There are a lot of condos for sale in the Sosua area so buyers have many to choose from. However, my observation is that many are using the wrong criteria in deciding where to buy. Maintenance fees are important, but should not be the primary consideration. And just because something is new does not make it better.
It surprises me how many dissatisfied condo owners that I have come in contact with during the past year. And for the most part, what they are dissatisfied with are things that they should have discovered before they bought.
In no particular order, here are a few suggestions of what to ask or look for when shopping for a condo. All are based on complaints that I have heard. Others will, I'm sure, be able to add to the list.
1. Does the condominium have a paid administrator, or is the supervision done by a couple of volunteer owners.
2. Do the people living there speak positively about the way the condominium is administered?
3. Are there owners who are not paying maintenance fees? If so, what action is being taken to force them to pay.
4. Does the condominium have written rules? If so, read them carefully and ask yourself if all the bases have been covered or if the rules are just intended to meet the requirement that a property have rules in order to get condominium status under the Condo Law. Look for how owners or other residents who disturb you will be dealt with. Loud music, barking dogs, yelling and screaming children,etc., will spoil not only your day but also your enjoyment of your condo. Look for the rule or rules that describes the action that will be taken if an owner doesn't pay maintenance fees and assessments.
5. Does the condominium have insurance, not on contents but to replace the building at full value if severely damaged or destroyed? If insured, is the payment included in the maintenance fee or paid for by assessment.?
6. Are the buildings and grounds being maintained as well as you think they should be? Your new condo won't maintain or increase its value if the building and grounds are not properly maintained.
7. Back to rules, are there rules to protect the aesthetic appearance of the building, or can each owner do his thing. The aesthetic appearance of the building is also a factor in maintaining the value of your purchase.
8. What procedure is described in the rules for dealing with owners and other residents who don't abide by the rules of the condominium?
9. Will anything be done if an owner invites prostitutes to his apartment and they walk around in the nude outdoors?
Based on what I know and have heard from others, if I were choosing a condo to buy, I would take the one that has good administrator with a track record, shows evidence of being maintained, has a good set of rules with procedures for dealing with problems that are likely to spoil your enjoyment of your condo, and has adequate insurance on the building, preferably in dollars rather than pesos.
I happen to live in a condominium that, I think, meets all the criteria and I am very happy that I do. Because there are a large number of condo owners who paid a lot of money but who are not getting the satisfaction from their purchase they deserve. If your selection is based only on the input of your realtor and the maintenance fee in comparison to others, chances are that you, too, will be one of those dissatisfied owners.
If a condominium is new and does not yet have rules or administrative procedures that you can verify, I would be doubly cautious about buying there. The adoption and revision of rules requires the approval of 75% of the owners. Getting a large group of new owners who don't know each other well and who are probably new to condo ownership to come up with a comprehensive set of well thought out rules that most owners can agree to is a monumental task and likely to take years to accomplish, assuming that it can be accomplished with the mix of owners of your condominium.
It surprises me how many dissatisfied condo owners that I have come in contact with during the past year. And for the most part, what they are dissatisfied with are things that they should have discovered before they bought.
In no particular order, here are a few suggestions of what to ask or look for when shopping for a condo. All are based on complaints that I have heard. Others will, I'm sure, be able to add to the list.
1. Does the condominium have a paid administrator, or is the supervision done by a couple of volunteer owners.
2. Do the people living there speak positively about the way the condominium is administered?
3. Are there owners who are not paying maintenance fees? If so, what action is being taken to force them to pay.
4. Does the condominium have written rules? If so, read them carefully and ask yourself if all the bases have been covered or if the rules are just intended to meet the requirement that a property have rules in order to get condominium status under the Condo Law. Look for how owners or other residents who disturb you will be dealt with. Loud music, barking dogs, yelling and screaming children,etc., will spoil not only your day but also your enjoyment of your condo. Look for the rule or rules that describes the action that will be taken if an owner doesn't pay maintenance fees and assessments.
5. Does the condominium have insurance, not on contents but to replace the building at full value if severely damaged or destroyed? If insured, is the payment included in the maintenance fee or paid for by assessment.?
6. Are the buildings and grounds being maintained as well as you think they should be? Your new condo won't maintain or increase its value if the building and grounds are not properly maintained.
7. Back to rules, are there rules to protect the aesthetic appearance of the building, or can each owner do his thing. The aesthetic appearance of the building is also a factor in maintaining the value of your purchase.
8. What procedure is described in the rules for dealing with owners and other residents who don't abide by the rules of the condominium?
9. Will anything be done if an owner invites prostitutes to his apartment and they walk around in the nude outdoors?
Based on what I know and have heard from others, if I were choosing a condo to buy, I would take the one that has good administrator with a track record, shows evidence of being maintained, has a good set of rules with procedures for dealing with problems that are likely to spoil your enjoyment of your condo, and has adequate insurance on the building, preferably in dollars rather than pesos.
I happen to live in a condominium that, I think, meets all the criteria and I am very happy that I do. Because there are a large number of condo owners who paid a lot of money but who are not getting the satisfaction from their purchase they deserve. If your selection is based only on the input of your realtor and the maintenance fee in comparison to others, chances are that you, too, will be one of those dissatisfied owners.
If a condominium is new and does not yet have rules or administrative procedures that you can verify, I would be doubly cautious about buying there. The adoption and revision of rules requires the approval of 75% of the owners. Getting a large group of new owners who don't know each other well and who are probably new to condo ownership to come up with a comprehensive set of well thought out rules that most owners can agree to is a monumental task and likely to take years to accomplish, assuming that it can be accomplished with the mix of owners of your condominium.