RE/MAX Osage Beach Lake Ozark

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Questions to Ask Before Buying a Condo buyers agent when buying a condominium at the Lake of the Ozarks.

These are some of the important questions you should ask a

• 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.
• Parking spaces? How many in relation to how many units will be built? Will any be assigned to your unit specifically? How many extra spaces are available for guests?
• What is the policy on rental units? Do they allow nightly rentals? Do they allow any management company to operate a rental condo?
• How many more units can be built, and are platted currently? 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 not 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 recision.
• How much does the association keep in reserve? How is that money being invested? 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.
• What does the assessment cover? Common area maintenance, recreational facilities, trash collection, water, sewer, cable TV, phone, snow removal 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 and their fiscal policy Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly.
• Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Is there a view? Are there trees that might block your view in a few years, and if so, what is the policy of the HOA in regards to trimming trees? Can other buildings be built that might negatively affect your view, either on this property or another?
• Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you are buying, may require separate assessments.
• Which EXACT boat/PWC slips are for sale? Do not assume you can get one right in front of your unit, find out what the up to the minute inventory is and go down and take a look at the slip. Check the water depth, and find out what the water level is to determine if you'll be too shallow to use a hoist with the spring draw down of the Lake