In part 5 of "What buyers need to know before buying a Co-op or Condo", I will cover the importance of knowing who the Management Company is and their role in the Co-op or Condo you may be considering.
Ask The Manager...
Most co-op and condo buildings hire professional management firms to handle the day-to-day maintenance and management of the property so you don't have to. They hire and manage the building staff, outside contractors such as landscapers, trash removal and oversee the general upkeep of the common areas of the property.
Their fee is included in your monthly maintenance (Co-op) or common charges (Condo).
Your Real Estate Professional can give you the name of the management company and the managing agent.
Know the Fiscal Condition of the Property
The Property Manager will be able to provide Audited Financial Reports outlining the Co-op or Condos financial fitness. Ask if they have a reserve fund for Capital Improvements and Emergency Repairs? Have there been any Recent Maintenance or Common Charge increases? If so why? Any special assessments to each owner? If yes, why and how often?
Know the Physical Condition of the Property
Ask to see an engineer or architect's report if available. For condos, if you are serious about a unit, consider hiring your own architect or engineer to evaluate the building and the unit. Find out what major capital improvements have been completed on the building in the last five years (roof, elevators, boilers, etc.) and what if any capital improvements are planned.
They should have the information needed to answer your questions about the
financial and physical condition of the building.
Your real estate professional can guide you through this process. It is important to find a professional who is familiar with the nuances of Co-ops and Condos.
Next week we will cover: Know Your Future Neighbors
Ask The Manager...
Most co-op and condo buildings hire professional management firms to handle the day-to-day maintenance and management of the property so you don't have to. They hire and manage the building staff, outside contractors such as landscapers, trash removal and oversee the general upkeep of the common areas of the property.
Their fee is included in your monthly maintenance (Co-op) or common charges (Condo).
Your Real Estate Professional can give you the name of the management company and the managing agent.
Know the Fiscal Condition of the Property
The Property Manager will be able to provide Audited Financial Reports outlining the Co-op or Condos financial fitness. Ask if they have a reserve fund for Capital Improvements and Emergency Repairs? Have there been any Recent Maintenance or Common Charge increases? If so why? Any special assessments to each owner? If yes, why and how often?
Know the Physical Condition of the Property
Ask to see an engineer or architect's report if available. For condos, if you are serious about a unit, consider hiring your own architect or engineer to evaluate the building and the unit. Find out what major capital improvements have been completed on the building in the last five years (roof, elevators, boilers, etc.) and what if any capital improvements are planned.
Your real estate professional can guide you through this process. It is important to find a professional who is familiar with the nuances of Co-ops and Condos.
Next week we will cover: Know Your Future Neighbors
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