How to Buy a Condo

A condo is a great choice for a first home or for someone who wants to own real estate, yet remain in the middle of a big city. A condo is also a great choice for someone who does not want the bother of taking care of real estate--cutting the lawn and fun things like that.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• A knowledge of the neighborhood
• A real-estate professional who knows the condo market
• A note book. You will look at a variety of condos and if you do not keep notes, you will forget which one has what.

1. Pick the neighborhood where you'd like to look for a condo. They are not available everywhere, but are becoming more and more popular, and the styles are increasing, too. A condo can be in a historic old apartment building, a townhouse and high-rise buildings built a condos.

2. Be flexible with the style of building if your target neighborhoods have multiple styles. Also be sure of what you want. For instance, if you are looking at a high-rise building, the condos on the higher floors will cost more than the same size unit on a lower floor. The better the view, the more the money. In big cities like New York, the side of the building will make a difference in the price also. The side with the view of the river will cost more. You need to know the particulars of the area where you're looking. What makes it special? The real estate that takes most advantage of that "special"" quality will cost more than different parts of the neighborhood.

3. Know what to expect. When you choose a condo for your type of real estate, you are actually buying the unit lock, stock and barrel. This means you can, in most cases, make any changes to the condo that you want, even take down walls and open up the space, or put up walls and make more rooms. You will be responsible for all repairs, and I do mean all inside the unit. Repairs to the exterior and public areas are the responsibility of the condo board, which, by the way, may have the authority to decide if you will be allowed to buy a condo. If there is a condo next to yours, below it or above it, you can by it, break through and make your condo much bigger. These are general real-estate rules and apply in most cases, but you need to go over the agreement with your lawyer and real-estate professional and really know all the facts.

4. Find a real-estate agent who not only knows the area, but also knows the condo market. It is different from private homes, and there are many agents who are familiar with both. Set your preferences--know what you absolutely need and what is just something you want.

Tips & Warnings

• Look at a few condos before you make up your mind.
• Make sure you know what is most important and what is optional.
• Try to be pre-approved for a mortgage. It can tip the scales in your favor if there is more than one offer, and it will help you structure your budget.

[PattyOh]

on 3/9/2008 Yea for condo life! : )