If you’re thinking about buying a condo, but not sure where to even start, it’ll be less intimidating for you once you’ve read through these tips. With the advice from real estate experts, we weigh the pros and cons of buying a condo, from association perks, to anticipating extra fees, and being an absentee owner.
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Rule No.1: Never rush into buying a condo unit It’s human nature to buy on impulse. Very often people fall in love with a good-looking car and buy without giving it a thorough mechanical inspection.
However, buying a condo is not the same as buying a house. There’s a whole other set of questions you need to ask when buying a condominium. The answers to these questions will help you decide whether you should even make an offer in the first place or bail on the sale once you get all the facts.
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Condos: Nirvana? Should you buy a condo? Ask the pros and many will say yes. That’s because a condo offers the layout and livability of a single-family home with the low-maintenance lifestyle of.
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You should also know that in 2009, the Federal Housing Administration announced that it would insure loans on condos only in developments where at least 50 percent of the units are owner occupied and, for new developments, where at least 30 percent of units are already sold. If you plan to use an FHA-insured loan, you can check if a condo.
Don’t cue the bragging rights just yet, though. You still need to decide if buying or renting fits your lifestyle. Actually, renting or buying a condo can look eerily similar to renting or buying a house, but don’t be fooled. Choosing to move into a condo and deciding whether to buy or rent has its own set of considerations.