"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.
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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.
Also, remember that as soon as you own the condo, you’ll need an emergency fund, in case something needs to be fixed. Budget at least $3,000-$4,000 for the emergency fund, if not more. So, when you’re deciding how much of a down payment you can afford, keep these additional expenses in mind .
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.
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If you are not in a position where you can obtain a mortgage when the project registers, stay away from buying new construction. The market is being flooded with condo assignments and many are.
Realtor Cara Ameer highlights how living in a condo or townhouse can be different from a single-family home. Video: Buying a Condo? Here’s What You Need to Know (Video) – realtor.com
For many prospective homebuyers who want something brand new or need more time to save money, preconstruction condominiums present a tempting opportunity. But buying a preconstruction condo rather..
Q: Several years ago, I signed a contract to buy a new construction condo. What can I do? – Don A: Many things can happen between signing a contract for new construction in a development and.
Buying a condo allows you to wade into homeownership without plunging into the responsibilities of a single-family home. Before you buy a condo, ask the right questions to avoid making a mistake.
More renting and less home ownership won’t solve the housing affordability problem complain all you want, but the rental.