Before touring, you must determine if the building's finances match your own.
: Condo financing is stricter than for single-family homes. Lenders evaluate both your credit and the building’s financial health.
: Lenders often reject buildings with too many rentals (investors), ongoing lawsuits, or low occupancy. Seek out FHA-approved communities if using an FHA loan, as many complexes do not qualify. we buy condos
: Hire an inspector who specializes in condos. Ensure they check electrical, plumbing, and shared systems like elevators or roofs if possible. Phase 3: Lifestyle & Rules (CC&Rs)
Buying a condo is more than just purchasing a unit; you are buying into a shared financial and legal entity. Unlike a single-family home, your investment's health depends heavily on the collective decisions of your neighbors and the board. Before touring, you must determine if the building's
: Your budget must include more than just the mortgage. Account for: Monthly HOA/COA Fees : Typically $200–$800+.
: Request the last three years of financial statements and HOA meeting minutes. Watch for repeated complaints about broken items (deferred maintenance) or lawsuits. : Lenders often reject buildings with too many
: Even without land ownership, you pay real estate taxes. You will need a personal HO-6 insurance policy for your unit's interior.