Tips for buying a condo

13 01 2012

Are you a busy professional

who would rather let someone else sweat to maintain your yard?

 

Moving down to a simpler life?

Your reasons for wanting the freedom of a condo are unique.  And financing a condo can involve overcoming some unique challenges.  Here are some tips to buy your first condo the smart way:

  • Check to see if the condo is on the HUD or Fannie Mae approved condo list.  This could allow you to buy your new condo with a lower or no down payment.
  • Look at the terms of the HOA rider before buying to check out the fees, maintenance, and coverage of the HOA.  Also read the bylaws to know in advance if any affect you.
  • Get to know your neighbors; you may share more than a wall.
  • Is any part of the condo a commercial space?  While this is uncommon in OK, sometimes you may find a condo with a drycleaner or small shop on the ground floor, and living spaces above it.  This can be a challenge to finance.
  • Find out how many of the condos are sold, and how many are rentals.  Both of these can affect your loan approval, since these both could have a significant impact on the sales price.

Please call me to start the process buying your next condo.  I look forward to helping you enjoy the freedom and simplicity that condo life can provide.

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