A condo purchase has two layers
You are evaluating both the individual unit and the shared community. Price and condition matter, but so do association documents, monthly fees, reserves, maintenance responsibilities, insurance, use restrictions, and planned projects.
The unit
Review layout, condition, mechanical systems, updates, parking, storage, and which components belong to the owner.
The association
Read governing documents, budgets, financial statements, meeting records, insurance information, rules, and available reserve details.
The full cost
Compare mortgage, taxes, insurance, association fees, utilities, possible assessments, and future maintenance.
Due-diligence questions
- What does the association maintain and insure?
- Are rentals, pets, parking, or alterations restricted?
- Are special assessments pending or discussed?
- What financial and reserve information is available?
- Which documents and review rights are included in the purchase agreement?
Verify current availability
Ask a local agent about available Lafayette condos and request current association information for any property you are considering.