What You Need to Know About Buying a Condo
Are you considering purchasing a beach condo in Emerald Isle, North Carolina or in the surrounding Crystal Coast area? Condominium life can be a great fit for those who prefer a low-maintenance lifestyle combined with all the awesome amenities of vacation-style living. Condos can also be a worthwhile investment for those seeking a second home or investment income.
So how do you know if buying a condo is the right choice for you? Here are some of the main factors to consider. The Sun-Surf Realty Emerald Isle sales team is a wonderful resource if you need more guidance along the way. Reach out to one of our agents and start the conversation. We're here for you!
CONDOMINIUMS VS SINGLE FAMILY HOMES
Before buying a condo, it's important to understand the differences between living in a condo versus a single-family home to determine if the condo lifestyle is right for you. If this is a second home or investment property, consider if it will help or hinder your personal and financial goals. Condos are usually less expensive than single-family homes and have
lower maintenance requirements, making them good options for homebuyers
on a budget, people looking to downsize, and those in search of a second home or investment property.
COUNT THE COSTS OF CONDO LIVING
There may be additional costs involved with owning a condo beyond just purchase price. Even though the home owners association offers insurance, you may need to carry additional homeowners' coverage. Carefully read all the documentation. Owners in a condominium complex pay fees to cover ongoing maintenance and repairs of the common areas within that complex. Fees typically cover maintenance of areas such as lobbies, elevators, pools, recreation rooms, parking lots, and the grounds within the complex. Some funds might be held in reserve to pay for large repairs, such as a roof replacement or exterior painting. Condo fees vary greatly depending on the size of the complex and the amenities offered.
TALK TO YOUR LENDER ABOUT LOAN LIMITATIONS
Purchasing a condo may be more difficult than purchasing a house. Lenders are very careful when giving out loans for this type of residence. They usually require that a certain percentage of the units have people living in them (commonly referred to as "owner-occupied"). Loans can be harder to get for a condo because some lenders have strict
requirements regarding owner occupancy and loan-to-value ratios.
RESEARCH THE HOA AND THE CC&Rs
One of the things that come with condo ownership is the Homeowners Association (HOA). It sets out a declaration of covenants, conditions, and restrictions (CC&Rs) that lists things that you, as the condo owner, must comply with in order to live there. If you find that you won't be able to abide by the CC&Rs, condo life might not be for you. Non-compliance could mean you could be fined, forced to comply, or even sued. So take time to read this information carefully and seek professional guidance when needed.
ENLIST THE RIGHT REAL ESTATE PROFESSIONALS
Condominiums can be a solid investment for the right buyer. Before
purchasing a condo, be sure to do your due diligence and check out the
HOA, CC&Rs, and any tax and insurance situations that you need to know. Don't go it alone! Be sure to
get a local real estate agent and a loan officer with condo sales experience to help you navigate through all the fine print.
CONDOS FOR SALE IN EMERALD ISLE & CRYSTAL COAST, NC
Emerald Isle and the greater Crystal Coast area offer condominium complexes in varying locations and with a wide range of amenities. From pools and tennis courts, grills and gazebos, oceanfront and soundfront locations and more—the amenities you desire most while at the beach can be found at these condo complexes. Take a look at the current inventory of condos for sale in Emerald Isle and all along the Crystal Coast, peruse the amenities, and feel free to contact us if you're interested in learning more. Our sales team is here to help you, so reach out when you're ready to take the next step.
*Article Source: Investopedia
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