Buying a condo?

Question

what is the step to take to buy a condo? please advice, i will greatly appreciate for that.

Answer 1

Reconsider. Condos are not a very good investment and can be difficult to finance. Condo dues can add to the cost of ownership to the point where they become difficult to sell. They do not appreciate as well as a single family residence and the association rules can be outrageous.

Think long and hard before you buy a condo or you may regret it for years to come.

Answer 2

Step 1:  Call a real estate agent.

Answer 3

Yes - condo fees can be as much as maintaining a house.  However, some people prefer the ease of ondo living.  No mowing the lawn, no shoveling snow, no painting the exterior.  I won a house and a condo.  Each has it's pros and cons, but I would hardly make a blanket rule that said no one should ever buy a condo.

Step 1:  Figure out if you can afford a condo.  Check out listings in your area at www.mls.com.  Use a mortgage calculator to figure out if you can afford the mortgage payment, condo fees, property taxes.

Step 2:  Find a Real Estate Agent.  There are many different agents -- find one that you enjoy working with.  It should be a good relationship.

Step 3:  Find the condo you want and make an offer.

Step 4:  Have a lawyer review the condo documents, get a home inspection, finalize mortgage details.

Step 5: Close on your 1st home.  Yea!

Obviously there is more to it than that, but those are the basic steps.

Answer 4

The first step is to not buy a condo. The money you spend on association dues and special assessments will be more than the regular upkeep of home. Then there will be those homeowner that are always late or don't pay their dues. This will affect every home owner in the complex,  such as increase in association dues to make up the loses.    

If this does not bother you , ask to see the yearly budget of the association, this is given out yearly to all homeowners. It will tells how the association stands financially and where the money is going . Also, inquire about any up coming project. This may mean more money or increases in your dues.  Ask about monthly newsletter from the complex.  This will give you a little idea about the association. Management company over the association will have all this info.