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Lake of the Ozarks Real Estate
Lake of the Ozarks real estate
Buy a condo!
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Buy a condo as a rental
- What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale. You might even reach appoint of so many rental units, the lender will deem it the dreaded ?condo-tel?. Expect to pay a higher rate because the loan will be non-conforming.
- What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can?t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. The Missouri Uniform Condominium Act requires a sale or re-sale certificate be given, with a 10 and a 5 day right of recession.
- How much does the association keep in reserve? How is that money being invested?
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Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.
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What does and doesn?t the assessment cover?common area maintenance, recreational facilities, trash collection, water, sewer, cable TV, phone, snow removal?
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What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board?s fiscal policy
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Are rentals allowed? What type of rentals, (nightly, weekly, long term only) are allowed? Can any management option be used, or must the owners use certain management companies?
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How much turnover occurs in the building?
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Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly
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Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions.
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Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you?re buying, may require separate assessments
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Are parking spaces assigned? How many are available for guest?
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How is the view today, but more importantly, how will the view be in a few years? Will there be trees that grow in the way of your prized view, and what is the association policy on trimming trees? Will there be more buildings built that might affect your view? Are there any road or other development concerns that could impact the property or view?
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If a boat dock or PWC slip conveys with the sale, check out the exact location and access of the slip. Check the water depth.
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