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I think we are going to buy a condo (our first home) next year..... :)

I'm all giddy because I am very happy.
We just realized we could afford it. Over the next 4mos we plan to completely eliminate all of SO's debt, except his car, I have no debt already so I'm in good shape.

As soon as I get my acceptance to this new University(transfer) we will have his grandpa ( A real estate agent and investor) help us with our search. We are only going to put 10% down unless we can save more than what I am estimating in such a short amount of time, but it's a start. And we should get approved for a loan, (I used to work for a broker and ppl have gotten approved making less than us, for a house much more expensive than what our range is.) We hope we can get this rolling so we can find a condo by, the latest, February of Next Year.

Any thing I need to know before buying a condo, things I should look for, etc?
I'm so excited

 
DomoniqueWS

Asked by DomoniqueWS at 10:49 AM on Dec. 15, 2010 in Money & Work

Level 25 (23,109 Credits)
This question is closed.
Answers (8)
  • The number one thing to consider when buying a condo is the Home Owner's Association. What is the monthly fee? What does the fee cover? What are the rules? How do they handle violations of the rules? How are the officials elected and when? Are there monthly or regular meetings to discuss issues? Just be sure to ask these questions before making an offer.

    JeremysMom

    Answer by JeremysMom at 10:53 AM on Dec. 15, 2010

  • Watch out for the condo fees and special assessments. Look in to when fees have been raised in the past and what the condo fees cover. Also check out the general development insurance policy find out what is covered for interior damage due to broken pipes in an adjacent unit and make sure your policy is suficcent to cover what the buildings policy didn't.
    I assume you have young children so make sure you know what thie noise ordinance are and look for a unit that is more sound proof you don't want to hear neighbors and they don't want to hear you.
    Also while a condo can be less expensive than a small house once you add in all the condo fees a small starter home with a yard may fall into a similar monthly expense however higher maintenance costs
    Good luck
    mtnaspen

    Answer by mtnaspen at 11:04 AM on Dec. 15, 2010

  • Ask about the home owners associate fees and what you are and are not allowed to do to both the interior and exterior of the home.
    HotMama330

    Answer by HotMama330 at 11:40 AM on Dec. 15, 2010

  • Unless you're planning to stay longer than 5 years, It normally isn't worth it. First there will be closing costs when you buy, then when you sell there is the cost of the realtor and more closing costs. IF you can get it to sell at the price you purchased it at (many people are upside down on homes right now)
    Candi1024

    Answer by Candi1024 at 1:35 PM on Dec. 15, 2010

  • yes we can afford the small homes but it's all about location. If we start with a condo while I am still in college we can look more "uptown" or more suburban, when dealing with smaller homes, at least in the county we are moving to, the smaller, less expensive ones, are in parts of town I personally would not choose to live. Even renting we planned to pay, almost double, of what our expected mortgage payment would be just due to safer location. So that's why we choose condo.

    But after I find a job after my degree, you can trust that, I will be getting a SFH for sure. :)
    DomoniqueWS

    Comment by DomoniqueWS (original poster) at 11:10 AM on Dec. 15, 2010

  • I would make sure there is a noise barrier between units. I think the IPhone has an app that will read decible levels. Many condo builders don't do that and then you are stuck listening to your neighbors TV all night. I would also find out as much as you can about the neighbors in the existing units you will be stuck with them and they can't be evicted so good to know who you will be sharing walls with. I would also make sure you have at least 5-6k in an emergency account in case you need to make repairs even in a new or newer unit things do break and if you don't have the money on hand you could find yourself in trouble.
    Anonymous

    Answer by Anonymous at 1:05 PM on Dec. 15, 2010

  • I would make sure you have a 3 to 6 month emergency fund. Remember this will be your piece of property so if anything goes wrong you'll be paying for it. And things do go wrong!
    Erica_Smerica

    Answer by Erica_Smerica at 6:20 PM on Dec. 15, 2010

  • Make sure you have a home inspection as part of the offer to purchase no matter what.
    elizabr

    Answer by elizabr at 7:25 PM on Dec. 15, 2010