2010 Mar 23rd

The Top 10 Questions to Ask When You’re Buying a Hoboken Condo

1.  Is this property in a flood zone?questionmark

If so, you may need extra insurance to get a mortgage.  You can confirm it with City Hall.  Being in a flood zone does not mean that the property necessarily floods.  Just that it is within the bounds of a designated flood zone.

2.  What did the seller pay?

This gives you a pretty good clue to how negotiable they may be.

3.  Is the seller “underwater”?

If he or she is going to have to bring some money to the closing table you should know that going in.

4.  Is the building professionally managed?

If not, who takes care of the finances, maintenance, trash and snow removal?

5.  Are there any special assessments or have there been any in the recent past?

If the building isn’t being run according to its budget or there were physical problems or repairs needed you would want to know.

6.  How much is in reserves?

Enough to run the building and replace items like the roof that have a limited useful life?

7.  What other units sold recently in the building?

Knowing what they sold for will be invaluable information when it comes to pricing yours.

8.  How many tenants are there as opposed to owner occupants?

This may matter for your mortgage but also may give you an indication as to how much the residents care about the upkeep of the building and it’s management.

9.  Are there any lawsuits or arbitration actions pending against the developer?

Pretty obvious that if there are, there must be an underlying problem.  It may be addressed and cured but what’s the cost?

10.  Who lives upstairs?

Unless you’re on the top floor, no matter how well built the building, noise can be an issue.  It doesn’t hurt to know who would be on either side of you, too.

Posted by Lori Turoff | Currently 17 Comments »

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