Words to fear…"Oh the condo association will take care of that….."

I’m still stunned when I hear professionals use those words….”Don’t worry,  the condo association will take care of ____ “(insert… roof, deck, driveway…any common area of your choice.)  The fact is, if you are thinking about buying a condominium YOU ARE (or will be) THE ASSOCIATION.  Buying a condominium can be an excellent option.  It may offer you a great value and owning a condominium may suit your lifestyle perfectly.  Just be sure understand how condominiums are owned, financed, maintained and managed before you make that buying decision.  If you buy a condominium you are entering into a partnership with your fellow association owners.  If you were buying a partnership in a business, you would, presumably, complete a careful analysis of that business. You’d look at its expenses, its revenues, its operating budget, its financial reserves, its assets and its liabilities.  I encourage my clients to look at condominium ownership in a similar manner.  Condominium associations which are well managed  pay attention to costs, have established maintenence schedules and have budgets for both current and future expenses.  Those that don’t often suffer serious financial hardships over the long run.  Sooner or later the owners have to address deferred maintenance issues and the solution, sadly, is usually a costly special assessment to the unit owners.  If you’re considering purchasing a condominium or single familyhome contact Paulette Zuena at REMAX Partners in Andover to arrange a complimentary buyer consultation and Search all Andover homes for sale.