Jeff Hansen & Arvin Paredes

408-657-9837

Downtown San Jose Condo & Townhouse Living

Do You Forget To Ask These Five Questions When Interested In Buying In A Complex?

Motivated buyers have a lot of decisions to make. They have to decide where they want to live, the type of home, the size, and last but certainly not least, the price they are willing to pay for it all. So what are four questions that a buyer should ask to save time in case their agent isn’t on top of their game?

The first question they should ask if interested in a unit is whether or not the complex is in litigation. This is because it greatly affects their ability to buy. If the complex is in litigation, buyers please be ready to make that offer all cash.

You should then ask what the owner occupancy ratio is because if it isn’t over 50%, it may be nearly impossible to get financing.

Third, it would be smart to ask what percentage of the complex is delinquent on HOA payments. If it reaches 16%, that is 16% or more are late on HOA payments, then it would also be nearly impossible to get financing.

Next, how many parking spots are there? This is pretty straightforward and considered to be a very important question. It would be pointless to buy at a complex that has one reserved spot when both spouses each have a car. Also it might prove to be beneficial to find out how many guest spots there are if you enjoy having visitors over.

What if you want to buy a unit in a complex and decide to rent it out? Simple right? Wrong. Some complexes have rental restrictions that prohibit owners from renting their unit out to a tenant.

Be sure to ask these questions in addition to other questions you have. You will save time and loads of frustration the earlier you find out the answers.

Leave a Reply