When weighing the decision to purchase an office condominium, be sure to take the following into consideration:
1. Check with real estate brokers familiar with the area where you're considering buying to learn if rents and sale prices are appreciating. You don’t want to invest in an area where property values are falling.
2. Make sure the location is accessible to customers, employees and support services and is covered by city services. Also check that the location is free from environmental concerns.
3. When considering an existing facility, have your lawyer check for any restrictive covenants/deed restrictions, and available utilities.
4. Hire an architect or engineer to inspect and the quality of the building structure, including age, type of construction, floor construction, and windows. Inspect building equipment, including elevators, plumbing and toilet facilities, lighting and electric power source, HVAC, sprinkler system, air and steam lines, and related items such as utility charges, insurance rates, taxes, landscaping, and sidewalks/paving.
5. Check what type of sign you can erect. Typically there are certain sign criteria that must be followed regulating the size, colors and lighting.
6. Find out who will manage the property and what responsibilities they have for maintaining the property. Make sure the manager is a reputable, qualified, experience professional management company.
7. Find out who runs the condominium association and how often it meets. A board of directors typically oversees associations. The board is elected by each voting member of the association as dictated by the condominium association documents.
8. Confirm the monthly operating costs and any restrictions governing the reselling or leasing of your unit. Finally, check the parking allowance and whether parking spaces are reserved or open (if applicable).
Daria Meoli is the Executive Editor at The New York Enterprise Report. She can be reached at firstname.lastname@example.org