Condo Buying Guide: Conclusion
Buying a condo is similar to any other home purchase. It’s helpful to work with an experienced real estate agent who can help you develop a list of must-haves and things on which you’d be willing to compromise. Keep in mind, you might be able to score a great deal on a condo if you’re willing to live a little further away from town or if you could do with less square footage. Your real estate agent can help you decide.
Financing a condo is easier than it was following the financial crisis of the late 2000s, but it can still be a challenge since lenders always evaluate you and the entire development. Depending on the condo, you may be able to qualify for a FHA or conventional loan, but if the condo is identified as non-warrantable, your best bet might be an all-cash transaction.
If you’re in the market for a new home, a condo might be worth considering. They offer flexibility, low maintenance, a sense of community, convenience and security. In addition, many condos are available for a fraction of the cost of comparable single-family homes in the area. If you decide to go with a condo, be sure you do your homework and find out about HOA fees (including the history of fees and special assessments) and any CC&Rs that might affect you (for example, if your beloved Fido is a dog breed that is specifically prohibited).
If you find a condo you like – and one the bank likes, too, if you're not doing all-cash – you'll be on the way to building equity with fewer chores and concerns than you'd likely have caring for a free-standing house