What you should be thinking of when buying a condo?


 

· Know what condos are selling for in the condo complex, the building, in the city,  and in the area.  What are the trends ? What are the resale value of condos if you are buying new? Are these condos easily duplicated?  Is there a glut on condos in the area?  Is it a converted apartment complex?  How old is the complex?

· What are the upsides of condos?
 · What are the downsides of condos?

· Know what the condo fees cover ?   What are the Condo Fees?_______ Per month or Per year? Does it cover?....Water__ Gas __Utilities__ Electric__Exterior maintenance __ Snow removal___ Pest Control__ Parking__ Homeowners Insurance__ Flood Insurance__ Security__ . Interior insurance for your contents are not covered, most times it is only the exterior and you will need additional Ins. for inside and contents.

· Condo master deed and bylaws need to be examined to determine what modifications can be made in your unit. Condo associations govern what can be done inside the complex.  Rules usually cover on how units can be decorated outside.  (Including the color of paint and gardening) Sometimes the rules can be strict.  You must abide by the rules or you can be fined.  Be sure to read the rules and that you can live within the rules and bylaws.  Don't buy one thinking you can get away with major things such as extra cars or putting up a flag pole.  Those are examples but plan on living within the rules.

· Security of the area and the condo association itself. Check out the immediate area during day and at night.  Parking and on site security. How much guest parking ?  Condo complexs usually have limited parking?

·  Condo taxes are the same as for homes if it is your primary residence, you will get the homestead exemption. Taxes are usually the only thing held in escrow by the lender if you choose to escrow.

Condo assessments are paid by owners when a major repair needs to be done and there is not enough in reserve.  Ask about the reserve.  Check the entire condo association as to the overall condition because you pay in the end.  How long since major items such as roof, porches, paving, windows have been done?  Call a board member and talk to them.  Would they buy now?  Are there any major repairs needing to be done?  Are some on the horizon?

 

What do you want and need in the Condo?

City_____ Price Range____ Square footage___  Bedrooms____
Bathrooms ___ Fireplace___Deck/Patio___ Kitchen size__
Floor plan___ Closet space__  Washer/dryer on main floor__
Parking___ Garage___Commute time___
Style of condo, flat or townhouse, ___ one story or 2 story___
All on one floor___ Basement___ End Unit___ Privacy___
Near shopping or other services___ Gated___
Financing___ Taxes____, Pets___Size of Association____,
Who can live there___Resale Value____ Pool/spa ___
Commom areas (parks)___ Community Building____Condo Fees___

These are the questions you need to think about so I can help you find what you want in a home in a price you can afford!  Use our Dream home finder

 

Why should you get pre-approved for a mortgage ? 

Getting a pre-approved mortgage is a great way to get started. Most sellers will not accept an offer without a pre-approval letter.  With a mortgage approval, you will be in a better position to negotiate with sellers. You will also be able to close on a property quicker than other buyers. This shows the seller how serious you are about the property, and it will make the seller more comfortable working with you. In a "seller's market," or where supplies are limited, a pre-approved mortgage is essential.

 This will help you decide some important things so we can concentrate on getting the best Condo for you. Such as:

  • Your preferred price range
  • What extras you would like
  • Determine what you will qualify for
  • Your preferred down payment
  • Your preferred monthly payment
  • Which types of financing are best for you
  • How you can get a mortgage