: Lenders often reject buildings with too many rentals (investors), ongoing lawsuits, or low occupancy. Seek out FHA-approved communities if using an FHA loan, as many complexes do not qualify.
: Review the association's reserve fund study . Ideally, the fund should be at least 70% funded to avoid sudden special assessments. we buy condos
: Your budget must include more than just the mortgage. Account for: Monthly HOA/COA Fees : Typically $200–$800+. : Lenders often reject buildings with too many
Standard home inspections often only cover the unit interior. For a condo, you must look at the "big picture." Ideally, the fund should be at least 70%
: Even without land ownership, you pay real estate taxes. You will need a personal HO-6 insurance policy for your unit's interior.
Buying a condo is more than just purchasing a unit; you are buying into a shared financial and legal entity. Unlike a single-family home, your investment's health depends heavily on the collective decisions of your neighbors and the board.
: Hire an inspector who specializes in condos. Ensure they check electrical, plumbing, and shared systems like elevators or roofs if possible. Phase 3: Lifestyle & Rules (CC&Rs)