Condo communities provide extraordinary properties with breathtaking views. Condos on the coastline might give buyers private beach access and heightened security. Investing in the properties offers a seasonal vacation opportunity or a primary residence in a beautiful location. Buyers review details about purchasing a condo to avoid common obstacles.
Getting Approved for the Mortgage
Purchasing a condo as a second or vacation property prevents the borrower from getting an FHA mortgage. It may also require them to pay at least 20% down for the property. However, if the property will be their primary home, the buyer has several mortgage options available to them. Comparing the requirements of each mortgage prepares the borrower for their appointment with their lender. Getting a pre-approval helps them work with a broker to find the best condo for their needs.
Becoming Acquainted with COA Rules and Guidelines
When buying a condo, the individual must learn about the rules and guidelines issued by the condominium owners association. The association oversees vital aspects of the community, including exterior property repairs, lawn maintenance, and shared amenity maintenance. It is paramount for the buyer to review these bylaws and rules to determine if the COA expectations accommodate the buyers preferred lifestyle. The COA maintains control over the community, and all owners or tenants must remain compliant.
Reviewing the Existing Amenities
Existing amenities for a condo community could include private beach access, on-site spas, swimming pools, and parking. Condo buyers must review the amenities when choosing a condo. These features determine what is readily available to community residents. Buyers may want amenities that are exclusive to property owners. This could increase security for the community and prevent outsiders from gaining access. Buyers can review condo amenities and decide what properties meet their needs by contacting NRIA now.
Paying Dues for the Master Policy
Owning a condo in a condo community requires the individual to pay dues that cover the cost of on-site amenities maintenance and protects the exterior of their condo. The master policies provide insurance coverage for all exterior features of the property including but not limited to the exterior walls, roofing, and any fixtures connected to the condo directly. The amount they pay in dues is available through the COA. The master policy doesn’t provide coverage for the entire property.
Purchasing Condo Insurance
A condo purchase requires the buyer to purchase condo insurance that covers the interior spaces, personal belongings, and certain liabilities. The policies provide replacement for personal belongings that are damaged, stolen, or lost. The coverage pays for any interior damage, dog attacks, or premises liabilities that occur inside the condo. Lenders require condo insurance for the full duration of the mortgage.
Buying a condo gives the new owner access to amenities that are exclusive to owners. Some communities are gated and prevent outsiders from using any fixtures on the property. All owners and tenants living in the community must follow the condo owners association bylaws and rules. Buyers can learn more about purchasing a condo by contacting a broker for an appointment now.
