Three Things Condo Buyers Should Know
Now could be a great time for home buyers to find a great deal on a condominium.
Here are three things that potential buyers of condos should consider:
1. Is this condo likely to fall further in price? Part of the answer is in falling or rising local inventory – even if sales have picked up recently.
2. Is this a fair price? Condo prices are more volatile than single-family homes. One big consideration is whether buyers in this particular complex are likely to be able to qualify for a mortgage. If the complex has too many renters, for instance, the Federal Housing Administration won’t approve loans to buy units.
3. Is the condo association in good fiscal shape? Are they maintaining the grounds and the amenities as well as staying on top of needed structural improvements?
Source: Money Magazine, Beth Braverman (06/29/2010)
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