If you're in the market to buy a condo, it's important to know that much of our condo inventory in the Madison area was built in the last 20 to 30 years. Over the last few decades, many of the local associations have done an excellent job of budgeting for and addressing ongoing maintenance. The most common example is replacing a roof.
(photo courtesy of Step Inside Media)
However, each condo association is unique
Some condo associations have not been as proactive with budgeting for and addressing their maintenance needs. Over time, some of these associations have accrued a sizable amount of deferred maintenance. Now they're in fundraising mode to address future projects, either by increasing the monthly condo fee or by levying a large special assessment.
Doing your due diligence
As a condo buyer, how do you know which associations have been proactive with their repairs and maintenance and which have not?
There are many ways to go about this, including reviewing the real estate condition report, reviewing the association financial statements, reading the association meeting minutes, and speaking with owner(s) at the association. Another common sense approach is the "eye test". Do the buildings and grounds appear to be well-maintained or not?
At Mad City Dream Homes, we are here to help you do your due diligence, so you can buy your condo with confidence, knowing that you are moving into an association with sound management, sound finances, and well-maintained buildings and grounds. This is just one of the many ways we assist you as your buyer representative.
Send us your condo questions
What questions do you have about buying a condo in the Madison and surrounding Dane County area? Reach out to one of our condo experts for a helpful consultation. We help dozens of clients buy a condo each year, and we'd love to help you, too.
