There are many online tutorials for questions to ask at an open house. However, buyers who are looking for a condo or townhome will have an additional set of criteria to keep in mind. Here’s a quick overview of what condo and townhome buyers should ask before they sign the purchase agreement.
First, it’s important to inquire about monthly Home Owners Association (HOA) or condominium fees and add that to your estimated monthly mortgage payment. The current owners or the HOA should be able to easily assess these fees, so you shouldn’t feel you are asking for anything out of the ordinary.
Second, you may want to ask about HOA rules and regulations. In some cases, condo and townhome owners must get permission before making renovations, or before renting their home out. Some HOAs might have rules about the size or breed of allowed pets. Read through these rules carefully to ensure you aren’t signing up for a lifestyle that doesn’t reflect you.
Know in advance what amenities are important to you. Do you want in-unit laundry, or can you make do with a shared facility? Do you need underground parking for those cold Minnesota winters, or is above ground parking okay? Would you or your family benefit from an onsite gym or pool?
In short, know what you can afford to pay, including fees, and what lifestyle you’re expecting once you purchase your new townhome or condo. Don’t forget that your Edina Realty REALTOR® can help with any questions you may have as you search for properties.