Cape Cod Condo Buyer’s Checklist
- Read the condo rules carefully to be sure that you agree with all the rules. These include rules regarding pets, renting, age limits, visitors, etc.
- What is the financial condition of the association? Do they have debt? Is the operating budget balanced?
- For resale Cape Cod condos: Is there a maintenance reserve fund?
- For new Cape Cod condos: Is enough being set aside each month to fund a maintenance reserve?
- Have there been any special assessments? (roofs, septic systems, etc)
- Is there a long-range repair and replacement plan in place?
- Are there any upcoming expenditures?
- When were the last two monthly association fee increases? What % were they? Read the minutes of the last two homeowner association meetings.
- Is the condo association professionally managed? Unless it is a small complex (five or less units), professional management is a positive. Ask the neighbors about their responsiveness. Is the maintenance company on site? Is it dedicated to your complex or does in handle others as well. How long has the current management company been in place?
- How good is the soundproofing? (The number 1 complaint of condo owners, especially in buildings that have been converted from apartments or single-family homes). Visit at several times during the day. Are children running around? Are TV’s loud? On ground floor units, who is above you?
- How do the monthly fees compare with other nearby condo complexes? What is included in the fee? Do you want all the amenities that some complexes provide or can you live with less? This may be important when you sell your Cape Cod condo.
- What is the ratio of owners to renters? The higher the % of owners the better. Mortgage lenders feel that complexes with over 20% renters have a high rate of foreclosures and either refuse to loan on those complexes or charge higher interest rates.
- Have you performed the normal “due diligence” of a home search? Find a Cape Cod real estate agent who knows condos and is a good fit for you Were you pre-approved for a mortgage before you made your offer? You should have the condo professionally inspected. Request a defects disclosure form from the seller.
Ask current Cape Cod residents two questions like "What do you like best about living here?” “Would you buy a Cape Cod condo here again?”
Contact the Cape Cod Condo Man - Steve Clay!
There is no no better time than now to contact me, Steve Clay and my Cape Cod real estate experts at Just Cape Condos to get started on the condo buying process. With so many people looking to downsize, Cape Cod condos are a perfect fit for many couples and families, especially if you are looking for a second home convenient to the greater Boston area. Contact us, the Just Cape Cod condo experts today before the condo that fits all your specific needs gets away.