Do Your Own Due Diligence
The environment in which you come home to each day should be a peaceful sanctuary. At a minimum, what should be included in your due diligence checklist?
Gather and read all of the condominium documents, such as: the master deed, the declaration of trust, the bylaws, any resolutions, the rules and regulations, have an accountant review the financials. In addition, you should find out if there are any current or pending lawsuits, insurance claims, debts, loans, special assessments or similar liabilities or exposures.
Determine if the area is "safe." Review the local police logs yourself (most are public and available online) and check the state's sex offender registry (most states have these online or you can inquire with the local police). One thing that you should know, people are presumed innocent until proven guilty by a court of law. Also, just because someone makes a police report, it does not mean it is the truth. Unfortunately, some people lie to attempt to get away with something, to defame someone else or because they may have some serious mental health issues. Some people will go to great lengths to get what they want and some make serious accusations to cause harm, even knowing what they are saying is untrue.
Drive through the area in which you want to live at different times of the day, night and weekends. You can tell a lot by being simply being observant. Walk around the property, including behind the building(s), as some things are not visible from the front or side.
With the purchase of a condo, you need to understand that rules do apply to everyone, so if you are not a person who likes "rules" then you might want to consider a single-family house that is not in an HOA instead. Rules can be amended over time. The rules when you purchase are not the only rules that can be implemented. Rules are usually implemented to address specific problems or concerns, so reading the rules can tell you a lot about the people who have lived there before or currently do.
The old adage “buyer beware” is so true. Not all states require disclosures, so it is important to do your own due diligence and not to reply upon anyone else to do it for you, and most of all ask questions, a lot of questions. There are things one would not think of unless they have had a particular experience in the past. Ask have there ever been any violent crimes committed in the area (i.e., murder, murder-suicide, suicide, etc.)? Are there any drug-dealers, dealing or use issues in the area? Have there been any break-ins or thefts? Whatever concerns you have, you should ask about before you make an offer to purchase or sign a lease. There is nothing worse then purchasing or renting and then finding out there are serious issues that will threaten your peace or personal safety.
By doing your own due diligence, you can improve your chances that you will be satisfied with your purchase or rental, although there are no guarantees since condominiums can be somewhat transitional in nature where people live there for shorter periods than single-family housing developments.