If you’re new to the condo market, it can be helpful to familiarize yourself with the different types of condominiums and some key considerations when buying a condo. There are six main types of condominiums, including traditional condos, townhouse condos, loft condos, and more. When buying a condominium, it’s important to consider factors such as the costs associated with homeownership, including monthly fees for the homeowners’ association (HOA) and any necessary repairs or maintenance.
How to Manage Your Condo’s Homeowners Association (HOA)
HOAs are organizations made up of condo owners that are responsible for managing and maintaining common areas of the building. It’s important to be aware of HOA fees, as they can vary greatly from one building to the next, and it’s important to consider if the fees are affordable and if they’re likely to increase over time. Bankrate provides information on HOAs and what to expect when dealing with them, while The Balance offers tips on understanding condominium fees.
In addition to understanding HOA fees, it’s important to be aware of any issues with the physical structure of the condominium building. REALTOR® Magazine suggests seeking the help of specialists to assess the structural soundness of a condo before making a purchase.
Recent changes made by Fannie Mae and Freddie Mac following the Surfside collapse will also impact condo sellers. Realty Biz News provides information on these changes and what they mean for those involved in the condominium market.
Understand the Financing Options for Condominium Buyers: FHA-Approved and Non-Warrantable Loans Explained
Condos are becoming increasingly popular, especially among first-time homebuyers, because they are often more affordable than single-family homes. Real estate experts at realtor.com® explain that condos are the hottest trend in real estate right now. If you’re interested in buying a condominium, it’s important to research the different financing options available, including FHA-approved condominiums and non-warrantable loans, which are discussed by Bankrate.
To expand your knowledge of condos, there are many resources available online, including information from organizations such as HUD, IREM, Fannie Mae, and Freddie Mac. Our list of curated websites can help guide you in your research and provide valuable information on the many aspects of condominium ownership.