A high number may mean dissatisfaction with condo management. The financial statement will give buyers a general picture of the condo association s financial status, including how much is in accounts payable and account receivable, and the size of the reserve fund. Reviewing the minutes of the condo board meetings of the last year will reveal plans for major repairs or improvements and the special assessments needed. Condo buyers should hire a knowledgeable attorney to review the Master Deed, the bylaws and budget, and inquire if there are any recent lawsuits or judgements against the association, whether any by-law amendments have been proposed, and whether any recent engineering studies show the projected dates for repairs of the building and its components. In the same manner that single family home shoppers should visit neighborhoods, condo buyers should visit complexes and talk to condo owners to get a sense of how they like living in the development and what the complexes are like.
Owners tend to take better care of their units.