I am considering purchasing the condo my family now rents. I have college loan debt-I know very little about purchasing a home and real estate. What do I need to know? DETAILed answers please! Thank you!
2006-06-09 03:40:28 · 6 answers · asked by edummy 2 in Business & Finance ➔ Renting & Real Estate
like with any real estate what is the interest rate how many years mortgage, closing cost,points,and in a condo is their a laundry room on the premises, or a washer & dryer hook up in the apartment, are pets allowed , is it an end unit (THEY ARE BETTER)end units have more windows, is it up or down. remember you have to carry the things up stairs, unless their is an elavater, what other restrictions are their and what is the monthly fee. also are their assigned parking spots and guest parking. are their tennis courts a swimming pool,etc. etc.
2006-06-09 03:59:10 · answer #1 · answered by ? 5 · 1⤊ 0⤋
I would recommend the purchase of a home, not a condo. It's really a personal preference but let me explain. When it boils right down to it, isn't a condo really just a nice "apartment" with neighbors on both sides above and possibly below you? Why not go for your own real private lot and home? Although you have no maint. to cover in a condo, I think the privacy is worth it.
2006-06-09 03:46:46 · answer #2 · answered by not4u2c_yet 4 · 0⤊ 0⤋
Shamrock made some really good points. Other things that you want to look at are, the age and condition of the unit in question, what do your condo fees cover, how much are your condo fees. Also, you may want to get hold of the bylaws and/or the CC&R’s (Covenants, Conditions & Restrictions).
2006-06-09 06:43:22 · answer #3 · answered by Stephen Newman 2 · 0⤊ 0⤋
Make sure you are ready - psychologically and financially. Ask yourself the following questions: Do I have steady income? Is my debt lower than my total income? Do I have enough money to pay for the down payment and closing costs? Am I working hard enough to improve bad credit? A house needs constant care and attention. Also ask yourself if your budget will allow for unexpected repairs and upkeep. Once you can honestly answer "yes" to these questions, you are several steps ahead of the game and that much closer to becoming a homeowner.
Research credit rating, mortgage finance options, lenders, and see how much money you qualify for buying a house, before buying.
http://moneycentral.msn.com/articles/tax/events/5971.asp
2006-06-09 03:47:03 · answer #4 · answered by Unique 4 · 0⤊ 0⤋
Be cafeful of the condo fees. Sometimes they can be quite high, and you really get nothing for them.
2006-06-09 03:48:33 · answer #5 · answered by KYRealEstateGuy 4 · 0⤊ 0⤋
talk to your real estate agent.
2006-06-09 03:47:50 · answer #6 · answered by Maus 7 · 0⤊ 0⤋