Buying a condominium can be different from buying a home because of the different costs that are involved in the monthly upkeep of your condo. There are many added expenses that you need to take care of while you own a condo that you might not have while owning a home and vice versa.
The first thing that you should consider when buying a condo is the resale value that you will be able to get for your condominium. When choosing what area that you want to buy your condo in, you need to look at the surrounding area of the property. If the surrounding area isn't very well kept up then you might consider looking at somewhere else to buy your condo. Another factor you should consider when choosing the area to buy your condo is the foreclosure rate. If the foreclosure rate in your area is very high, it is not a good sign for the economy of that area and I would reconsider buying your condo there. You want to buy a condominium in an area that is growing and will only increase in property value.
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Another factor to consider is the association fees that will go along with owning or living in a condo. Often times, the condos will have some sort of maintenance and upkeep fees that you will be required to pay monthly. These fees will usually go towards the pool, sauna, security, and any other repairs that the building may require. You will have to find a renter for your condo that is willing to pay all of these monthly fees.
Something else to consider would be the reputation of the building and property. Before buying your condo, you should consider visiting some of the other residents there to see what they think of the property, management, and overall area that the condo is in. The residents of the building itself would be the best people to speak with because they are there 24 hours a day and know a lot that goes on that management might not tell you about.
Once you have decided on the condominium that you would like to purchase, you need to begin looking for a mortgage. Choose carefully because you will need to find a renter that will pay the amount that your monthly payment will be if you want to recoup the closing costs that you will get when you originally buy the condo.
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References
Condominium
https://en.wikipedia.org/wiki/Condominium
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