When buying a condo there are a few tips that can help you to save money. If you have never owned a condo then you may be confused or not totally understand some items in the contract such as HOA fees.
HOA FeesWhat are the monthly home owner's association (HOA) fees? Will they increase? Does the HOA association keep a percentage of all the HOA fees paid in order to pay for a major problem that may arise in the future such as the condo unit needing a new roof?
HOA Rules and BylawsAre the HOA rules fair? Will the HOA association rules interfere with your lifestyle? For example, if the HOA does not allow you to be loud and boisterous outside past 10:00 PM, and you like to have late night Barbecues with your friends during the summer time, you may need to look for a different condo unit.
Who is responsible for interior repairs? Generally all condos exterior upkeep such as painting and landscaping is covered by the HOA fees. What about the indoors? Are you required to pay for all interior repairs? Usually you are required to pay for all interior repairs. The exception is if there is a major plumbing problem that affects all units in the condo.
Use a Licensed Real Estate Broker or RealtorFind a real estate agent that is knowledgeable and specializes in condominiums. A knowledgeable condo expert will be able to guide you towards all of the sweetheart deals on the condo reseller market.
High RiseDo you want a glorified apartment unit that is technically a condo or do you want a luxury high rise condominium unit. A luxury condominium unit will cost a lot more but may hold its value better.
The HOA associations tend to be more professional and better managed then a smaller condo unit association.
Corner UnitIf you are looking to buy a corner unit in a luxury high rise condo building then you will pay a premium. If you choose instead to buy a lower level unit that is not located on the corner of the building then you will save a lot more money and your HOA fees may be lower also.
If you ever decide to sell your condo unit it may be easier in some markets to sell a lower cost unit as opposed to an extravagantly priced high rise corner unit.
Just Buy a CondoIf you are interested in buying a condo unit and can afford to either pay cash or have the credit needed to get a mortgage, then just buy a condo unit. Get with a knowledgeable condo agent and deal with them. When you find a cheap condo unit that you want then get the paperwork going.
Condo rates, especially in Las Vegas, are much lower then what they were just 5 years ago. The cost of buying a condo is beginning to get back to the levels they were at before the housing crisis so if you want to buy a condo unit then now is the time.