Bloomington Condos

Where you’ll find condos in Bloomington

Condos show up in several parts of town. Downtown and the streets near Indiana University have condos alongside older houses and small multi-unit buildings, within walking distance of campus and the courthouse square. Parking, walkability and bus access matter more there than almost anywhere else in town.

You’ll also find condo communities in other areas, including:

• [Tarah: condo area or community, with location and building type]
• [Tarah: condo area or community, with location and building type]
• [Tarah: condo communities near Lake Monroe, if you want to mention them]

Each community has its own association, its own budget and its own rules. Two condos with the same floor plan can be very different to own.

Before you look at Bloomington condos for sale, read the documents

Every condo comes with a set of governing documents. They tell you what you own, what the association owns, what you pay, and what you can and can’t do. I ask for them early, and I suggest you read them before your offer deadlines run out.

What to ask for

• Declaration and bylaws. These set up the association and define your unit, the common areas, and how decisions are made.
• Rules and regulations. The day-to-day rules on rentals, pets, parking, noise, trash, and changes to your unit.
• The current budget. What the association spends each year and where your monthly fee goes.
• The most recent financial statements. Income, expenses, and how much is set aside in reserves.
• A reserve study, if there is one. A plan for the big items, like roofs, siding, paving, and elevators.
• Recent board meeting minutes. This is often where you learn about planned repairs, disputes, or a coming assessment.
• The master insurance policy summary. What the association’s policy covers, and what it leaves to you.

Fees, reserves, and special assessments

Your monthly association fee pays for the shared parts of the property. Depending on the community, that might include exterior maintenance, the roof, landscaping, snow removal, trash, some utilities, and the master insurance policy. Ask for a written list of what the fee covers, so you can compare it fairly with other units.

Reserves are the savings an association keeps for big repairs. A community with healthy reserves can replace a roof without asking owners for a lump sum. A community with thin reserves may need a special assessment, which is a one-time charge to every owner, or a sharp jump in fees.

Questions I’d ask

• When were the monthly fees last raised, and is an increase planned?
• Are any special assessments approved, planned, or being discussed?
• When were the roof, siding, and paving last replaced?
• Is the association involved in any lawsuits?
• How many owners are behind on their fees?

Rental, pet, and parking rules

The rules are where condo plans most often run into trouble, so read them with your own plans in mind.

• Rentals. Some associations limit or cap rentals, set minimum lease lengths, or require owners to live in the unit for a time first. If you might rent the unit later, check this before you make an offer, not after. Inside city limits, rentals also need a City of Bloomington rental occupancy permit.
• Pets. Look for limits on the number, size, or type of pets, and any rules for common areas.
• Parking. How many spaces come with the unit? Are they assigned, covered, or first come? Is guest parking available?
• Changes to your unit. Many associations require approval for things like flooring, windows, or exterior changes.

Insurance: the master policy and your own policy

Condo insurance usually comes in two layers. The association carries a master policy on the building and common areas. You carry your own policy, often called a condo unit owners or HO-6 policy. A national consumer guide from insurance regulators describes the unit owners form as covering your personal property and your walls, floors and ceiling.

Where the master policy stops and your policy starts depends on the association’s documents and the policy itself. Before you close, ask your insurance agent to read the master policy summary and quote a policy that fills the gaps. Ask about coverage for your share of an association loss, too.