The Ultimate Cleveland Condo Buyer’s Checklist (Free PDF)
Buying a condo in Greater Cleveland? You’re buying a home and a share of the association that runs the building. Our free checklist walks you through both, in the order you’ll need them: condo financing, the HOA documents to request, how to read a reserve fund, evaluating amenities and parking, and tour, offer and closing checklists.
Get the free The Ultimate Cleveland Condo Buyer's Checklist
Every box to tick before you buy a Greater Cleveland condo: condo financing, the HOA documents to request, how to read a reserve fund, evaluating amenities and parking, plus tour, offer and closing checklists. Enter your name and email and the PDF downloads right away.
What’s inside
- A 10-step condo buying roadmap with typical timing
- Condo financing checklist: what the lender reviews about you and about the building (warrantability, FHA/VA approval, questionnaire, master insurance)
- All-in monthly budget worksheet: payment, taxes, condo fee, HO-6 insurance and an assessment cushion
- HOA document checklist with what to look for in each document
- How to read a reserve fund in 10 minutes, with percent-funded benchmarks
- Amenity and parking data from 3,049 Greater Cleveland condo sales
- Tour, offer and closing checklists
Greater Cleveland condo market at a glance
About 1,500 condos, townhomes and lofts sold in the Greater Cleveland areas we track over the last 12 months, at a median price of $200,750 and a median reported condo fee of $347 a month (MLS Now). Over the last two years, 53% of condos sold had an attached garage, 29% were in communities with a pool and 14% had a balcony.
Find your association: our Greater Cleveland Condo HOA Directory lists 435 condo associations with their management companies, recent condo fees, and pet and leasing rules.
Frequently Asked Questions
What documents should I get before buying a condo in Ohio?
Ask for the declaration and bylaws, rules and regulations, current budget, reserve study, recent financial statements, 12 to 24 months of board minutes, the master insurance certificate, any special assessment notices and the association’s statement of account. Make your offer contingent on reviewing them.
How much should a condo association have in reserves?
A reserve study shows what should be saved. Associations that are about 70% funded or more are generally considered strong, 30% to 70% fair, and under 30% weak. Many lenders also look for about 10% of the annual budget going to reserves.
Can I get an FHA loan on a Cleveland condo?
Yes, if the condo project is FHA-approved or the unit qualifies for single-unit approval. Our Condo Financing Specialist, Matt Sheffey, checks a building’s approval status before you write an offer.
What is a special assessment?
A one-time charge the association bills owners for a large repair or shortfall not covered by reserves. Check board minutes and the reserve study for upcoming projects, and spell out in your purchase agreement who pays any assessment approved before closing.
How long does it take to buy a condo?
A typical financed condo purchase closes 30 to 45 days after the offer is accepted. The lender’s review of the condo project and the association’s documents can add time, so start both right away.
More free condo guides
Talk to a Condo Specialist
Call the My Cleveland Condo team at (216) 916-7778 or contact us. For condo financing, call Matt Sheffey, our Condo Financing Specialist, at (440) 668-2942. For title and escrow, call Jennifer Schultz at Trilogy Title Agency, 440-371-4043.