Real Estate

Things You Should Know Before Buying Your First Condo

Buying a condo can be a bit different from purchasing other types of real estate. However, this remains a popular option for many families. In a condominium community, individuals own each unit, but common areas are managed collectively by the owners.

You can always find some condos for sale in Chandler AZ and begin a new life. Nonetheless, before you embark on this journey, there are certain things that you should know. There are fees and rules for each community and you must be informed. Here are some tips that should help you.

Decide whether a condo is what you want

Buying Your First Condo
A condo is not for everyone, and you must think about your needs and see if a condo matches them. For example, if you don’t want close neighbors, a condo might not be the ideal choice for you. Their properties will be attached to yours so you have to decide whether that is a pro or a con.

If you enjoy being part of a community, then it’s worth giving condos a chance. Maintenance is another important aspect and if you enjoy handling certain tasks on your own, you might not want a condo. These communities will ask you for association fees, and in exchange for them you will receive exterior maintenance, lawn maintenance and even snow removal.

Financing

Financing
When you try to obtain financing for your condo, you should keep in mind the fact that the process is different from financing a single family residence. It can be a bit difficult to get the funds you need, because there are many loan products and lenders that won’t offer you money for purchasing a condo.

You can get a Federal Housing Administration (FHA), but you need to check their approved community list first so you can make sure that your condo community is up there. A private mortgage for a condo purchase is also possible, although the cost for this is higher.

A real estate agent with experience

A real estate agent
Purchasing a condo requires a real estate agent that has plenty of experience with condos. This purchase is different and there are various things that should be handled by your agent. For example, you will have to sign an additional contract with the condo community. By signing that contract you agree with that rules and regulations of the community.

Since the purchase process for a condo is different from the purchase process for other real estates, you need to make sure that the real estate agent that you are working with has experience selling condos. This way, you will receive all the guidance that you need and you won’t miss any essential documents.