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what do you own when you buy a condo

Condo Buying Still Requires real estate agents Whenever you shop for a purchase as large as a home or condo, consulting the experts is a must, especially for first-time buyers. Finding a real estate agent who has experience in matching condo sellers with condo buyers can mean the difference between a long and frustrating process and a.

low down payment mortgage insurance The down payment can come from family gift funds or your own money, and you must live in the home you’re buying and pay mortgage insurance on the loan. The mortgage insurance can be cancelled once you achieve 22-percent equity in the home by paying your loan down.

Buying a condo allows you to wade into homeownership without plunging into the responsibilities of a single-family home. Before you buy a condo, ask the right questions to avoid making a mistake.

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No Rent Control Condos are not subject to rent control. If you want to move out for a couple of years to get a degree, take a job in another city, or travel the world on sabbatical, you’re free to do.

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If you plan to use an FHA-insured loan, you can check if a condo development is FHA approved at hud.gov . After all that legwork, if you’re sure you want to buy a condo, do so only if. You can afford the maintenance fee. Many first-time owners don’t realize that a condo purchase means paying.

If you’re thinking about buying a new home, a condo can be a smart choice. For example, let’s say you own a traditional condo and reach a point when all of the properties need new roofs. If there.

“I was 56, I was on my own, my worst-case scenario was I go back. but many people get around town in golf carts (which can.

If you’re thinking of buying a condo, there are lots of reasons why it might be a smart move right now. Condos have never been more popular, particularly with the aging Baby Boomer population, which is starting to downsize and move into homes that are easier to care for. As a result, condos are in high demand and appreciating faster than single-family homes.

 · "Most of the things you need to be aware of when buying a condo don’t involve the unit itself. They have to do with the governing body that manages that property," Abrams says. With condo developments, the homeowners association is often responsible for more maintenance, including the overall maintenance of the building.

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