what to know before buying a condo

Like other industries, as consumers become better shoppers and technology allows them to change their buying habits, they are.

The reality is that buying into a condo community means signing an enforceable contract that holds you accountable to a bevy of nit-picking and sometimes ridiculously stupid rules, turning major maintenance and financial decisions over to a board of generally uneducated, unskilled and inept neighbors who have no background or training whatsoever in property management or finance,

10 yr fixed mortgage Pros of a 10-year fix: avoid extra mortgage fees. regularly switching deals means fees can add up. If you take out five consecutive two-year deals over a 10-year period, you’ll be paying any fees five times over, potentially setting you back 8,500 if you pay the 1,700 fee on the current lowest-rate two-year fix, up to 60% loan-to-value (LTV).

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.

what is the average downpayment for a house First-Time Buyers: How Much Down Payment Do You Really Need. – First-Time Buyers: How Much Down Payment Do You Really Need These days? conventional wisdom says 20 percent, but you can actually buy your first home putting much less down.

Before purchasing the condo, the Williamses didn’t know they should have scrutinized a document called the reserve study, an independent analysis of the condo association’s reserve fund for large.

Investing in real estate can seem like an overwhelming venture. Real Estate Broker Pierre Carapetian gives us his expert advice on seven things you need to know before buying a condo.. Photo.

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10 Things You Should Know About Buying a Condo 1. Condos Mean Shared Responsibility. 2. Condos Often Mean Cheaper Insurance. 3. Condos Can Be More Affordable. 4. Condo Buying Still Requires Real Estate Agents. 5. Condos are Subject to Association Rules. 6. Condos May Include Other Fees. 7..

What to Know About Buying a Condo In addition to a condo’s rules, you should also be aware of the condo association’s budget. That way you can know what kind of money you’ll need to contribute, as well as where the money is going.

Perhaps the condo is in an up and coming neighborhood, and you want to buy before prices start to skyrocket. Or perhaps you’re tired of not being able to paint the walls of your apartment, and you’re ready to take the next step towards home ownership.

Everything You Need to Know Before Buying a Condo Owning a condo has many perks outside of the freedom to personalize your space. See why condo ownership might be the right choice for you and which questions to ask before closing.

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