Condo is condominium referring to shared property where there are individual owners for each unit. Buying a condo is not like buying a single-family residential property. There are many benefits and considerations in buying a condo than ordinary residential property.
Zack Childress real estate reviews throws light on how to buy condo, pros and cons.
- Condos are used for fitness centers, playing indoor sports.
- Condos are preferred as maintenance work is less
- To know about living in a condominium community as every community has its own specialty.
- The rules and regulations, association fees, facilities offered differs in each community.
Consider the following before you opt for a condo
- Neighborhood and location
- Rules
- Contract
- Hiring real estate agent
- Legal work
- Amenities
Choose where you want to live and search whether there is a condo community there. The close connect to neighbors is the first difference between a single family home and condo. People living in condo should be adapted to live close with your neighbors. There could be multiple neighbors surrounded by you. So if you need privacy, the condo is not a right option. Check for the weather conditions, like will you able to survive in all seasons of the year.
Condo comes with lawn, snow removal maintenance etc, so you must be ready to that. If you don’t like to own a garden, or not willing to follow rules put forth in a community, condo homes won’t fit you.
The elements in the contract differ from ordinary residential property. The purchase contract will have different clauses, contingencies. There would be another contract similar to sale contract before closing the deal. This will have entire rules and regulations to be followed in the condo community.
Ensure you choose a reliable real estate agent who has experience in working for condo homes. He should be able to guide you throughout the process and check the legal documents.
You need to get a pre-approval letter from the lender, as many will not agree a condo purchase. FHA should have approved the condo community in case you are going to avail that benefit. FHA approves when owner is part of the community. Private mortgage requires 20% of condo, this is quite high and you need lot of down payment for it.
You need to check what are the facilities provides, basics like parking, storage unit. Enquire about the association fee which covers common expenses like maintenance and insurance. Review the association rules and regulations.
Special assessment fee is obtained to cover for major repairs. Maintaining a condo is very important because if the condition is bad, it cannot be resold. A management company will be in charge of day to day operations of the community.
Condos do not appreciate in its value. Consider the age of the condo, are you buying a new or very old one for resale.
To know more about condo homes and how to prevent from scam, visit Zack Childress Quick REI cash system where pros and cons are discussed in brief.
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