Before purchasing a condo, be sure to do your due diligence and check out the HOA, CC&Rs, and any tax and insurance situations. Also, be sure to get a real estate agent and a loan officer that has.
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When you’re buying a condo, you’re taking ownership of a unit within a larger building or development. You’re going to own your unit and be responsible for its internal repairs and maintenance. But.
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Top Five Things To Know When Buying A Condo. By Adam Milam, Esq., Condo Owner Magazine, Volume 18, Issue 3 (Summer 2014) While it appears that the Gulf Coast market has stabilized and even rebounded to an extent, the real estate crisis over the last ten years has hit Gulf Coast buyers of newly constructed condominium properties pretty hard.
It’s important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement. Ask the community how the association fees are divided and where they are distributed too.
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.
If you’re looking at your condo as an investment opportunity and want some rental income, you’ll have to look into the condo association’s balance of resident-owners to investors. Meanwhile, if you’re allowed to rent out a condo, don’t leave your condo association and renter in the dark about what each party expects of one another.