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Looking to buy a home without all the hassle of exterior maintenance and more space than you really need? When you’re considering purchasing a condominium, there are certain things you must know. Understanding the challenges of purchasing a condo will help give you a head start to an exciting purchase ahead.
Here are 4 tips on buying your first condo.
Understand the Payment Schemes
Most condos offer a range of payment schemes for buyers who plan to pay through installment Choosing an installment plan must correlate with your income. However, keep in mind that many condo developers will require a full payment before you occupy the residence.
Know the Other Costs
While owning a condo means that you won’t have to worry about exterior costs, such as the front yard and pool, you are still a property owner. With that also comes extra costs payment the purchase price. You will have to pay for the cost of taxes and title registration of the condo.
Condos will also charge a monthly or annual association fee that is required for the maintenance of the building itself. The costs will vary according to the amenities and services of the condo. However, your broker will be able to provide the figures of the cost.
Keep the Rules in Mind
Every condo is governed by a list of rules and regulations that must be followed. The restrictions will indicate what you are allowed to do and what you can’t do around your condo. Be sure to ask for a copy of the restrictions and master deed. If you plan to rent out the place, you will need to inquire if the deed will allow you to lease your condo through an exclusive lessor.
Make Location a Priority
You must check the location and your condo on-site to know the estimated travel time on a daily basis. Be sure to check for emergency walkways and if flooding in an issue.
Follow this quick list of tips to help you get started on your search in buying your first condo. While this doesn’t cover everything about investing in a condo, it will help give you a jumpstart to finding a space of your own.