That means, the property has enough cash socked away to cover such emergencies as re-roofing the building or replacing an elevator cab. A condo that doesn't have adequate reserves might have to fund such an emergency repair with a special assessment. Also, ask to see the minutes for the last year. The minutes will tell you if any major renovations or changes are being discussed. They'll also give you insight into the way the property is run.
Litigation is expensive and time consuming and can drain building resources.
Ask what percent of the owners rent out their units. If more than 30 percent of owners rent their units, you may have difficulty getting a conventional mortgage. If assessments are levied, ask what each assessment includes. By breaking down an assessment, you'll be able to easily compare one condo's or co-op's assessments with another. Finally, ask about noise.