For many people, locating a great condo is the very first step toward owning their own home. However, prior to making this purchase, it is important that you understand that purchasing a condo and purchasing a house is not the same and that each of these purchases comes with their own considerations and concerns. Finding a great condo supplier, like Destination YUL, is vital in getting the right housing. If you are ready to make the transition from renting an apartment to actually owning a condo, some tips to help you do this are highlighted here.
Secure the Loan
When it comes to purchasing a condo, the lender that you use will treat the process differently than if you were trying to purchase a traditional home. Before they will issue a loan for a condo unit, then you will have to meet the regulations set by the Federal Housing Administration. This will include the fact that 80 percent of the total units in the entire complex are owner-occupied and that the building is a member of the list approved by the FHA.
Take into Consideration the Rules and Regulations
With so many people living in such close proximity to each other, there will be a number of rules and regulations that have been established to ensure that the peace is maintained. Some things that you should consider include: whether there are rules for shared spaces; if there are any quiet hours; if you can rent out your unit if you desire; and if pets are allowed.
Take into Consideration the Fees
For the majority of condos there are going to be certain fees that are established for the general expenses, which include repairs and insurance that impacts all of the residents. Chances are you will remember to ask what the fees are, it is also important that you know what you will actually be paying for. A well-run condo complex will set aside part of the money for structural repairs and emergency.
Maintenance and Upkeep
Prior to making the condo purchase, you should also know who is going to be responsible for the building’s upkeep. For example, does the association hire another party or vendor for cleaning and maintaining the common areas? Or, will you be expected to help with this. It is important to ensure that the upkeep is taken seriously when you are considering moving into a unit.
A condo is a great investment and will help a person get a taste of property ownership before getting a home.