Why A CondoGrade Matters

When you purchase or own a condominium property, you have a partial financial responsibility for all the common elements (roofs, walls, electrical, etc.) in your building. The condo association, the legal entity that governs your building, collects money (assessments/fees/dues) each month to put towards the bills to operate the building and saves some away for larger, special projects.

Over time, the association builds up a savings, sometimes referred to as reserves, to use for necessary building repairs. Depending on the timing of the repairs and the amount of money in the association’s savings, there might not be enough to pay for mandatory work on your building. When this happens, the owners are responsible to pay additional money to cover the difference.

CondoGrade rates condo associations based on this risk as well as relevant info including the building’s foreclosures, pending litigations, etc. We want the public to know, which buildings are doing a good job and which buildings might have a high risk of you writing that extra large check. Your home is the largest asset you will own and CondoGrade is providing visibility into any risks of owning that piece of property.

1
Know the Risks Upfront

You look for reviews or ratings on everything you purchase these days. So, why not with your largest asset. Get the information you need to make a smart, well-informed purchase.

2
A Longer Buyer's Review Time

During the buying process of a condo unit, you are given a small number of days immediately prior to closing to review the countless association documents. Have the broken-out information before you put in your offer, so there are not any last-minute deal killers.

3
No One Likes a Special
Assessment

You just bought a beautiful condo and then comes the news that you need to write a large check. Know the risks of a special assessment before it is too late.

4
Mortgage Lenders
Must Approve

The condo association must be approved by the lender to get a mortgage. Don’t waste your time looking at buildings that will never get a mortgage.

5
Higher Property Values

Condo units in good associations are worth more. Your share of the association has value and should be priced into the value of your property.