Home Buying 101: Condominium
Figure out your needs
Monthly cost of owning a home
Ideal Neighborhood
Financing Your Purchase
The FHA Mortgage
The Conventional Mortgage
The Adjustable Rate Mortgage
Department Of Veterans Affairs Mortgage
Pre-Qualified vs Pre-ApprovalPhase 2: Looking
Looking at homes
Types of homes
Single Family Homes
Town Homes
Twin Homes
Multi-Family Homes
Types of sellers
Traditional
Short Sale
Foreclosed
Researching A Home’s Public Information
Phase 3: Buying
Making an offer that counts
The Purchase Agreement
Buyer Letter to Seller
Inspections: Why get one?
Radon Testing
Sewer Line Scope Inspection
Fireplace Chimney Inspection
Mechanicals
Phase 4: Closing
Closing Costs Explained
Title Work
Appraisals
Underwriting
Utility Bills
Preparing for the Closing
The Closing
This type of dwelling is most like an apartment building, except instead of renting, you purchase the individual units. It can be a high-rise building comprising of 20, 30, or 40 stories, or a low-rise building of up to 4 stories. This type of home also has an association fee. The major difference between a townhouse and a condo, as mentioned above, is that in a condo, you only own the space within the unit plus part of the common spaces. You don’t own the land beneath your unit. Some buildings look like a townhouse, but may actually be a condo, depending on how it was originally defined.
A condo has its own unique advantages over both the townhouse and the single family house. The unique advantage is that there is usually only one entrance door and that may be manned by a guard desk, so there may be a higher level of security in a condo complex. There is also usually a central heating plant that heats the entire building. Association dues may be higher to include the cost of heating the building.
Pros:
- Can be a “fair-weather friend” or “snow-bird” and just leave the condo vacant for a while. Easy to pack up and go
- Security building
Cons:
- Usually has higher association dues than townhouses but it usually includes more amenities, or heat / water / sanitation, etc
- Neighbors who may disturb quiet time
- Some restrict pets
Additional Resources: