But regardless of the reason for considering a condo, knowing what you are buying into is as important as the unit itself. complex is managed and what individual owners can and cannot do. In that.
"Ideally you want to buy into a stable, well-run community," says Donna Berger, a condo law attorney with the Becker and Poliakoff law firm in Fort Lauderdale, Florida. "If the price is a.
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Before you make an offer on a property governed by an HOA, here are some factors to consider. What do you get. Read before you buy Make sure that any uses or freedoms you expect to come along with.
It’s not just the sales contract that you have to think about when you’re buying a condo. There is also an agreement, or declaration, that dictates the way the condominium operates and is.
Just like when you purchase a typical residential home, you’ll need to make sure you have money for a down payment and closing costs when buying a condominium. Unlike purchasing a typical residential home, you’ll also need to come up with the required condo fees when buying a condominium.
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.
Q: My fianc and I want to buy a condo for $160,000.. Do you think that we will be able to get a mortgage with a $7,500 down payment?
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Smart buyers do not automatically assume they can get a condo loan on any condo they want to buy. For example, Sherry (not her real name) thought she had landed the perfect high-rise condo in East Sacramento. The price was right, the location was perfect, and the view was magnificent.
One of the more essential questions to ask when buying a condo is how much money is contained in the reserve fund. Finding out what’s in reserve is important because it establishes the financial health of the association. You want to know if the association has budgeted enough money if an unforeseen expense arises.