Buying real estate is one of the most important purchases you’ll ever make in your lifetime. It’s tempting to look at a condo purchase as something less than that just because it’s not a single family home. Nothing could be further from the truth. A condo investment in Bangkok is a serious purchase and poses unique challenges to those in the market, FazWaz can help you in find the most suitable Bangkok condo for sale. There’s a whole host of things to consider before buying a condo that don’t enter into the equation when buying single family homes.
Some of the principles that guide finding a good apartment to rent enter into the picture when looking for a good condo. The neighborhood, for instance, is a much more important factor since the neighbors live so much closer. A major dimension of condo ownership, even with a relatively small number of units, is the condo association and its management. Here we’ll discuss two important questions you need to be asking before you commit yourself to condo ownership or while evaluating your current situation.
How is the condo association structured?
How are meetings conducted? How often does the board meet? Who’s elected to the various offices on the board and how are they elected? All these issues impact how well the board functions. All associations, no matter how small, need to function as formally as any corporation.
Go through the covenants and by-laws (CC&Rs) of the association thoroughly. Don’t assume that all these documents are necessarily in accordance with state laws. If you find that something in these documents isn’t to your liking it might be worth moving on or paying a real estate attorney for an hour of their time to look it over, making sure everything squares with state law. In any event, always be sure to consult with an attorney before taking any serious action in conflict with the association.
Does the association have contingency plans in which professionals are consulted? Engineers, attorneys, electricians, and others can be invaluable to associations making good decisions. An association that tries to go cheap and do everything themselves may not be well equipped to handle all the challenges that can and do come up.
If the board is lax in any of these areas it may be a serious red flag. The management are almost as important as the association itself as they are the authority you, the owner, will be interacting with on a regular basis. What’s expected of them? What action steps will the board take if the management staff don’t meet their obligations? If you’re in a small association you may even be responsible for some of the management tasks.