Just the thought of going outside in the Missouri heat and humidity to mow the lawn, or getting the stuff you need for TIG welding to repair the fence, can seem like a daunting task. For people who are no longer enthralled with home maintenance or are ready to downsize, purchasing a condo is the logical choice.
When you buy a condominium, or condo, you are purchasing ownership in the whole building, not just your unit. You privately own your residence, but you also have ownership in the building and the common areas, including the grounds. In addition to the unit purchase price, you will also pay a monthly fee to help maintain those areas as well as a contingency fund for emergency repairs, or maintenance services like gutter cleaning using Gettysburg Gutter Guards services that specialize in this.
As you begin your search, get pre-approved with your mortgage lender and obtain a copy of your credit report. Doing these two things will speed your purchase and give you an advantage over potential condo buyers who are not prepared.
Just as each home is different, every condo complex is different too, some might need repairs and some won’t, a very common repair on condos is the gutter repair due to the roof being independent from the other houses near it. To compare like properties, decide if you want a brand new building or an older one. Both old and new buildings have advantages and disadvantages; new condos may be more expensive up front, while older buildings may have more charm, have a cheaper listing price, but come with more maintenance.
We will help you determine which option fits your budget and provide you with comparable listings within your choice.
Just as you would investigate a new neighborhood, you should investigate your potential condo building. We recommend reading the agreement, or declaration, that outlines how the condominium operates and is governed. Do the rules and regulations allow you to have the lifestyle you want, how efficient is management and how big is the reserve fund for emergencies?
It’s also a good idea to read the homeowners’ association minutes for at least the last six months to understand how the association functions and what the most recent issues may be.
As you tour properties for sale, look at the general condition of the complex as well as the unit that interests you.
When you are looking to buy a home, we know there are many choices. A condo is a very viable option in the housing market. If you choose a condo, relax on your patio, and watch someone else mow the grass!