7 Questions You Need to Ask Before You Make an Offer on a Condo

7 Questions You Need to Ask Before You Make an Offer on a Condo

When you’re buying a condo for sale in DTLA, there are 7 questions you need to ask before you make an offer.

7 Questions You Need to Ask Before You Make an Offer on a Condo

This isn’t a complete list, and your Realtor® can help you decide whether a particular condo is right for you – but these questions will get you started.

#1. What are the condo association rules?

Every condo association has its own rules called CC&Rs. (That’s short for covenants, conditions and restrictions.) You need to find out what they are before you commit to buying – the last thing you want is to move in and decide you can’t abide by the rules.

#2. What are the association fees?

Every condo association charges its own fees that you’ll have to pay. They typically cover community amenities, grounds maintenance, repairs and other services.

#3. Is the condo building professionally managed?

Some condo buildings work with professional managers to run things. Others have what’s like a homeowners’ association. You should find out before you commit.

#4. Are there any lawsuits against the condo building?

You want to make sure that there are no pending lawsuits against the condo building when you buy – they could affect you financially later.

#5. What’s the rental policy?

Find out whether the majority of the condo units are owner-occupied or they’re rentals. In some cases, lenders don’t want to lend if most of the condos are rentals.

#6. What’s the parking like?

You need to know where you’ll park your car, what to do if you need an extra spot, and whether other people who don’t own in the building will share your parking area.

#7. What’s the condo association responsible for fixing?

Find out whether the condo association will fix balconies or porches, windows and other features, or if repairs are your responsibility.

Are You Buying a Loft or Condo in DTLA?

Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.

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