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What to ask when Buying a Townhome or Condo

what questions to ask when buying a townhome or condo

When buying a townhome or condo in Minnesota your purchase agreement will include a CIC Addendum allowing you 10 days to review the Association disclosures and Resale Certificate.  These documents include Budgets, Financial Disclosures, Insurance Certificates, Bylaws and a statement letting you know if the sellers are up to date with their dues payments.   These documents are usually delivered to you in large, multi-page PDF’s which include multiple pages on plats, city approvals, etc.  Don’t let your eyes glaze over.  It’s important you know what to look for and what to ask when buying a cond or townhome.  Once you have reviewed, and if you don’t like what you see you can cancel the purchase agreement within this 10 day timeframe.

Most buyers want to review these documents for the following reasons:

  • Can they have a pet, if so what kind, how many and what size?
  • Does the association allow rentals?
  • What does the monthly association fee pay for?
  • And where can I park my car that doesn’t fit in the garage?

All are good questions that will affect the buyers enjoyment of the property.  The one area that usually gets overlooked however are the financials.

It is important to review the financials and ask the following questions:

  • First, is the association solvent?
  • Are there any large budget increases for the upcoming year that will cause the monthly dues to change?
  • Does the association have funds set aside for emergency repairs, ie. siding, roof, etc so they will not have to charge the units assessments that can greatly increase your monthly dues?
  • And does the association have a plan for continued updates and maintenance of the facility?

A well run association may cost a little more every month, but it will actually end up saving you money in the long run should a problem arise.

Thinking of purchasing real estate.  Make sure to contact me so you know what to ask and how to avoid buying a problem.

See below for current townhomes and condos for sale in the west Metro area of Minneapolis.

238 Results
2
Beds
2
Baths
1,411
SqFt
(22)
 
 
#5131555
 
3
Beds
1 | 1
Baths
1,612
SqFt
(22)
 
 
#5131393
 
3
Beds
2 | 2
Baths
2,564
SqFt
(28)
 
 
#5131281
 
3
Beds
1 | 2
Baths
2,226
SqFt
(21)
 
 
#5131240
 
2
Beds
2
Baths
1,113
SqFt
 
 
 
#5130734
 
1
Beds
1
Baths
720
SqFt
(34)
 
 
#5130960
 
1
Beds
1
Baths
808
SqFt
(21)
 
 
#5130622
 
3
Beds
2 | 1
Baths
1,681
SqFt
(31)
 
 
#5029033
 
2
Beds
1 | 2
Baths
1,830
SqFt
(46)
 
 
#5130775
 
4
Beds
2 | 2
Baths
3,282
SqFt
(55)
 
 
#5130061
 
3
Beds
1 | 1
Baths
1,590
SqFt
(19)
 
 
#5130042
 
1
Beds
1
Baths
896
SqFt
(18)
Open House: Dec 18, 2018 11:00 AM - 1:00 PM
 
#5027699
 
2
Beds
1 | 2
Baths
1,596
SqFt
(10)
 
 
#5029056
 
1
Beds
1
Baths
720
SqFt
(23)
 
 
#5029049
 
3
Beds
2 | 1
Baths
2,016
SqFt
(50)
 
 
#5027661
 
3
Beds
2 | 1
Baths
1,854
SqFt
(33)
 
 
#5027660
 
3
Beds
2 | 1
Baths
1,854
SqFt
(30)
 
 
#5027659
 
2
Beds
1 | 1
Baths
1,813
SqFt
(35)
 
 
#5024654
 
1
Beds
1
Baths
715
SqFt
(17)
 
 
#5028750
 
3
Beds
1 | 1
Baths
1,895
SqFt
(20)
 
 
#5028747
 
1
Beds
1 | 1
Baths
865
SqFt
(30)
 
 
#5028673
 
2
Beds
1 | 1
Baths
1,604
SqFt
(20)
 
 
#5028610
 
3
Beds
3 | 1
Baths
2,790
SqFt
(20)
 
 
#5028418
 
3
Beds
1 | 1
Baths
1,582
SqFt
(30)
 
 
#5026516
 
1
Beds
1
Baths
795
SqFt
(4)
 
 
#5028185
 
3
Beds
2 | 1
Baths
1,854
SqFt
(31)
 
 
#5027658
 
2
Beds
1
Baths
1,020
SqFt
(10)
 
 
#5027859
 
3
Beds
2 | 1
Baths
2,016
SqFt
(43)
Open House: Dec 20, 2018 11:30 AM - 5:30 PM
 
#5027657
 
3
Beds
2 | 1
Baths
1,854
SqFt
(30)
Open House: Dec 20, 2018 12:00 PM - 4:30 PM
 
#5027646
 
4
Beds
1 | 1
Baths
1,857
SqFt
(17)
 
 
#5017093
 
Some or all of the property listings above may have been submitted to the Regional Multiple Listing Service (RMLS) by the listing broker for distribution to cooperating brokers through Broker reciprocity. Attribution of the listing broker may be found on the detail page for all properties.
Keller Wiliams Dan Kokesh Realtor is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of Keller Wiliams Dan Kokesh Realtor, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc. Information Deemed Reliable But Not Guaranteed.
© 2018 Regional Multiple Listing Service of Minnesota, Inc. All rights reserved.
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NorthstarMLS® data last updated at December 16, 2018 7:34 PM CT
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