What Questions Should I Ask Before Buying a Condo?

Start with the dollars, because the monthly fee and future assessments shape the real cost of ownership. Ask for:

• The current monthly fee, what it covers, and the past three to five years of increases.
• The reserve fund balance and the date of the most recent reserve study.
• Any special assessments in the past five years and any proposed ones on the horizon.
• Whether the specific unit carries any outstanding balance or lien from the current owner.
• The association's financial statements, including the operating budget versus actuals and the delinquency report.

In Pennsylvania, the condo declaration and association documents are required to be delivered in the sale process, and your contract should give you time to review them before you commit, so use that window.

A well-run building protects your investment; a struggling one turns fees into special assessments. Ask whether the association is involved in any lawsuits or disputes, whether there is deferred maintenance such as aging elevators or an old roof, and how the building is managed: professionally, by an onsite manager, or by volunteers. Review board meeting minutes if you can get them, and ask how much is in reserves relative to what the reserve study recommends.

Newer buildings deserve the same scrutiny. A brand new tower may have low fees and a young reserve fund at the same time, which normally means the first big capital project will be financed through fee increases or a special assessment.

The rules decide whether you can actually live the way you plan to. Ask about rental restrictions, including caps, waiting periods, and approval requirements; pet rules, including weight and breed limits; age restrictions, if any; short-term rental bans; the owner occupancy ratio; and whether the board has approval rights or a right of first refusal on sales.

Each of these is governed by the declaration, bylaws, and house rules, and they vary building by building. A rule that matters to your neighbors' lifestyle may matter to you even more once you live there, so read them for yourself rather than relying on a summary.

Finally, match the building to how you will actually live there. Ask about parking, guest parking, storage, and whether they are owned, leased, or assigned; the condition and funding of the amenities you will use; typical noise levels and construction in the neighborhood; and the relationship between the master insurance policy and the unit owners policy you will need.

Ask how the building handles maintenance requests and emergencies, whether major renovation is planned in common areas you would pay for, and how financially healthy the association will be when you resell, because the next buyer will ask the same questions.

Knowing the right questions is only half the job; the other half is getting reliable answers. Start with the seller and the listing agent for the basics, then go to the association and the management company for the documents behind those basics. In Pennsylvania, the condo documents and financials are part of the standard sale disclosure flow, and your purchase agreement should give you a review window to read them before your deposit becomes nonrefundable.

What to do with the answers

Write down every answer and cross-check the figures against the written documents. The fee history should match the association's financials, the reserve claim should match the reserve study, and the rules summary should match the declaration and bylaws. Where the verbal answer and the document disagree, the document wins, and the discrepancy itself is information about how the building operates.

When to bring in professionals

Your agent should read the financials and the big-ticket rules with you, and your real estate attorney should review the legal documents, especially the assessment, rental, and amendment clauses. A condo inspection is separate from a house inspection in one important way: the inspector should review the unit plus the building systems and common elements you are partly buying, so choose an inspector who works regularly in condos.