There are many reasons why a condo could be right for you. If you like the idea of owning your own home but aren't a big fan of cutting grass and other maintenance that comes along with ownership, a condo is a fantastic option. While there are many benefits with condos, there are also a few differences compared to purchasing a single-family home. Here are three tips that can help if you are purchasing a condo.
Hire A Real Estate Agent
If you are thinking about buying a condo, hiring a real estate agent is essential. Hiring a real estate agent who specializes in condo sales is even better. A real estate agent is pro at navigating through the often complicated process of purchasing a property. Going with a buyer's agent who is experienced with condo sales will give you an advantage. A real estate agent will know the local market well and show you condos that will work for your needs. They will alert you to any potential pitfalls with specific properties and will help you make an informed decision when you purchase your condo.
Look Into Financing Early On
Another thing that you should do is looking into financing early on in the process. Financing a condo is different than financing a stand-alone house. Because you share walls and space with your neighbors, lending requirements may be different. Things like the financial health of your condo associated and occupancy rates in your community will impact whether or not you will be able to obtain financing. Financing a condo is more complex and challenging than financing a single-family home. Starting early can give you an edge when you are purchasing a condo.
Consider Condo Association Fees
For many, the lack of maintenance that comes with a condo is a big draw. Your condo association will be responsible for much of the maintenance. However, before you buy a condo, you need to consider these fees carefully and what they cover. Condo association fees can range anywhere from $100 to $700. Before you commit to a condo, make sure you know how much you will be paying for these fees and also whether or not you will be able to afford any future increases.
If you are on the market for a condo, there are a few things that can help. First, hiring a real estate agent is essential and will help you in your search. Financing a condo can also be a challenge since lender requirements for these properties are often stricter. Looking into financing early on in the process is a good idea. You'll also want to consider condo association fees before you purchase a condo.