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What You Need to Know Before Buying a Condo
Thinking about buying a condo? Condos can be a great way to own a home, especially if you want a low-maintenance option.
However, before you make an offer on a condo, it's important to research and understand the process. There are a few unique things to remember when buying a condo, such as the condo association, HOA dues, and special assessments.
So keep reading, and we'll cover everything you need to know about buying a condo!
Condo vs. home: What's the difference?
The main difference between a condo and a home is ownership structure. When you buy a condo, you're purchasing the unit itself, but you're also buying a share of the common areas of the building, such as the lobby, hallways, and exterior. With a single-family home, you're buying the house and its land.
Condos and homes have different maintenance responsibilities. With a condo, the condo association is responsible for maintaining the common areas of the building, including things like landscaping, snow removal, and roof repairs. With a single-family home, you're responsible for all the maintenance and repairs.
Pitfalls to avoid when buying a condo
You should be aware of a few things before buying a condo. One is the potential for high Homeowners Association (HOA) dues. HOA dues are fees paid to the condo association to cover the costs of maintaining the common areas. HOA dues vary widely depending on the building, so considering them in your budget is important.
Another pitfall is the potential for special assessments. Special assessments are fees for condo owners to cover unexpected expenses, such as a major repair or replacement. Special assessments can be significant, so it's crucial to find out if the condo association has any upcoming special assessments before you buy.
Finally, knowing the condo association's rules and regulations is essential. Condo associations typically have rules about noise, pets, and parking. It's important to ensure you're comfortable with the condo association's rules and regulations before you buy.
Why do you need a real estate agent when buying a condo?
Buying a condo can be complex, so having a qualified real estate agent is important. A good real estate agent can help you understand the condo-buying process, help you find the right condo for your needs and budget, and help you negotiate the best possible price.
If you are considering buying a condo in the DMV area, feel free to reach out to me at (703) 562-1788 or Dan@greetingsvirginia.com. I’d be more than happy to tell you more and show you around.
