Owning your first place to call home is an exciting achievement for aspiring homeowners. With condos a viable housing option for such individuals, it is important to do your research and find out more about buying condos. Looking to buy the Philadelphia condos for sale Rittenhouse Square? You will need to consider some factors lest you make avoidable blunders. Condos are great for people who fancy living in a community and are often priced lower than single-family homes. As such, buyers might be easily tempted by the price tag and overlook other important factors. It is, however, critical to know your condominium community before buying – Get to know the community rules, amenities, management company, and association fees.
Here are tips that will come in handy in the process of buying your first condo.
Reflect on Your Lifestyle
Before buying your first condo, it is important to consider your lifestyle. If you don’t like trimming your hedge, budgeting for your roof replacement or washing your driveway, then you might be a good fit for condo living. Condos are best for people who prefer apartment living. If owning a home with a backyard is your preference, buying a condo may not be the way to go.
Find Out Whether the Condo Is the “Right Fit”
After establishing that living in a condo would suit your lifestyle, the nest thing to do is find out the details of the condo. What kind of neighborhood will you be moving into? What are the association fees? What amenities will you access once you buy your condo? What rules govern the community? Asking such questions will help paint a picture of the condominium community. It is also important to know the management company in charge of the condos.
Seek the Advice of an Experienced Realtor
Realtors with loads of experience in selling condos may have priceless advice that will make your buying process smooth sailing. Such realtors have great track records and are trustworthy. As such, they provide insights into any issues you may have and may also come in handy when verifying condo association documents.
Such realtors also follow the development of most condo communities closely. They can, therefore, share important information on the infrastructure, structural, financial, and any other community issues. Such insights will help you make an informed decision before buying your first condo.
Look Out for FHA Approvals
When searching for the condo to buy, ensure that your shortlist is made of FHA-approved condos. The Federal Housing Administration approves condo projects that have attained the expected standards. A list of approved condos is easily obtained from the FHA website.
Find Out About the Management Company
It is important to get familiar with the management company that does the maintenance of your condo. Find out how good the amenities they offer are. This way, you can be sure that the association fee is put into good use.
Your research should also include establishing the reputation of the management company. You can also find out who directs any concerns of the community to the company. This will give you a glimpse of how day-to-day operations are handled.
Financing Your Condo Purchase
Buyers who intend to obtain financing for their condo purchase should also make arrangements as early as possible. Most lenders do not offer loans for condo purchases, and most buyers should, therefore, consider cash purchases.
Buyers looking to secure an FHA loan for their condo purchase should ensure that the condominium community is FHA approved. Buyers may also consider obtaining a private mortgage, which often comes at a higher cost.
Before buying your first condo, you must avoid the common buying mistakes by keeping essential tips in mind. Find out about the condo community, seek advice from experienced realtors, and secure your financing.