For a number of people, the purchase of a condo is their first step toward full home ownership. However, it is important to understand that purchasing a condo is not the same thing as buying a house and comes along with a number of different concerns and considerations. If you are ready to make the leap and find Condominiums For Sale in Santa Monica, some things you should be aware of are highlighted here.
Securing a Loan
The bad news for condo buyers is the fact that you will not be treated the same as someone trying to purchase a single family home. There are a number of regulations that must be met prior to the Federal Housing Administration approving the loan. Understanding these regulations is essential in getting the necessary moneys to purchase the condo.
Learn the Rules
With such a large number of people, living so close together, there are typically a large number of rules in place to help and keep the peace. Some things to find out include if they allow pets; are you able to rent your unit out down the road if you want; are there specific quiet hours; and the rules for shared areas. Prior to moving in, you should be certain that you will be able to live with the established rules.
Ask about the Fees
In most condos there are certain fees that have been established for covering certain expenses such as repairs or insurance that will affect all of the residents. While you likely know to ask what these fees actually are, you also need to find out what your money is going to pay for. A condo that is well-run will be setting a third of the fees aside for major repairs or a type of emergency fund. The last thing you want to do is to move into your new condo only to discover a few weeks later that the entire association has no money and unable to pay for an urgent repair.
When you take the time to learn about the various rules and requirements for living in a condo you will be better prepared to make a decision of whether or not this is where you truly want to live. Condos offer a number of benefits; however, you have to ensure that you can handle all the restrictions prior to diving in.
