25 Nov When purchasing an office condo, what are some things to look out for?
Many office parks in Baton Rouge are part of an already established condominium regime. If you’re considering purchasing an office building in one of these established condominium regimes, there are a few things to consider and ask about.
The question that you’ll want to start with is: What are the dues for the association on a monthly basis? From there, you’ll want to dig deeper, specifically into what exactly those dues are paying for.
Here are some questions to ask:
- Do they cover exterior maintenance of the building?
- Do they cover parking lot maintenance?
- Do they cover certain things related to signage, such as monument signage at the business park?
- What are the shared expenses?
- What are the common area expenses?
Looking at the condominium declaration to find answers is a good place to start, but always be sure to ask if the answer isn’t clear. Knowing these things will allow you to budget other expenses for your business. If something that you would normally budget for is covered by your association dues, then you may be able to use that money for other expenses.