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Jenny Kopriva, Clear Lake Iowa Real Estate Agent
Have a question? Give me a call at (641) 231-1412, or you can contact me for more options to call or email and I will contact you right away.

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10 Questions to Ask Your Condo Board

Moving TipsBefore you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive – and organized – its members are.

  • What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
  • What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.
  • How much does the association keep in reserve? How is that money being invested?
  • Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.
  • What does and doesn’t the assessment cover-common area maintenance, recreational facilities, trash collection, snow removal?
  • What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.
  • How much turnover occurs in the building?
  • Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly.
  • If it is a new development, is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions.

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Jenny Kopriva is a professional Clear Lake Realtor with a focus on Clear Lake Iowa Real Estate and Clear Lake Homes for Sale. Contact Jenny today with questions or to find your next dream home!

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Team Kopriva Logo in Clear Lake, IA

Jenny Kopriva, Broker Associate
(641) 231-1412
jdkopriva@gmail.com
Jake Kopriva, REALTOR®

(641) 231-1414

jakekopriva@gmail.com

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421 Main Avenue, Clear Lake, IA 50428


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