Thinking for yourself or as an investment about buying condos in Massachusetts or Connecticut ? Buying a condo is a method similar to buying a home, but to keep you on your toes, it comes with its own collection of extra obstacles. Take some time to read through these 5 things you should know about buying condos in Massachusetts or Connecticut to help you make sure condo living is the right path for you:
More Than Meets the Eye
The most simplistic way to look at how a condominium complex works is that it is like living in your own apartment unit.
There are facilities and shared areas outside of your single condo unit that will differ from one building to the next. A property management firm that is recruited through the association of your landlord, or HOA, usually manages these common areas.
Asking about any facilities that are accessible to all condo owners in the building is extremely important, since that could have a huge effect on determining which location is right for you.
Maintain Your Budget
Buying condos in Massachusetts or Connecticut needs a little more budgeting diligence than buying homes, as with your monthly mortgage payment, there are definitely extra fees lumped in.
The HOA would have dues payable on a schedule decided by the owners of the building’s HOA and condo, as well as the prospect of reserve funds. In order to perform routine maintenance and pay the property management business, HOA dues are used. This is money that is retained to be used in the event that repairs are needed on the property if your HOA receives reserve funds.
Each HOA will have a different way of coping with funds, and you should make sure that you understand not only what you are going to be expected to pay, but when these payments are due.
An Insulated Community
The appearance, feeling and temperament of the neighborhood and culture on show when you visit a building is a factor that can have a lot of impact when it comes to your condo decision.
Whenever you visit a condo, pay attention to anything that happens outside the unit that you’re walking through. If all in that building seems like a good match for you, take into account your wants and needs to decide. For instance, if a place has a lot of families with younger kids, but you’re not much for children and prefer peace and quiet, it may not be the right fit.
It is important to really get to know the meaning of the group as a whole to find a position you would be able to invest in.
Find Your Agent
It is typical for the average buyer to assume that all agents are the same, whether they are searching for a home or a condo, but this could not be further from the facts.
It’s very important to take the time to find the right skilled and experienced real estate agent for you until you’re ready to begin your new home quest in earnest. To address their particular situations, we urge both buyers and sellers to meet with several agents and get a sense of which agent is most invested in their situation while making them feel secure.
When recruiting an agent, one final piece of advice: Choose one that has condo experience. It’s different to finding the right condo than finding the right home, and you want an agent who is prepared to meet your needs.
Lenders May Be Challenging
Finally, the fact that lenders are much more cautious about granting condominium loans is no excuse to sugarcoat it.
Due to the structure of their ownership, condos are seen as a higher risk. This comes from the reliance that of owner in the building has on the other tenants at the right time to pay their mortgage and dues in full.
If each occupant does their part, however, everyone reaps the advantages of comfortable condo living.
Professional Support Buying Condos in Massachusetts or Connecticut
If you’re one of the many home buyers in Massachusetts or Connecticut looking to buy condos, contact us today at 413-455-0008!