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      02-06-2007, 03:59 PM   #16
Bimmerista
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There are some very good points made here about what to do before you have moved in.

Now, one thing often overlooked is the upkeep; specifically, I don't know if you are in coop or in a condo, but there are coop/condo fees to be paid every year.

Smart associations actually build up a contingency fund for major repairs to common areas, such as roof, underground garage (?), piping in common areas (plumbing) etc. If your condo/coop does not have an emergency fund reserve and a major repair comes up guess where the money comes from ? your fees will be increased by your pro-rata share and that can be quite a shocker to the lifestyle if the budget is otherwise tight. The same obviously applies to repairs to be made by you to your appartment and which you alone would be responsible for.

So ask your lawyer to request the financials and see if there is such a reserve fund. If not, then confirm the age of the roof etc. the stuff that can break and is expensive to fix.
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