Three signs a condo association is in trouble

Thinking of buying a condo? Before you do, you’ll want to make sure the condo association is in good shape. Here are three signs there may be cause for concern. 1. High rate of people selling If numerous units in the building are up for sale, this may be an indication that people aren’t happy with the way things are being run. Sometimes simply asking why people are selling can help you glean pertinent information. 2. Poor maintenance of public areas Common areas should be pristine and well kept. If you notice dings in the walls, burnt out light bulbs, overgrown landscaping, dust bunnies wedged into corners or pests scurrying around, you can be fairly certain something bigger is amiss. The condo association Do your homework may not have funds to keep up with the necessary maintenance. 3. Closed amenities If the elevators, pool, gym or other common areas are closed for repair when you visit, check back in a few weeks to see if any progress has been made. If not, there’s likely financial trouble that’s preventing the necessary work from getting done. Determining the health of the condo association should be a priority for any potential buyer. Investigate by securing minutes from prior meetings, discovering the number of units for sale in the building and uncovering any past instances of litigation.