For many people, and for many different reasons, the idea of owning and being responsible for maintaining a house is not an appealing one. Maybe it’s an affordability issue, or maybe it’s the thought of taking care of the yard that makes some people hesitate – whatever the reason is, often times owning a condominium is an ideal alternative. They are generally more affordable, and the exterior maintenance is often taken care of by the Home Owners Association.
Before you jump out of your arm chair and call a Realtor, read this article from the blog at Credit.com and make sure a condominium is the right choice for you. One thing you’ll want to consider is a condo’s affordability as compared to a house. What many first time condo buyers don’t realize is that the fees you pay in HOA dues can often negatively affect the size of loan you qualify for. The monthly dues vary greatly, and can be as much as $500 or more in some cases. While that info is normally included in the listing information, when you’ve found that perfect place – emotions take charge, and important details can be missed.
Whatever decision you make, have an experienced Realtor and mortgage professional by your side to ensure that it is the right one.