20 Days of Real Estate: Days 6 to 10 in Review

Part 10. How to Avoid a Bad Condo or Co-Op
Buying a condominium or a co-op apartment can be a unique real estate experience. Many times, a building's finances can be just as important as your own.

Key Points:

• Buying a co-op may also require a strict co-op board approval process, which will usually involve a close look at your current financial status.
• Owning a condo or co-op entails mixing your finances with the other owners in a building. Depending on the property, important things to consider can include the percentage of the building that is owner-occupied, the underlying mortgage, and the reserve fund for capital improvements.
• If you're considering buying a condo or co-op, involve your realtor and attorney in the evaluation process.

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Next: 20 Days of Real Estate: Days 11 to 15 in Review.