Condos differ from co-ops and houses in ways that matter at purchase and ownership. Use this evergreen checklist to keep the key items front and center. It's a framework, not a substitute for professional advice on a specific unit.
Before you shop
- Get pre-approved so you know your condo budget range.
- Confirm the building allows your financing type (FHA/VA if relevant).
- Understand common charges and real estate taxes as part of monthly cost.
- Check whether the building has an upcoming assessment or pending work.
Reviewing a unit
- Confirm square footage and layout against the offering plan or listing.
- Ask about the unit's maintenance history and any open permits.
- Review the building's reserve fund and recent financial statements.
- Check the rules that affect you: pets, subletting, renovations, parking.
Offer to closing
Your attorney reviews the contract and building documents. Condo purchases typically involve a board application (lighter than a co-op) and, where financed, a mortgage contingency. Budget for closing costs on top of the down payment, and stay responsive through the application timeline.
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