Thinking of buying a condo? - Ervin Group Real Estate

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Condos can be an enticing opportunity for many to own real estate without having to spend more on a home. In addition to commonly being priced lower than homes, they afford the homeowner peace of mind with certain maintenance concerns that can haunt a single family home owner. When you purchase a condo you typically just own the ?footprint? where your condo resides. You often share a common interest in the land where the complex is, but do not personally own that land. Above all, this is real property ownership. Condos almost always have a Home Owners Association which is a company governed by a group of people or ?board? that collects a monthly payment from all owners. That money is pooled in an account and distributed to cover monthly maintenance costs of the building. It can sometimes cover your water bill, trash or gas. The monthly dues can raise if the building requires more repairs than the budget allows, or the board can elect to have a one time ?assessment fee? to cover the cost of a repair. Many condos cover termites in the common areas and have fire and earthquake insurance for common areas. You have to complete all repairs inside your unit and provide all necessary insurances.

Some things to think about when purchasing a condo- Take a look at the grounds, are they in good condition? Do you see termite damage that is not being taken care of? Try to match the amount of work with the monthly HOA fee. If the fee is too expensive and the complex needs work, ask the question, where is the money going? Check out the parking, many complexes utilize ?tandem? parking where one car parks in front of the other. This may not work for some families/ room mates. As part of escrow check out the HOA docs where they explain what you can and cannot do as an owner. Look at their budget, ensure they have sufficient funds to cover major issues.

Above all, your Realtor will be able to help you navigate your condo purchase and will watch out for all of the common red flags. Condos can be a wise investment in this market! Many can turn into perfect rental properties when you are ready to move.

Source: http://www.ervingrouprealestate.com/2013/02/06/thinking-of-buying-a-condo/

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