More Reasons to Buy a Condo

Real estate buyers often see condo purchases as appealing optionsbuying-a-home-get-good-advicethese days. Not only are they affordable, they are great for first time buyers and those looking to retire from the hassles of yard work, and caring for a large home. Condominiums also tend to offer extra perks such as swimming pools, gyms and other amenities many single homes do not.

What is a Condominium?

A condo is sort of like an apartment where each unit is individually owned. The units are generally grouped together, often sharing one or more walls. Though the “unit” is owned individually, the grounds and structure of the complex is owned jointly. An association is set up by the owners with the intention of providing for the overall maintenance. Sometimes, this association is managed by an outside company for a fee, while in other instance it is run by the actual condo owners.

Association Rules and Laws

Buying a condominium,you’ll be happy with takes a little research. For instance, It’s essential to understand the responsibilities if the condo association before going forward with a purchase.

Knowing exactly what you will be responsible for and what obligations belong to the condo association before you buy can save a lot of headache later. Of course, sifting through and understanding the association’s rules and by-laws before the purchase can be a headache. Hiring a good real estate attorney to clarify the association’s laws may be helpful

The Dues of the Association

Some associations charge minimal fees, but there are others that charge much higher dues since they provide more extensively for all the needs of the building. In some cases, even heat is included.  Always inquire about the amount of the fees, what they include, and how often they are paid. Before you sign a contract, find out if the fees are subject to frequent increases. Make sure that the fees won’t increase your monthly housing costs beyond what you can afford to pay. (If you get in a bind and don’t pay your condo fees, you can be evicted even if your mortgage is current!)  If the association fees are exorbitant, the purchase is not worth it.

If you already own a home you may be interested in these informative posts. Will I Qualify for Refinancing Under Obama Housing Plan or How Long Will it Last?

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Explore posts in the same categories: First Time Buyer

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