{"id":5219,"date":"2016-05-02T12:10:26","date_gmt":"2016-05-02T12:10:26","guid":{"rendered":"https:\/\/www.movoto.com\/foundation\/?p=5219"},"modified":"2016-05-02T12:10:26","modified_gmt":"2016-05-02T12:10:26","slug":"first-time-home-buyers-guide-what-to-know-before-you-buy-a-condo","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/first-time-home-buyers-guide-what-to-know-before-you-buy-a-condo\/","title":{"rendered":"First Time Home Buyers Guide: What to Know Before You Buy a Condo"},"content":{"rendered":"

If you\u2019re considering purchasing a condominium, researching the community prior to making a commitment will ensure a comfortable and pleasant lifestyle. Condominiums are popular among first time home buyers because they are affordable and easy to maintain. You\u2019ll often find amenities you would otherwise be unable to afford. However, not all condominiums are created equal. While condominiums offer splendid housing for singles, couples and families, some communities tend to be dominated by certain demographics. Management <\/a>styles can also vary drastically, and it\u2019s important to be aware of any restrictions. Below is a list of facts you\u2019ll want to know before you buy a condo.<\/p>\n

Monthly Association Fees<\/b><\/p>\n

\"first<\/p>\n

Compare amenities with the fees charged by various condominium associations. Many people assume that buildings with a large number of amenities will charge higher fees. However, sizeable buildings have more tenants, and this enables them to spread the cost across a greater number of community members. You may find that smaller buildings with fewer residents and no amenities charge similar fees or higher. Make sure you are aware of what your association fees are paying for. A certain percentage should be reserved for repairs. Condominiums less than 10 years old should retain 10 percent and those 10 to 20 years old should allocate approximately 30 percent to repairs. You\u2019ll also want to find out what percentage of the residents is delinquent on their fees. If the community is not properly managing the funds, you and the other homeowners could end up with a substantial repair bill.<\/p>\n

Community Restrictions and Rules<\/b><\/p>\n

Make sure you review all of the rules carefully. Some communities do not allow pets while others have size restrictions. Residents may not be allowed to plant flowers; therefore if you\u2019re a gardening enthusiast you may wish to reconsider. You may find that you are only allowed to use a specific color of window treatments as well. If circumstances required you to move abruptly and you could not sell your home, you may wish to rent it. Some condominiums prohibit renting and others may disallow business to be conducted in the unit. This could be extremely problematic if you operate a home business. Be certain that there are no restrictions that you are unable to live with.<\/p>\n

Insurance Savings<\/b><\/p>\n

The insurance premiums for condominiums are usually significantly less than those for single family residences of the same value. This is because the condominium association has a master policy<\/a> that covers a portion of the building\u2019s structure. Review the master policy with your insurance agent to determine if you are eligible for a discount.<\/p>\n

Neighbors and Socializing<\/b><\/p>\n

\"first<\/p>\n

You\u2019ll want to know what types of neighbors you will have and the general lifestyle of the residents before you commit to a purchase. If you are raising a family, you may feel more comfortable in a community with other families than one that caters to college students. You may also consider introducing yourself to some of your prospective neighbors to see if they are friendly and the type of people you would get along with.<\/p>\n

Convenience and Amenities<\/b><\/p>\n

One of the main attractions of condo living is that the association is responsible for repairs and maintenance. They ensure the lawn is mowed and the grounds are nicely landscaped. Any building repairs such as roofing or siding are handled by management as well. Most offer amenities such as gated security, a pool, gym, tennis courts and playgrounds which are also maintained by the association. You may want to review the association\u2019s meeting notes if possible and discuss the timeliness of repairs with current residents. If the management has a habit of procrastinating when it comes to making repairs, you\u2019ll want to know before making a commitment.<\/p>\n

Meet the Management<\/b><\/p>\n

You should speak with the onsite managers personally and ask the other residents about their performance. An ineffective management team can make your life miserable. In some cases, you\u2019ll find that the condominium is managed by the residents, and there are no managers. While this usually reduces the amount of any association fess you must pay, you should bly consider whether or not you want to take on the responsibility.<\/p>\n

Research the Neighborhood<\/b><\/p>\n

\"first<\/p>\n

Be aware of any developments planned in the vicinity of the building where you expect to purchase. If you\u2019re buying a home because of the beautiful view of the river, you may be disappointed to find that a building project is underway that will block the view. Research the building\u2019s proximity to shopping, dining or other establishments you frequent, and find out if any new businesses are moving into the area. Take a look at the crime statistics for the neighborhood. The surrounding area can have a significant impact on your property value.<\/p>\n

Know What Your Purchase Includes<\/p>\n

Read the deed for your unit carefully so that you understand your responsibilities. There may be a patio or balcony attached to your unit. Find out if you actually own it and must take care of any maintenance and repairs or if it is maintained by the management. You will also want to know if there is additional storage for bikes, skis or other recreational equipment. The number of parking spaces allowed may be an issue as well. If you own a boat, you\u2019ll want to find out if there is space to park it.
\nUnderstanding Condominium Market Value<\/p>\n

When performing a real estate market analysis, it\u2019s important to remember that condominium home values are less than those for single family residences. You are purchasing a part of the structure, but do not own the land. In addition, you cannot deduct mortgage payments for a condominium from your taxes as you can with a single family home.<\/p>\n

2 Point Highlight<\/h2>\n

If you\u2019re considering purchasing a condominium, researching the community prior to making a commitment will ensure a comfortable and pleasant lifestyle.<\/p>\n

Be certain that there are no restrictions that you are unable to live with.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re considering purchasing a condominium, researching the community prior to making a commitment will ensure a comfortable and pleasant lifestyle. Condominiums are popular among first time home buyers because they are affordable and easy to maintain. You\u2019ll often find amenities you would otherwise be unable to afford. However, not all condominiums are created equal. While condominiums offer splendid housing for singles, couples and families, some communities tend to be dominated by certain demographics. Management styles can also vary drastically, and it\u2019s important to be aware of any restrictions. Below is a list of facts you\u2019ll want to know before […]<\/p>\n","protected":false},"author":3,"featured_media":5220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[259],"tags":[],"class_list":["post-5219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-first-home","post--single"],"yoast_head":"\nFirst Time Home Buyers Guide: What to Know Before You Buy a Condo<\/title>\n<meta name=\"description\" content=\"First time home buyers find condominiums attractive because they're relatively inexpensive, easy to maintain and include amenities they would otherwise be unable to afford.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movoto.com\/blog\/first-time-home-buyers-guide-what-to-know-before-you-buy-a-condo\/\" \/>\n<meta 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