Is condo living for you?
With condos, you own the interior of the living space but share common areas and amenities with your neighbors. The pros and cons of living in a condo are similar to those of apartment living. If you dislike maintenance and don’t mind living among your neighbors and sharing things with them, a condo may be a less expensive option for you.
If you decide to go with a condo, you want to follow these steps:
Get pre-approved for a loan.
Research lenders and get written itemizations to compare their expenses. Check your credit report and credit score. Make sure you are in good financial standing for a loan.
Hire a real estate agent with experience selling condos.
The requirements for buying a condo are different from buying a home. You need an expert to help you find the right place for you and ensure that the process goes fairly and effectively. For details on finding the right real estate agent for you, click here.
You want to research everything you can find about this condo. Questions you should search include:
Go to the place.
- What amenities do they offer? What are the monthly fees to maintain these?
- Who takes care of maintenance? Do they do a good job? What is their reputation like?
- Are pets allowed?
- What amenities can you find near your building?
- Are you allowed to rent out your condo?
- How will your lender finance your loan? How does this compare if you had bought a house?
- Is your condo eligible for an FHA loan?
- What are the rules and regulations of your condo association? What documents do they require?
- What upcoming projects are they planning?
- What are the HOA fees? How do they compare to owning a home? Do they factor in garbage pickup, utilities, and other things you would have to pay for anyway?
- How many parking spots are you allowed?
Never invest in a property until you’ve visited it in person. Inspect the home and note of any problems. Check out how well the common areas are maintained. Meet your neighbors and ask them what they think of maintenance, HOA, and living conditions.
There are great perks to owning a condo if it fits in with your lifestyle. But like all things real estate, you want to research as much as you can and make sure you’re saving and that you’re happy with the condition of your chosen condo.
You can find more information on the home buying process here
We work with condos and high-rises! Check out some of the high-rise communities we work with here.