assessed to deal with any needed repair. This can cost upwards of hundreds of thousands of dollars and may result in substantial special assessments.
Other things to look for when purchasing a condo include: lead paint, leaking furnace oil tanks, polluted wells, asbestos removal, and sick building syndrome claims.
To avoid potential expenses associated with these issues, review the association minutes to see if any of these issues have been raised in the past. Also, ask questions of the management company and current condo owner. If possible, have the condo owner write a statement that they are unaware of claims that may affect the association. A little research can go along way in saving you countless headaches and expenses.
For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.
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