Buying a condo in Seattle for many is their first home ownership step. The ability to buy a home in a neighborhood where you do not need a car.
And a few more things from the to-do list for potential condo owners. Ask if there has been a technical audit of the building, done in connection with the reserve fund. This will help you determine the actual condition of the building.
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If you are trying to figure out what exactly you are buying when you buy a condominium unit, or what you already own, a real estate attorney in your area can help. The attorney can get a copy of the condominium map and the CC&R’s for the condominium project, help you review them, and point out exactly what is included in the unit.
The biggest factor in determining how much money you need to buy a condo is the location. Condos in downtown Los Angeles, for example, have a median price of $620,000. This means half of all condos are less than $620,000 and half cost more. Condos in the Cleveland, Ohio, area have an average price of $168,544.
Now, if you're toying around with the thought of buying a condo as a rental property, you should know that obtaining a mortgage for such.
If you are not in a position where you can obtain a mortgage when the project registers, stay away from buying new construction. The market is being flooded with condo assignments and many are.
Before you step foot in an open house, you need to know how much condo you can afford. For example, if you make $50,000/year, you cannot afford a $300,000 condo, unless you have a secret trust fund. And even if you make $100k/year, a million dollar condo is way out of your league.
How much of a down payment do you need to buy a condo? How large of a down payment will you need for a mortgage on a condominium? The short answer is 3 percent to 20 percent of your unit’s purchase price, with 10 percent being common for those buyers who must rely on conventional loans to finance their units.