If your condo complex has a lot of fancy amenities, you may have to pay more each month. Condos definitely have a cheaper pricetag compared to a single-family home, but they may not be worth as much when it’s time to sell.
Some real estate agencies specialize in condo sales—that could be a good place to start.
Some FHA requirements include the complex being fully built and not under construction, as well as having 5 finished condo units. [5] X Trustworthy Source U. S. Department of Housing and Urban Development U. S. government agency devoted to helping Americans meet their housing needs and supporting community development Go to source You can find FHA-approved condos here: https://entp. hud. gov/idapp/html/condlook. cfm
Your credit card company might have features that help you stay tuned into your credit score. [7] X Research source
A daycare A game room Pet-friendly policies[8] X Research source
For some complexes, these fees might only be an extra $200-300 or so per month; at other places, the fee could be at least $1,000 each month. These fees are also known as “dues. ” They’re separate from your condo mortgage payments, and won’t be lumped together. [11] X Trustworthy Source US Consumer Financial Protection Bureau U. S. government agency for protecting consumers in the financial sector Go to source
For example, the HOA might issue a special assessment to replace a really old plumbing system. Some condo associations keep their monthly fees too low to save a significant amount in their reserves. They make up for this by charging frequent special assessments from the different condo owners. [13] X Research source
Some states require HOAs to research the amount of reserves that a condo complex needs to cover future fees, repairs, and maintenance. [16] X Research source See if your condo complex has a copy of this study on hand. [17] X Research source
If you can own a pet If you can rent out your unit to someone else
Mortgage lenders might not be willing to give you a loan if the condo association doesn’t look reliable. Talk with your real estate agent and see if they can grab a copy of these notes for you.
Does it take a while for things to get repaired? What’s your least favorite part about living in this condo complex? Does the condo association care about its residents?
The cabinets and doors open and shut without any trouble The basement floor doesn’t have any cracks The attic vents are open
As a member of a condo complex, you pay regular fees to your condo association, which manages the lawn maintenance, amenities, and other communal aspects of the complex through a property management group. [22] X Research source You want to make sure you’re getting your money’s worth!
With any luck, the lender will approve your loan, and you can move forward by getting your condo inspected and preparing to make mortgage payments.
