Condos can be fixer-uppers too.
Home inspections can warn prospective buyers of upcoming critical costs—such as a new roof or a leaking basement—but buyers in the condo market might not have the same clarity.
First of all, they have to parse through the current finances and legal position of the condo corporation. Second, they have to size up the reserve fund set aside to pay for major upkeep and repairs for the future of the building. Financial disclosure documents will show what costs are coming up.
And lastly, buyers have to do the math: How old is the building? How many repairs have already been done? Is this fund enough for the future?…