20 Questions to Ask Before Buying a San Mateo Condo

Buying a condominium in San Mateo involves asking lots of questions…and getting the answers.

Who is Best Suited for San Mateo Condo Living?

Buying a condominium is a great way for young families to get into the San Mateo real estate market. It’s also a good option for empty nesters or anyone wanting to downsize and rid themselves of the hands on aspects of home maintenance.

San Mateo Condos are Usually More Affordable than Single Family Homes

San Mateo condos tend to be more affordable overall and the chronic shortage of single family houses in San Mateo means that condominiums may be a viable and intelligent option for you.

Buying a Condo is More Complex than Buying a San Mateo Home – Why?

But buying – or selling – a condo in San Mateo is in many ways a more complex process than buying a house. Because condominiums are part of a larger property owned collectively by other individual condo owners, both buyers and sellers must take special care to be sure they handle the transaction correctly.

What is the HOA?

The management of condominium complexes is handled by a business entity called a Home Owners Association (HOA).  It’s made up of board members elected by the owners. The HOA manages the operation of the complex and enforces certain rules and regulations to keep the building attractive, keep costs down and property values up.

Is Buying a San Mateo Condo in Your Future?

Is buying a condominium in your future?  Here is a 20 Point Check List of questions you need answered that will help you make an informed purchase decision.  The answers will greatly influence how well you’ll enjoy San Mateo condo living and how much you can sell your San Mateo condo for when you’re ready to move on.

20 Questions to Ask Before Buying a Condo in San Mateo

1. Is the complex Fannie Mae and FHA approved?  If not, why?
   
2. Is the HOA a plaintiff in a lawsuit that is pending or anticipated?
   
3. How many units are owner-occupied?
   
4. Are pets allowed?  If so, are the restrictions enforced?
   
5. Are there occupancy restrictions?
   
6. Are there restrictions on rentals?
   
7. Is the complex approved by lending agencies?
   
8. What are the monthly HOA dues and when was it last changed?
   
9. What do the HOA dues include?
   
10. Are there any pending or anticipated special assessments?
    
11. How many parking spaces are dedicated to the unit?
    
12. What are the foreseeable plans for maintenance, improvements and upgrades?
    
13. Are the restrictions on resale?
    
14. Is Board approval required on resale?
    
15. Is there a Fidelity Bond?  If not, why?
    
16. Are reserves (aka contingency fund) adequate for the age/condition of complex?
    
17. Are any of the units in foreclosure?
    
18. Are all of the unit owner’s current on their fees and assessments?
    
19. What is the policy for handling delinquent owners?
    
20. What is the sales history of the unit and complex?
    

When Buying a Condo, Review All Standard Disclosures Plus All HOA Specific Documents

If you’re buying a condominium, it’s essential that you not only review all of the standard disclosures and reports available, but all of the HOA specific documents as well. If you don’t understand, ask for help.  Stop. Look. Listen and Look Again.

Considering Buying a Condominium in San Mateo?

You need a Real Estate Agent who is a condominium expert to help you wade through the details of the transaction. If owning a condominium is in your future, call us at (650) 655-2500 or email us at info@LivingWellinSanMateo.com to schedule a no obligation consultation with our team. We’ll help you come up with a game plan to buy right.

Not Quite Ready to Come In? Why Not Get More Information at One of Our Webinars or Classes?

It is no secret that educating San Mateo home buyers and sellers is our passion. We present several webinars and in person classes for home buyers and sellers to help them get a better understanding of the process of buying or selling San Mateo real estate. Check out our Class Schedule today for a list of upcoming programs.

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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.