If you’re someone who has ever considered purchasing a condo, then chances are you’ve already considered the many different advantages that this type of property can offer you, such as living closer to town, not having to perform as much maintenance, and, perhaps more important, being more in your overall price range. However, there are certain tips that you should make note of when it comes to selecting the right condo so that when the closing is finalized, you will be completely happy.
Here are five useful tips to consider when it comes to picking a condo.
1. Determine if the Condo Complex is Approved by the FHA
This is perhaps one of the most important things to keep in mind while considering your purchase, as the FHA, which is short for the Federal Housing Administration, enables borrowers to only pay a downpayment of 3.5% thanks to the popular FHA mortgage loan. This means that if you are purchasing a home for the first time and you don’t have a sizable savings account, you will be in luck. If a condo complex is FHA-approved, then someone looking to purchase a condo will not be able to do so without first obtaining an FHA mortgage loan. On the other hand, if a condo complex is NOT FHA-approved, this can affect buyers and sellers equally. You can obtain more information regarding FHA approval for condo complexes and the FHA mortgage loan from the Federal Housing Administration. You can visit their official website here.
2. Make Inquiries About Storage
One of the most common issues with condo complexes typically involves storage, as these types of residences normally aren’t designed for those who have a lot of things that need to be stored. If you think storage may become an issue for you, take the time to figure out what your particular storage options will need to be, as there are some condo complexes that do offer garages and other types of storage areas for you to utilize.
3. Hire a Real Estate Agent Who Has Experience with Selling Condos
This is another important tip to make note of, as this type of real estate agent will be able to assist you with getting through the entire purchase process. Purchasing a condo is much different than purchasing another type of property, such as a single-family home, multi-family home, or even a vacant lot. Furthermore, there are many different contingencies that are put into place that are separate from the more common contingencies that you would normally find in a sale and residential purchase contract. Even the purchase contract for a condo is different, as, in addition to signing a sales contract, you also will generally be required to sign a contract for the condo complex, which basically states that you agree to and understand all of their rules and regulations. This is why it’s so important to hire a real estate agent who knows all of the ins and outs of selling condos.
4. Ask About What the Condo Includes
Before making any kind of a final decision regarding your purchase, take a moment to ask about what all the condo would include. For instance, if you wish to have someone come and visit you, will there be extra parking spaces available for your guests to use? Will you have your own reserved parking area? As previously mentioned, are there options available in the event that you need extra storage space?
5. Do Research Regarding What Your Condo Association Fees Will Include
As important as it is to know how much your condo association fees will be, it’s also equally as important to know exactly what those fees will be getting used for. Typically, the majority of those fees will be put towards covering factors such as maintenance and insurance; However, you should take the time to do some of your own research in order to determine if there are any potential exclusions that may apply. Additionally, your condo association fees may also be put toward covering the following:
*Maintaining your lawn
*Snow removal
*Regular trash pickup
*Sewer/water services
*Road maintenance
*Electricity
*Heating
Furthermore, if you live in a condo complex that offers amenities such as a swimming pool, clubhouse, etc., these fees may also be used to help keep those up for residents as well, even if you don’t plan to use them yourself.
These are just a select few of the many tips that you should make note of when it comes to picking a condo that is right for you and/or your family. There are so many other interesting ones that are available as well, which can be found simply by doing a little extra research. In the end, you should always make sure that you have all of the details you need before you make your final decision on the condo that you want, as this will help you make a more informed choice.
