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CONSIDERING A CONDO?
HERE'S 3 THINGS TO KEEP IN MIND.
Assessments
These are dues that are paid monthly to your condo's association, and generally cover things like trash and snow removal, lawncare, and common area repairs. Typically, it is a cost of several hundred dollars or more per month, so it can be an important factor in your decision making process. You will also want to know if there are any "special assessments" coming up for things like roof or parking structure repairs - these will increase your overall monthly payment.
FHA Allowed
Many buyers anticipate using an an FHA loan for their purchase. These are loans insured by the Federal Housing Administration, and allow buyers to put down as little as 3.5% of their purchase price. However, not every condo is FHA approved. Make sure you speak with your agent and lender early on in the process if you are considering a specific condo, to make sure you can use an FHA loan if that is your goal.
Association Rules
Most condo associations have rules regarding how many units can be rented out at a time. If you are considering renting out your condo in the near or distant future, you will want to make sure you understand any rules and limits your association may have on rentals. Some associations only allow a certain percentage of units to be rented out, or require you to live in the unit a certain number of years before you rent it out. The condo association may also have rules on things like outside grilling, lawn or deck furniture, or other things, so it is important to understand all of these before you make an offer to purchase.
Let us be your guides through the condo purchase process! We have access to both current and up and coming condo listings, and regularly tour condos as they come on the market. Let our knowledge and expertise work for you!