Saving money for a down payment on a home is no easy feat, which is why I started looking into various ways to make sure that I had things sorted out like I should. I began working with a real estate agent to chat about what to do and how to start saving, and they explained how much I needed if I wanted to avoid private mortgage insurance, and when the market typically trended upwards. It was really neat for me to see everything I could do with the advice, and saving became easier after I had a clear goal. Find out more about real estate by reading this blog.
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Tips For Comparing Condos For Sale To Find Your Perfect Home
Cathy Frazier
When you purchase a single-family home, you own the land and the buildings that sit on it. As long as you abide by the local laws and building-code restrictions, you can do just about anything you want on your property. While all of the freedom is nice when you are young and healthy and have a lot of spare time on your hands, it can be a burden to care for a home and property as you age and as life becomes more hectic.
If you don't want to care for a single-family home but also don't want to go back to your college days of living in an apartment, then a condominium is a great option. With a condo, you own the inside of your home while the exterior of the building and the grounds are owned and maintained by the condominium association. For people who want independent living without exterior maintenance responsibilities, condos are ideal.
If you are struggling to decide if purchasing a condo is right for you, here are some tips for comparing condos to find just the right one to meet your needs:
Tip: Look at Both the Condo's Sales Price and Monthly Association Fees
You are required to pay monthly condo association fees when you purchase a condo. The condo fees are used to pay for the maintenance of the exterior of the building, the landscaping, and liability insurance.
In some condominium associations, the fees are very small. However, in others, the fees can be very expensive. For this reason, it's important you evaluate both a condo's sales price and the monthly maintenance fees when you are comparing them against each other.
Tip: Investigate and Compare Condo Associations
When you are comparing condos for sale, it's important you investigate the condo association. The easiest way to do this is to ask your real estate agent to obtain a copy of their documents for potential buyers from the sellers' agents.
Not all condo associations are created equal, and those without adequate cash reserves or with other problems can prevent you from obtaining a mortgage.
Tip: Choose Your Real Estate Agent Carefully
The best real estate agent to assist you with purchasing a condominium is one who works primarily in this market. Agents who specialize in assisting buyers and sellers with condo sales often know the ins and outs of the local condo associations and can steer you towards the best options.
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