1. Owner-Occupancy Requirement
It is important to make sure that at least 51% of the units in a condo project are owner-occupied. This helps ensure that the development is stable and well-maintained, as owners have the incentive to take care of their property.
2. Financial Status of the Association
It is important to ensure that the condo association is financially stable. This means that the association should have sufficient funds available in case of emergency repairs or maintenance, and should have a plan for long-term financial stability.
3. VA Approved Project and Developer
The condo development and developer must be approved by the VA. This means that the project must meet certain standards and requirements in order to qualify as a VA-approved condo.
4. Reasonable Homeowner's Association Fees
The condo association should have reasonable homeowner's association fees that are based on the size of the unit and other factors. This helps ensure that all owners are contributing their fair share for the upkeep of common areas.
5. Location of the Property
When purchasing a condo, it is important to make sure that the location of the property is suitable. This means considering factors such as proximity to military installations or VA hospitals as well as access to necessary services and amenities.
6. Access to Necessary Services & Amenities
The condo should be located in a place where owners have easy access to necessary services and amenities, such as grocery stores, restaurants, and other businesses.
7. Commitment to Maintenance & Preservation
The condo association should have a commitment to preserving and maintaining the units in the development. This helps ensure that all owners are taking responsibility for their share of maintenance costs.
8. Rental Restrictions, if Any
For VA approval, there may be rental restrictions on certain condos in the project.
9. Proximity to Military Installations or VA Hospitals
When purchasing a condo, it is important to consider the proximity of the property to military installations or VA hospitals. This can be beneficial for owners who are active duty service members or veterans.
10. Unit Insurance Requirements
The condo association should require that all units in the development have insurance. This helps protect both buyers and sellers in case of any accidents or damages to the property.