There are things you should know if you are going to buy a condo in Fort Lauderdale or anywhere in the United States. Information about the condo association and about the development that can determine whether it will be a smart buy or a bust. We are not talking about the obvious things such as your likes or your needs per say but additional information that may affect you obtaining a loan or resale value down the road.
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- First of all make sure and know the type of loan you are obtaining. If you are going to buy a condo and its a FHA loan, the development will need to be approved. If you are a buyer and you are interested in a condo ask the loan officer that you are working with whether you will be able to buy a condo with the type of loan you are approved for.
- There is usually a monthly maintenance fee that is attached to the condo. Not only are you paying a monthly mortgage payment you are also paying maintenance fees. Real estate agents can find out how much the fee is and what it covers. Even if you pay cash for your condo you will still have to pay a monthly maintenance fee!
- Make sure that the Condo association has money in reserves. At least 10 %. You’ll want the association to have money in reserves otherwise you might be assessed for a large amount of money for repairs, maintenance or upgrading.
- The higher percentage of owner occupancy the easier it will be to obtain a loan. If the majority of owners are tenants it will make it difficult to obtain financing.
This is just a few things to be aware of before buying a condo. Don’t forget to read the rules and regulations!