Once you find the Steamboat condo you want, make sure you carefully review all the documents. (As always, it’s always a good idea to have your attorney review these.) The Colorado Contract to Buy/Sell Real Estate gives Steamboat condominium buyers the right to examine all the documents before purchasing. In fact, Steamboat condo buyers can get out of the purchase contract and have their Earnest Money returned if the HOA documents are not agreeable to the buyer.
Here are some questions Steamboat condo and townhome buyers want to be aware of:
• How many condos does the developer own, and how many have sold?
• Does the developer still in control the HOA?
• At what point does the developer turn over the management of the HOA to the homeowners?
• What is the timeline for amenities like pools? Is the developer required to put them in, or can they wait…indefinitely?
For all condos in Steamboat Springs (and other resort areas), especially if you are financing:
• Is this condominium complex considered a condotel by lenders?
• Are any condos in the development sold as fractional ownership?
• What about parking? Is there a deeded space, or is parking space available?
• Who does the rental management, and do they also run the HOA? Are they on-site or off?
• Can you rent the condo nightly? Long-term?
• What is the pet policy?
• Are any of the units bank owned or delinquent in their HOA fees?
Owning a Steamboat Springs condo or townhome is one of the easiest ways to enjoy living full- or part-time in Steamboat. To avoid any surprises, carefully read the CC&Rs before purchase.
And for help choosing which Steamboat Springs Condominium or Townhome best suits your lifestyle, please contact us.