Perhaps you and your family prefer to live in the inner city and are considering buying a condominium instead of a house in the suburbs. Condominiums are of course very attractive choices when it comes to urban living. Sometimes they’re the only choice you’ve got on a budget.

The area inside of your condo you own privately, while the area outside your living space, but connected to the condo complex, is jointly owned with the other owners. You will be a member of an “Owners Association” which will be responsible for seeing to it that all the “common areas” and maintained.

There are a lot of things you must think about before buying a condominium, but in this article lets just talk about the top 5 things you need to look for before buying. Of course, as in many other things in life, you need to look underneath the surface. Things which may not readily be apparent on your first or second inspection.

When it comes to the good and the bad, it’s the owners who will know best, not the sales representative. Try your best to get a feel of the owner’s association. If it’s possible to look at the records, or talk to the officers. Ask them what are the biggest issues facing the condominium building right now. Ask them also what are the things they’d like to see changed. This will give you a very good idea of what it would feel like to be a condominium owner here.

You still need to consult the other homeowners even if everything’s fine generally. You’ll be surprised about the amount of information that the seller will intentionally or inadvertently leave out (after all, it’s sales talk). Buying a condominium is also a long-term investment so the more you know the better. And you’ll have more confidence in your decision to purchase.

You need to find out how much money is in the “Repair Fund”. Step right up and ask if the association has had a reserve-fund review within the last five years, and exactly when the last review was done. If you find that residents, or owners, brag about how little they pay in maintenance, you may be looking at a complex that is not being well maintained or it could be living beyond its means.

The older the condominium unit the higher the repair fund should be, not vice versa. And older building will require more repair costs than a new building. Try to get access to the records. If you see that through time the repair fund has been declining instead of increasing, then that might mean bad news in the years to come.

If the owners aren’t paying on time then that could mean that the homeowners association doesn’t have the spending power it’s supposed to have. That could also mean that on a general level the people in the condominium building aren’t generally enthusiastic about their collective welfare. Remember you don’t just want a good living environment, you want good neighbors too!

If you forget everything else, make sure you get a copy of the “Certificate of Insurance” which will show you a summary of the association’s insurance policy. If insurance lingo is over your head, take the certificate to a meeting with both a real estate attorney and an insurance agent, that you feel you can trust, and have them both look it over and explain what is in it, and what if anything should be in it that isn’t.

Finally, you have to double check the legal situation of the condominium. Are there any pending complaints against the present homeowners association? Are these major or minor legal troubles? Your best bet is to look for a lawyer who has experience in real estate matters. A good legal record is an indicator of the relative peace inside the building.

If you’ve considered all these things then congratulations, you’re now ready to make that offer to purchase the condominium for sale! May it be a great investment for you and your family!

The writer is a real estate seller with decades of experience selling houses and great condos. You can look at a house and lot for sale in quezon city or also great condos such as Mezza Residences.

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This article focuses on the management of a condo building for first time buyers.

Common Property: Limited common property is owned by everyone in the building and typically includes areas such as: lobby, facilities, parking (with the exception of individual stalls), hallways, elevators etc. Basically common property is anything outside of your suite. Some common buildings may include windows and pipes as common property. Common property is often maintained by a property manager or condo board and is financed by condo fees.

Condo Fees: Condo fees include the maintenance of the building and common areas as well as a reserve fund (used for large upgrades or repairs, such as new roof, elevators etc.). Most condo fees will also go to pay all or at least a large majority of utilities (heat, water, power). Each building may work differently; however, most condo fees are based on the square footage of the unit.

What is a Levy? When there is an insufficient amount of funds in the reserve fund of a building and a major renovation, repair or upgrade has been deemed that is needs to take place a levy may be called to pay for it. A levy may be called for anything from redoing the roof to having to repair all the pipes in the building.

Condo Boards: A condo board is a group of owners that act on behalf of the building at large to manage the state of the building as well as finances, future projects and concerns of other owners. Structured as a corporation there is a president, vice president, secretary etc.

Be careful when renovating: If you plan on slapping a few coats of plan then don’t worry. If you intend on touching anything behind the walls (like pluming or wires) or removing walls then you must get the go ahead from the board. It is also in your best interest to have a professionals help.

Condos and Pets: Before you move, ensure that the bylaws of your new condo building allow for animals.

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