Condo Buyer? Ask the Condo Board These 10 Questions Before You Buy!

Condos are the logical choice for many first-time and baby boomer or "move-down" home buyers in the Seattle area. The cost of entry is much lower than many single-family homes, and there is less routine maintenance and yard work required.

There are literally hundreds of condo communities in the Microsoft/Redmond, Kirkland, Woodinville, Bothell, Issaquah, Bellevue & Sammamish communities to choose from. Your Realtor can help you find the perfect one for you.

Before you buy, however, contact the condo board with the following questions. In the process, you'll learn how responsive-and organized-its members are. talk over the answers to these questions with your Realtor, who can help to put things into their proper perspective. If you are shopping for a condo, consider a Realtor that has extensive experience in this niche - their expertise will help you to make a better choice.

1. What percentage of units are owner-occupied? What percentage are tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.

2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can't rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.

3. How much does the association keep in reserve? How is that money being invested?

4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.

5. What does and doesn't the assessment cover-common area maintenance, recreational facilities, trash collection, water/sewer?

6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board's fiscal policy.

7. How much turnover occurs in the building?

8. Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly.

9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer's report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren't in good repair, they become your problem once you buy.

10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you're buying, may require separate assessments.