What should a 25 year Old Single Guy worry about the most when buying his first Condo?

Question

What am I not seeing, it seems too easy. Long explanations is welcome

Answer 1

Whether or not he's paying around market price
If he can afford the payment
Resale value
If there's some problem near by (loud noise from airports, traffic, businesses)
If it's in the middle of a retirement home or bad neighborhood

Answer 2

The first thing you want to consider is how much work it needs and the resale value. Since this is your first place, you probably won't live her for the rest of your life. Also, you want to look at the property taxes and ratio of voters who have children in school and those who don't. These people can raise your taxes for things you may not need and/or care much about right now. You want to look at the association fees of the condo too. This has a lot to do with the resale value. Another thing to look at is if people move to that area for the schools or the work commute or whatever. This can help you determine the quickness of resale as far as getting a one, two or three bedroom condo. Other than the obvious things like interest rates, affordability, etc. this is the best advice I can give.

Answer 3

1) Condition of said property
2) Terms of condo agreement, bylaws of the association, monthly fee and what it includes, etc
3) Neighbors
4) Terms and conditions of the mortgage
5) Will anyone be building a nuclear reactor or refinery nearby?
6) TAXES
7) Have your a good real estate agent?
8) Don't make yourself "mortgage poor", you still need to eat and party
8) Have you a "good" attorney?
9) Does said property have the amenities you require? i.e. big enough? Garage? Storage? Bathrooms?
10) Monthly utilities- gas, electric, phone, cable, internet, water, sewer, garbage, maid service
11) Building construction, a close tie in with #3. Upper, lower, middle, end?
12) Pets?
13) Fire protection system?
14) View
15) Resaleability
I've been in my condo for about 2 1/2 years. I no longer own a lawn mower, snow shovel or paint brush. Nor do I miss it. But if any one of the above were a hot spot, I might. Good luck. The list goes on, so don't overlook anything. Don't over-think it either, something I think you're prone to. (Takes one to know one...)

Answer 4

Condo Dues! And CCR's! request a copy of the Covenants, Conditions and Restrictions of the Condo's from your agent or from the Tile Company. Also, it can't hurt to knock on a couple of doors within the Condominium building and ask the residents what they think about living there. Good Luck and Happy House Hunting.

Answer 5

When buying you must be totally satisfied with your selection. The next thing to consider is... whether or not you can afford the association fees and your mortgage. Make sure you have a reserve $$$ just in case you become ill or unable to pay the next months mortgage. Another thing to consider is "this new condo is your home... do not treat it as a play thing, as your investment will only return to you what you put into it." Keep your friends out of your home...party somewhere else. A man home is his castle.

Answer 6

When you look at potential condos, try to take note of building issues like leakage (particularly shown in certain wall deformities), or carpet and tilework, and other signs of shoddy maintenance. Such issues are often a sign of seller personality, and are a good judge of further issues between you two. More important to know is whether or not these starting issues will grow into financial wrecks by the time you are ready to move out of the place. Don't just slide into it.

Answer 7

I have been in the mortgage business for 5 years. I am 24 now. I own two homes. It really is that easy. The hardest part is just obtaining your financing and getting closed. If you don't know what to look for in a reputable lender, I would recommend sticking with a large lender. (WAMU, Citi, CTX, Wells, etc.) You aren't going to get the deal of a lifetime however you will know you are not getting screwed in rate and cosing costs. You may be able to find a slighlty better deal if you are mortgage savvy. Let me know if you need anything else.

Answer 8

what you have to find out are the ruiles of the Condo most condos will not give you those till you get in and alot of the times those rules are so damn picky that alone will make you hate your decsioin

I work in a Condo as a doorman Porter and I hear all the complaints from the people about the rules

Answer 9

Don't worry about anything. Just do your research, and for your mortgage go with a company you trust. The last thing you need to is get suckered into a mortgage that looks good but you know nothing about.

I've refinanced a lot of people because their broker didn't explain any of their contract and sometimes lied.

Answer 10

Just have it inspected that's it.
answer this how many things don't you like from where you have lived. there's probably many. so do this inspect a condo that you like, then just buy it. time flyes. guess what 2 years passed by, you got plenty equity in your condo now to sell it and buy a home of your dreams. so it's eazy just do it. think of it as an investment.