In the purchase of new property, there are numerous factors that you have to take into consideration. These factors may include financing, the costs, location or the risks involved. When purchasing a condo, you will need to know whether the investor or lender has limitations on the financing. This piece seeks to help you identify some of the things that you should avoid in your purchase. They include:
• Suitability - Owning a condo will be ideal for the individuals that are willing to pay the homeowners association fees in order to get amenities such as lawn care, gym, pool or other maintenance-related services. Condos such as the Avenue South Residence will also be governed by policies given by the HOA. Some developmental communities will have strict guidelines regarding aspects such as dish placement, what you can do to the exterior of the building or gardening.
• Unfinished Construction - When buying a condo using a loan or a mortgage, it is advisable to avoid unfinished construction. This is because most financing options will require a building to be 100% complete before giving out the funding. Moreover, it ensures that you are not subject to additional costs regarding work in phases. Confirm with the developers in show flats about the construction status of their units.
• Occupancy Obligations - When buying condo property for the purposes of investment, strive to find one that has at least 50% of the units as primary or secondary homes. Additionally, those that want to seek funding for lenders are advised to avoid properties that are not yet 90% sold out.
• Homeowners Association Lending Rules - Numerous rules regarding the homeowners’ associations must be well understood by those that want to buy a condo. Some budget rules that the association should abide by for residents to get a mortgage revolve the business operations you engage in. Some associations also will require that you have enough funds whose role is to cater to maintenance and replacement needs of the community. At other times, mortgage investors will require an association to have fidelity insurance.
• VA or FHA Approval - Those that are getting FHA or VA loans to need to ensure that their complex is approved. Both of these entities will have updated lists of the currently approved condo projects. These will include projects such as the
Avenue South Residence. The VA and FHA also are given the mandate of reviewing construction plans or the association’s documentation. Construction guidance is meant to take care of your safety.
With the above, you will be able to buy the best condo without being prone to factors such as regulatory measures, unfinished construction or even the occupancy obligations. Choose apartment condos which promises to give you a comfortable life at affordable costs.