If you are considering buying a home, you need to decide whether you are ready to maintain your property.If you are buying a single-family residence, that could include landscaping and outdoor maintenance. For those not interested in learning how to mow lawns and trim hedges (or hiring someone), buying a condominium might be a better option.
Arlington VA real estate agent and Realtor Matt Leighton talks about 5 mistakes people are making when buying a condo. Subscribe for more real estate videos.
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4 Things You Must Know Before Buying A Condo On Maui.. This is OK, because you know that up front and your fees should be lower than some other.
Condos make ideal homes for singles and couples who lead busy lives and don’t spend much time at home and homeowners who want to spend less time and energy on maintenance. For those who want a private yard, to host large gatherings, or make a project out of dramatically refurbishing their living space, a condo isn’t the ideal spot.
Before you commit to owning a home, consider factors like maintenance fees and proximity to neighbors. Before you commit to owning a home, consider factors like maintenance fees and proximity to.
"Most of the things you need to be aware of when buying a condo don’t involve the unit itself. They have to do with the governing body that manages that property," Abrams says. With condo developments, the homeowners association is often responsible for more maintenance, including the overall maintenance of the building.
Before you step foot in an open house, you need to know how much condo you can afford. For example, if you make $50,000/year, you cannot afford a $300,000 condo, unless you have a secret trust fund. And even if you make $100k/year, a million dollar condo is way out of your league.
And a few more things from the to-do list for potential condo owners. Ask if there has been a technical audit of the building, done in connection with the reserve fund. This will help you determine the actual condition of the building.
Unless you are paying cash to buy a townhouse, you will need to obtain mortgage financing. One of the limitations of these types of properties comes from the difficulty lenders find in accurately classifying and appraising townhomes. Mortgage financing is more expensive and restrictive for condos.