Buying an Indiana condo: the home is only half the review

Request the declaration, bylaws, rules, and available amendments. Ask which areas you own, which you can use, and who maintains windows, balconies, roof surfaces, utilities, and other components. The word “condo” alone does not establish those boundaries.

Verify the status of parking and storage: deeded, assigned, leased, or available subject to rules. Visit the actual space and route to the unit. Check visitor parking, deliveries, stairs, elevators, and accessibility against your own needs rather than assuming an amenity description answers them.

Request the current budget, available financial statements, reserve information, recent meeting minutes, and notices of approved or proposed major work. Ask about outstanding obligations and special assessments. These are research requests, not a promise that every association will have the same records or a particular reserve study.

A low monthly fee is not automatically an advantage if work is deferred or large expenses are left unfunded. Ask an appropriately qualified adviser to help interpret documents you do not understand. Establish whether an assessment is approved, merely discussed, or already payable, and have the contract address who pays transaction-specific obligations.

Keep a dated list of documents received and questions still unanswered. If a seller description, meeting record, and management response seem inconsistent, request clarification in writing before the relevant deadline. Ask who is authorized to provide association information and whether a current document supersedes an older one. An unanswered question about a major project is uncertainty to resolve, not evidence that no expense exists.

Give your lender the property and association information before relying on a financing assumption. Approval of you as a borrower does not establish that every condo project qualifies for your chosen loan. Ask what project review is needed, who provides the documents, and whether it fits your contract timeline.

Have your insurer review the association’s coverage and the unit-owner coverage you need. Ask about deductibles, responsibility for interior finishes, loss assessment coverage, and exclusions. The CFPB notes that association fees are usually paid separately from the mortgage; include them in your ownership budget rather than looking only at principal and interest.

Read restrictions affecting pets, renting, renovations, flooring, exterior changes, and use of shared amenities. If a home office, future rental, or planned alteration matters to your purchase, verify that specific use rather than relying on what another resident appears to do.

Tour at a time relevant to your daily routine and ask about building access, maintenance reporting, and planned disruptions. A unit inspection still matters, and it does not establish the condition of every shared building component. Ask what a professional can inspect and what remains uncertain.