When most buyers look at condos, they focus on the aesthetic side of the home. However, there are 4 things that buyers often neglect to look at!

  1. What kind of building is the condo in? Is it in a brick mid-rise building or multifamily building with wooden frame? The number of units in the building can affect the dynamic of the condo community. 
  2. How financially healthy is the association? As you will be essentially owning a building with others, it is important to find out if there are upcoming assessments. Assessments are common, but we want to understand if the HOA has any financial problems or litigations.
  3. What new developments are near this condo? Is there an upcoming building project that may block the view of the condo? 

What is the owner occupant vs. renter ratio among the units in this building? This is important for lenders because buildings with a owner-occupant to renter ratio of less than 50% may require a portfolio loan. Some buyers like buildings with a higher owner-occupant ratio because homeowners who live in such buildings often have more accountability when it comes to taking care of the common areas. However, buildings with a good number of rental units can be attractive for investors.