Homebuyers purchasing an OrlandoÂ condo should review a list of documents and other information to make sure that the property they are considering is a solid buy in this challenging market.
The following information is a the top of the must-consider list:
- Budget: Examine the current budget, a year-to-date statement of income and expenses, and a couple of previous years’ budgets to see how they’ve changed.
- Reserve study: Understand the plan for maintenance and how it will be paid for.
- Special assessments: Ask if there have been any and whether more are planned.
- Delinquencies: How many owners are behind in their payments? Your mortgage could depend on it. (Note: in this market it’s not uncommon to find HOA delinquency rates of 30% and above.)
- Foreclosures:Â How many? Likewise, foreclosure numbers can easilyÂ exceed 30% at the moment.
While your Realtor might have some tips for you, they won’t know the anwers to these questions.Â You need to contact the home owner’s association directly. There’s no subsitute for you doing your own homework!
For more information on how to buy an Orlando condo, contact Condo Metropolis on 407-290-3408.