“You must trust yourself more than you trust others.”
– Suze Orman
If you plan to buy a condo, you are choosing to become partners with from one to hundreds of strangers in a shared financial arrangement. The others are the current condo owners in the building. Additional strangers (new buyers) will later join the group.
You will be participating in a written agreement to share the costs of maintaining and/or upgrading the building and its common areas. In the right building, with the right co-owners, this can work beautifully. If, however, you buy in a problem building with uncooperative or unrealistic owners, your condo ownership experience could be truly troubling.
I recently wrote an article about hidden problems in condo buildings and received a number of reader emails substantiating my warnings.Read More