There is a lot to know about buying a condominium! The most important things are the bylaws, Home owner association fees, how you hold title, parking restriction and if your condo is FHA loan eligible. Along with the HOA fees you need to know what exactly they are paying for monthly. Not all condos are FHA loan approved. That is something that we search out to see if they qualify because many buyers are using FHA for a loan.
If the condo you are seeking out is on water or on a golf course what rights do you have to access the water, pool lake etc. As for on a Golf course how much are the fees other than the HOA fees to access the golf course. Is there an initial buy in and mandatory monthly fee? Are there special assessments and if so, how much are they and how often are they collected? Monthly quarterly or annually? There are a lot of factors that come into play when you consider buying a condo.
Click here to learn more