10 Things To Consider Before Buying a Condo
•
0 likes•219 views
For consumers interested in purchasing a condominium, there are a number of variables to consider, many of which differ from those associated with the purchase of a home and are unique to buying a condominium.
Recommended
More Related Content
Similar to 10 Things To Consider Before Buying a Condo
Similar to 10 Things To Consider Before Buying a Condo (20)
More from Lugenbuhl, Wheaton, Peck, Rankin & Hubbard
More from Lugenbuhl, Wheaton, Peck, Rankin & Hubbard (10)
Recently uploaded
Recently uploaded (20)
10 Things To Consider Before Buying a Condo
- 1. 10For consumers interested in purchasing a condominium, there are a number of variables to consider, many of which differ from those associated with the purchase of a home and are unique to buying a condominium. TEN THINGS TO CONSIDER Before buying a condo Phone: (504)568-1990 Address: Fax: (504)310-9195 601PoydrasStreet,Suite2775 Website: www.lawla.com NewOrleans,LA70130 Thecontentofthispresentationdoesnotconstitutelegaladvice.
- 2. 01THING #1 What are the current monthly fees for the unit? ! Phone: (504)568-1990 Address: Fax: (504)310-9195 601PoydrasStreet,Suite2775 Website: www.lawla.com NewOrleans,LA70130 Thecontentofthispresentationdoesnotconstitutelegaladvice.
- 3. 02THING #2 What are the rules regarding pets, common areas, and amenities? ! Phone: (504)568-1990 Address: Fax: (504)310-9195 601PoydrasStreet,Suite2775 Website: www.lawla.com NewOrleans,LA70130 Thecontentofthispresentationdoesnotconstitutelegaladvice.
- 4. 03THING #3 What is the percentage of live-in owners versus renters? WHY? To get a general idea of the current and predicted tenure of the building’s inhabitants. More renters may give some prospective buyers pause. Phone: (504)568-1990 Address: Fax: (504)310-9195 601PoydrasStreet,Suite2775 Website: www.lawla.com NewOrleans,LA70130 Thecontentofthispresentationdoesnotconstitutelegaladvice.
- 5. 04THING #4 Discover any big-ticket maintenance items on the horizon. ! Will this expenditure be paid from reserves or a special assessment? Phone: (504)568-1990 Address: Fax: (504)310-9195 601PoydrasStreet,Suite2775 Website: www.lawla.com NewOrleans,LA70130 Thecontentofthispresentationdoesnotconstitutelegaladvice.
- 6. 05THING #5 Ask if the association has been involved in litigation in the last five years. Phone: (504)568-1990 Address: Fax: (504)310-9195 601PoydrasStreet,Suite2775 Website: www.lawla.com NewOrleans,LA70130 Thecontentofthispresentationdoesnotconstitutelegaladvice.
- 7. 06THING #6 Are there any liens on the condo for unpaid taxes or assessments? ! Phone: (504)568-1990 Address: Fax: (504)310-9195 601PoydrasStreet,Suite2775 Website: www.lawla.com NewOrleans,LA70130 Thecontentofthispresentationdoesnotconstitutelegaladvice.
- 8. 07THING #7 Is there sufficient wind, fire and liability insurance? ! Don’t assume the association has the appropriate insurance coverage. Phone: (504)568-1990 Address: Fax: (504)310-9195 601PoydrasStreet,Suite2775 Website: www.lawla.com NewOrleans,LA70130 Thecontentofthispresentationdoesnotconstitutelegaladvice.
- 9. 08THING #8 Read the condominium declaration and by-laws. ! WHY? Review the language in these documents to help in your decision-making process, and to allow for a better understanding of the limitations on your actions as a unit owner and how they pertain to the property. Phone: (504)568-1990 Address: Fax: (504)310-9195 601PoydrasStreet,Suite2775 Website: www.lawla.com NewOrleans,LA70130 Thecontentofthispresentationdoesnotconstitutelegaladvice.
- 10. 09THING #9 Inquire about current members of the board. ! WHY? To ensure they do not conflict with relevant legal statutes related to administering the association’s declaration and by-laws. Phone: (504)568-1990 Address: Fax: (504)310-9195 601PoydrasStreet,Suite2775 Website: www.lawla.com NewOrleans,LA70130 Thecontentofthispresentationdoesnotconstitutelegaladvice.
- 11. 10THING #10 Study the association’s financial reports. ! ‣ Are reports issued monthly? ‣ Is there an annual review of actual income and expenses? ‣ How is the money spent? ‣ Is the reserve adequate? Phone: (504)568-1990 Address: Fax: (504)310-9195 601PoydrasStreet,Suite2775 Website: www.lawla.com NewOrleans,LA70130 Thecontentofthispresentationdoesnotconstitutelegaladvice.
- 12. 11BONUS THING - THING #11 Are there any architectural restrictions? ! Phone: (504)568-1990 Address: Fax: (504)310-9195 601PoydrasStreet,Suite2775 Website: www.lawla.com NewOrleans,LA70130 Thecontentofthispresentationdoesnotconstitutelegaladvice.
- 13. How can Lugenbuhl assist you with condominium law? ! Stanley J. CohnAttorney At Law | New Orleans Office ! CALL: (504)968-1990 EMAIL: scohn@lawla.com VISIT: www.lawla.com/attorneys/stanley-cohn ! ! Phone: (504)568-1990 Address: Fax: (504)310-9195 601PoydrasStreet,Suite2775 Website: www.lawla.com NewOrleans,LA70130 Thecontentofthispresentationdoesnotconstitutelegaladvice.