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Buying a condo....

What are your thoughts on condos.
  • July 24 - Franklin
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Answers (4)

Having the privilege of working for large developer here in San Diego, I specialize in selling condominiums here in Downtown San Diego. These projects are very intricate purchases and can differ greatly from single family detached homes throughout the country. We see many individuals downsizing from large single family homes after the kids go to college to a more simplistic, convenient and practical lifestyle. When considering condos as mentioned you would want a professional who works heavily in the condo market and is knowledgable of common potential obstacles for example, the range in Homeowner's dues, fit and finish level, amenity level if any at all? parking assignments (self park vs valet?), storage, litigation and management of the development and of course the potential of any future developments that might change view from the unit. Understanding exactly what your homeowner's dues cover, limitations on modifications within the unit, or the exterior of the home which must be in compliance with the CC&R's and rules and regs. Professional advice through experience of common occurrences when you have 200+ units in a high rise and realizing that is very similar to a neighborhood "in the sky" which can have a certain personality and style just as you would observe driving around any neighborhood in a suburban setting. I see several positives in condominium living and with the potential resale value and what might help/hinder that sale in the future, your professional can advise on you on making a sound financial purchase for you to enjoy for years to come! 
  • August 14
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There are some types of loans like FHA that the condo project per the condo association would need to get approved to do FHA.  Also depending on if the condo project is completed or sold or if there is an actual association set up, can be funding issues on a mortgage.

Keep in mind that you will probably have the added condo association fee that is another part of total monthly payment on the home and also interior home owners insurance.  The exterior insurance is paid by the condo association as part of your condo owners association fee. You shouldn't have to do up keep on the outside of the home in most cases that is what people like about condos but they association can specify what you can and can not do to the exterior, windows, and door types ect. or what you have in your yard area ect. which can be annoying.

I would be happy to work with you on a mortgage regardless of what type of property you are interested in buying. You may contact me through my profile.

Regards,
Brynn
  • August 14
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Mark is correct about the care and maintenance.   One thing to be aware of is that not all condo associations are eligible for all loan types and programs.  Nothing to be afraid of, but always good to know going in as you don't want to be disappointed.  A good loan officer/ realtor can find this out quickly and ensure that you are on the right track.  Make sure association fees/dues are not cost prohibitive as those are added fees on top of your mortgage, and can be a possible deterrent if/when you sell.  That is my take, but have live in condos and have loved the freedom/carefree lifestyle they can offer.
  • July 24
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As someone that doesn't like to fix or take care of things I am a big fan.

As a lender we do have different requirements for some condos and as the buyer and a future seller you want to buy into a solid condominuim project financially, owner occupied, and other things.

As a buyer I would work with a Realtor and lender that are not new to the condo game so you don't waste your time. Most condo's do not have financing issues but some do and the sooner you know which ones the better.   

Resale here in Wisconsin used to be problem.  From what I can tell it is fine now but a Realtor can help with that part better than me.   
  • July 24
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