Tips When Purchasing a Condo in NH
When starting the search for a new home, potential buyers often jump straight to the option of buying a single family home; however, for first time home buyers, smaller families, or someone looking to downsize, condos are a great option to consider. If you’ve read our previous blog about the benefits of buying a condo and have decided that it’s the right option for you, keep reading to find tips on what to look for in a condo!
- Find a Realtor with Experience Selling Condos
Buying a condo is much different than buying a single family home. For one thing, you may own your own unit, but you are sharing ownership of the common areas and land with the other owners and residents. There’s also a property management company or board of directors that has the authority to make a lot of the big decisions, such as those pertaining to maintenance and appearance. Due to these factors, and an array of others, purchase contracts and contingencies are much different. For that reason, you’ll want to get in touch with a Verani agent that is familiar with buying and selling condos to help you navigate the process.
- Be Sure to Find Out What the Condo Includes
When looking to purchase a condo, it’s important to note that they don’t all include the same things in the contract. Questions you’ll want to ask, for example, are: does the condo come with reserved (covered) parking and visiting parking for your guests, does it come with additional storage space, what are the association fees and what do they include. You should also ask about the included amenities such as if there is a pool, gym, game or theatre room and reservable room for parties or events.
- Ask about Costs and Fees
Condo fees are associated with owning a condo. While that may deter some potential buyers it definitely has its benefits. By law, a portion of those condo fees goes into a reserve fund. This reserve fund is put aside for major repairs like replacing the windows, painting the common areas, or repairing the roof with no additional cost to the owners. This means costs for big projects are shared amongst the residents of the community making the price point a little more manageable. Fees regarding the condo association can impact whether or not you can afford to the condo- so be sure to get as much information as possible.
It’s important to consider all your homeownership options in this competitive market. Ask questions and weigh in all the factors before you limit what you’re willing to go and see with your real estate agent.
- Where to Look
Condos can come in a variety of forms, including low-rise buildings, freestanding homes, duplexes, and townhouse communities. When beginning your new hampshire condo search, decide whether the location or the type/style of home is more of a priority. Once you have the priorities down, you can look for a home that best suits your needs. If you’re ready to find your condo, or are just starting to think about it, see available condos in New Hampshire for sale right now at . We always have agents ready to help you with any questions about the buying process!
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