The people buying condos for the first time are often surprised by the number of different factors that they need to consider before buying the condo. In a condo community, you’ll have to share your walls with your neighbors. Additionally, the whole process of applying for and getting a loan for your condo might differ from a house loan.
Why Own a Condo?
The condo lifestyle is being appreciated more and more everyday as the cities keep to develop and run out of physical space to house more standalone houses. But fitting in the condo community isn’t the easiest thing for those people who aren’t that much social, as you share your walls with your neighbors in a condo community.
Many condo communities and building are even making things like shopping malls, bank branches and other things tight into their buildings, making the experience even more whole for the residents.
Loan Issues Are Certainly There
Applying for a loan for buying a condo is more difficult as compared to when you’re applying to buy a house. Lenders usually require that some of the condos in the building should already be occupied and have people living in them. Additionally, the lenders might also see how much condos are personally owned by the investor, the maximum percentage is usually 10%.
In addition to the down payment, there might be some other charges associated with owning a condo. For example, you might ne needed to get homeowners’ coverage in addition to the insurance provided by the HOA. Also, read all the documentation carefully before signing on the contract.
See If You Fit In
Before buying any condo and joining the community, make sure that you’ll be able to fit in the community. This is important to know especially because the condo lifestyle is more social. You can choose from the communities like Menkes Festival Condo to be on the safe end.