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Page 20 Spring Home Living Take some precautions in search for a condo By Jimmy Thornton Copley News Service Gary J. Aguirre, legal counsel to condominium association owners, advises potential condo buyers to first look at the property on which the condo sits before committing themselves to a 30-year mortgage. If there is shifting in an older com­ plex, you can detect signs of it by looking for cracks in asphalt, buckled sidewalks, potholes, little gulleys or a lot of patches. Look for hard-to-shut doors inside the structure and cracks in the walls where joints come together. The attorney tells of other ways in which potential buyers can help ensure against future problems as condo owners. You should visit the complex during a rainfall to look for standing water. Puddles in an underground garage could mean fungus growth. Water collecting against walls of the buildings could mean rotting supporting materials. If you can't inspect the facility in the rain, ask the people who reside there. Also, ask if there have been problems with pipes, a common complaint. Condo associations must keep on hand and show prospective buyers the bylaws and CC and Rs, or covenants, conditions and restrictions. These are the rules of the land which may determine what color drapes you can hang in outer windows or what kind of pets, if any, you can keep. Also, developers must provide the original buyer with a "final subdivision report" when the sale involves a new project of five units or more. Tne report is written in lay language, and Aguirre said that while you shouldn't need an attorney to un­ derstand it, you may want to consult an engineer or architect if you don't un­ derstand some of its technical aspects. The final subdivision report gives a fairly accurate picture of what to ex­ pect in operational costs over the years, Aguirre said, because the developer is subject to possible disciplinary action by the Department of Real Estate if it doesn't. Expenses include the cost of general m a i n t e n a n c e , l a n d s c a p i n g , management costs, common-area air conditioning costs and long-term maintenance of item^ such as the roof. For example, the developer may report it will cost $200,000 a year to maintain the complex. How much of that cost will be ab­ sorbed by you will depend on how many units are sold, which will determine your share of the cost. You should determine and, if necessary, make it a part of escrow, that all assessments are up^to-date and that a reserve is being maintained for major maintenance, such as for roof repairs and replacement. Aguirre said you don't want to buy into an older condo and find the owner is behind in paying assessments. If possible, go over the board minutes for the past six months or so. Minutes would revel any pressing problems discussed by the association. If you can look at the budget, you will see how things like Escaping and other maintenance are provided for. When buying into a new con­ dominium complex, Aguirre said it's best if you can do so after operations have passed from the developer to an association. New offerings often are built in stages. While it is helpful to examine model units, you also should read carefully any disclaimers. For example, the developer may reserve the right to alter units sold from what you saw in the model. Too, in the first stage of a complex, the developer may state it is the company's intention to add a swim­ ming pool during a later stage. However, that might not be binding and you could end up investing in a unit that never will have its own pool. Also, the developer may indicate the next stage will have a reasonable number of units, but after you sign, the density is changed so that more units are added in the same space. This could tax the facilities and make the complex a less-attractive place in which to live. Major features should be covered in escrow to protect yourself when a condominium complex is still in the development stage, Aguirre said. If you're planning on solar heating, weatherstripping, adding rooms, paint­ ing, landscaping, kitchen remodeling or more, remember...before you start, 1) Contact a local contractor for a com­ plete estimate of materials and work­ manship. 2) Check your finances. Chances are you'll need extra money, if so... 3) See us for a Home Improve­ ment Loan. Our service is fast and confidential and repayment schedules are tailored to meet your budget requirements. When you think Home Improvement- Think of Us. Sew Easy Decorating ffNtow m*- m, m* •Pillow Forms •Batting •Hoops, round & oval MAIN STREET ; V- FABRICStt Calico, Gingham, Muslin, 100% Cotton-use your imagination & style for your whole house! 9 MAIN ST., WOODSTOCK 0E1! Sherry Loughran, Mgr., 338-7370 lome see Phil Oeffling, Keith Leathers or Linda Wigman at the McHenry State Bank's Carey Building for your Home Improvement Loan, today! Jloan <Sfxzola.tii.ti. McHENRY STATE BANK EQUAL HOUSING LENDER 385-1040 M*>V*b«r.FDK;-