Ten Questions to Ask Your Condo Board for your Monterey Peninsula Condo

Before you purchase, contact the condo board with questions such as the following . By doing this you may learn how quick and how organized the condo association is...

1. What % of units are occupied by owners? What % are occupied by tenants? In most cases, the higher the percent units occupied by owners, the easier it is to market the conds at resale. (And it can be easier to get financing).
2. What CC & R's (covenants, by-laws,restrictions) govern the condo units? ARe there any "grandfather clauses" in existance? For example, maybe new owners (after a specific date) can not rent their condos, but purchasers who bought before that date can. Can you have pets, is there a size/weight restriction? You need a copy of the bylaws so you know what you are getting into. You might want legal adivce to for the documents, (including the master deed).
3. What are the association reserves? In what way are they investing that money ?
4. Are assessments for the association keeping up with of inflation rate? Good boards raise assessments a certain % every year to amass reserves to pay for repairs needed in the future. To figure if the assessment is reasonable amount, check what other condos in the area pay.
5. What does the condo assessment cover and what doesn't it cover? Maintenance for the common areas, recreational facilities, trash pick up, exterior insurance of the condos.?
6. Any special assessments in the past few years? What was the cost for each condo owner? Sometimes special assessments can't be avoided. But if there are alot of special assessments - watch out! There could be a problem with the condition of the building or it may not be managed properly.
7. Is there alot of turnover in the condo complex?
8. Are there any lawsuits in regards to the condos? Reserves can disappear fast if the builders or condo owners are in a legal battle.
9. What is the reputation of the developer? Has the developer built other complexes? (Go see one if possible) Ask other condo owners how they like living there. If it is a condo conversion (maybe converted from an apartment building) are there any special reporst such as engineering to see what condition the building is in. If there are problems with the roof, with the windows, etc. - it becomes your problem once you are an owner.
10. Is there more than one association involved in the complex? In very big developments, there may be umbrella associations, plus the smaller condo association into which you are buying, so there may be separate assessments.