: One-time fees for major repairs like roofs or elevators. Phase 2: Due Diligence & Inspections
: Your budget must include more than just the mortgage. Account for: Monthly HOA/COA Fees : Typically $200–$800+. we buy condos
: Even without land ownership, you pay real estate taxes. You will need a personal HO-6 insurance policy for your unit's interior. : One-time fees for major repairs like roofs or elevators
: Lenders often reject buildings with too many rentals (investors), ongoing lawsuits, or low occupancy. Seek out FHA-approved communities if using an FHA loan, as many complexes do not qualify. : Even without land ownership, you pay real estate taxes
: Condo financing is stricter than for single-family homes. Lenders evaluate both your credit and the building’s financial health.
: Hire an inspector who specializes in condos. Ensure they check electrical, plumbing, and shared systems like elevators or roofs if possible. Phase 3: Lifestyle & Rules (CC&Rs)
Before touring, you must determine if the building's finances match your own.