What to think about when buying a condo with an ongoing assessment.
Are you thinking about buying a condo that has an assessment coming? If you are, don’t just discount it. Here are four things you’ll want to investigate:
1. What caused the issue? Is it water intrusion? Are there structural issues? Just figure out what’s going on. We have properties all throughout Charleston that have been through this. It just means there’s some issue with the exterior, usually where there’s been water intrusion or a structural issue. If that’s the situation, just learn more.
2. Is there ongoing litigation? Is there a current lawsuit? Or maybe everything is resolved. Just look into it to find out more.
3. Can you live in the condo while the work is being done? Or do you have to move out of the property?
4. How much will it cost you? Is it going to be a fee to you as a buyer or to the seller? Condos with assessments aren’t a horrible situation because at the end of it you’re going to get a great new product that usually will appreciate in value.
When you’re thinking about buying a condo, learn about all of the details of any ongoing assessment. If you have questions about this, please reach out to me and my real estate team. We look forward to helping you with any real estate concerns you have.