Buying a condominium is different than a single-family house, especially if you plan on a vacation condominium or second home. Because we specialize in Panama City Beach condominiums we want our buyers to be fully aware of the process and steps involved in buying a condo. After years of research and experience here’s probably some of our best condo buying advice from both buyers and real estate agents.
Don Payne – Real Estate Agent in Columbus Ohio
Know what you are getting into. Make sure you understand how the Association on the condominium complex works and if they have enough money in reserves to cover any repairs or updates. The last thing you want is to be hit with a huge special assessment fee right after you’ve moved in because now they need to replace the roof or paint the entire building.
Brian Rugg – Sun City Texas Real Estate
Use a real estate agent that is familiar with condo buying. There are a lot of addendum’s and different forms to fill out when it comes to buying a condominium so it’s important to use a real estate agent that is very familiar not only with the area but with all of the nuances to buying a condo.
Eve Alexander – Orlando Buyers Agent
Make sure you understand the finances involved in a condominium. It’s not the same as a single-family home. It’s important to get preapproval for a condo purchase before looking at homes so you are not disappointed when you find a home you love only to realize you can’t actually afford it. If you plan on an FHA loan, you have to make sure that the condo community is on their approved list. Most FHA requires 80% of the building units to be owner-occupied, so if the building is primarily rentals and you are getting an FHA loan, you may not be approved for that building.
Kris Larson, St. George Utah Real Estate Agent
Talk to neighbors. I think one of the biggest things that we learned before buying a condominium is in talking to the neighbors. We found out if there were no easy neighbors, unknowing neighbors, neighbors with pets, or if the likes of the building at all. We actually changed our minds on a building because of too many potential neighbors so that they hated the amenities and the board of the Association.
Ask questions. It’s important to ask any questions along the way and specifically before you make an offer. Ask about pets, satellite dishes, what you can and can’t to do in your unit and with the building. Read over the conditions and restrictions report that you’ll get when you make an offer or you can even request it before you place an offer. Don’t hesitate are asking any questions that come up so you feel confident in your purchase.
Bruce Simon – West Bloomfield Home Expert
Ask about the HOA, what it requires, how much, how often and if there are any special assessments. You want to verify that the HOA or Condo Association is healthy with a good board or managers and that they have enough in reserves to cover major issues.
Have more questions? Let me know! We’d love to answer any questions you have about buying or renting a condo or PCBeach condominiums.