If you’re thinking about buying a condo in Louisville you should take some steps to dig deep and find out more about the unit and the association. On the surface, everything can look fine, even when there is trouble brewing below. Here are some things you can do to really find out what’s happening in the condo community you are interested in.
1. Find Out if There Are any Complaints
Ask to see some notes from an association meeting. This will tell you what the concerns are and how deep they run. You may see some problems that indicate deeper issues at a management level that don’t look right or appear that they will be resolved soon. On the other hand, you may see a well-oiled management system that is running smoothly.
2. Find Out If There Are any Legal Problems
Get in touch with a Louisville real estate lawyer and have him or her check the association’s bylaws to make sure that they are in accordance with local laws. You can also ask the real estate lawyer to take a look at the records at the courthouse to see if any lawsuits have been filed against the association.
3. Find Out about the Repair Fund
Make sure that there is enough money being funded to handle any major repairs. You need to make sure that the Louisville condo complex is being kept up properly and has reserved money for any emergencies.
4. Find Out about the Management Firm
Before buying a condo, find out who is managing the complex. If it is being managed by the owner this may be a problem if he does not reside in the local area. If it is managed professionally by a Louisville company, dig deep and find out more about the property management company. You can even schedule a meeting with the manager in charge to learn more about the day-to-day upkeep of the property and ask residents for their opinion.
Buying a condo in Louisville is a big decision. You need to ensure that the condo you purchase is operating at top efficiency and that all levels of management seem to be doing their job properly.