Deciding to purchase one of the many available New Jersey condos is quite possibly the biggest purchase in an individual’s life. Here is a “top five” list of questions when narrowing down the New Jersey condos under consideration.
New Jersey Condos: Top Five Questions
1. What Fees are Involved?: Condos often have association fees. These fees can include snow shoveling, lawn maintenance and garbage collection to name a few examples. Some fees are paid monthly, while other New Jersey condos request quarterly payments. Make sure the fee schedule is clearly defined and what is included. It is also worthwhile to ask how many residents are past due and what are the ramifications for late fee payments.
2. Is There a Pet Policy?: Many have pets and consider them a part of the family. It is, however, important to understand if there is a pet policy, if there is a pet limitation (i.e., dogs under 25 lbs.) and if there are any ramifications for not following those rules (such as not cleaning up after the pet, barking policy, etc.).
3. Is There a “Renter’s Policy?”: While many condos are occupied by owners, some New Jersey condos may be occupied by renters as well. Some condos send all notifications to the owners, while the renter may not have any clue about regulation changes. How are renters’ kept up to date with information? Is there a policy regarding renting out a condo?
4. Who Makes Up the Association?: Most New Jersey condos have an association. This body can oversee contracts, consider fee increases and handle grievances between condo owners. They may also work with a management company if one is utilized by the complex. It is important to understand who sits on the board and if they are rotating positions or by election.
5. Is There a Management Company?: A professional management company often handles issues related to New Jersey condos and work with the association if one exists. Important questions to ask should include how after-hour emergency maintenance is handled, what specifically the owner responsible for and what the management company should handle. Often condo owners are responsible for “plaster in” issues (i.e., painting, minor repairs, etc.) and everything else should be handled by the management company or association (i.e., roof repairs, etc.). It is important to understand this before buying any of the New Jersey condos under consideration.
