Kimberly Wingfield: Philly Real Estate Agent
Kimberly Wingfield
267-530-5641267-530-5641

Is A Condo Purchase Right For You?

If you’re looking for a way to build equity without dealing with a good chunk of typical homeownership-related maintenance and headaches, a condo purchase may indeed be a terrific real estate solution. There are plenty of great condos in different price ranges available throughout the Philly metro area, but – as always – it pays to look at all the fine print before signing a binding agreement!

First of all, make sure that you read the Homeowner’s/Condo Association rules and regulations thoroughly – or have a trusted professional read and explain each clause to you – before going forward. Some HOA’s/condo association rules – which can cover everything from decor to noise levels to rules about renting out your unit – are more restrictive than others, so always make sure that you’re comfortable with any and all potential restrictions ahead of time. As with any real estate purchase, it’s a big investment – and you want to make sure that it’s something you can comfortably handle on a day to day basis!

Besides the HOA rules and restrictions, you should also factor in the cost of condo fees/HOA dues every month in addition to your mortgage/taxes/insurance payment. Some of these HOA dues cover the cost of some or all taxes and utilities in addition to maintenance fees, so take a look at what’s included; some of these deals are better than others. (Notably, this article offers some reasonable suggestions that can potentially lower your condo/HOA dues per month – but don’t bank on lower fees upon buying your unit!) 

Another thing it pays to do ahead of time when buying a condo is to research what others have had to say about their experiences with management. (Generally, a Google search for the name of the complex in addition to the city and state in which it’s located provides a good starting point.) If management is either too lax (neglecting needed maintenance, failing to remove troublesome neighbors,) or too zealous (wanting more control over who you can invite into your home than you’re comfortable with, for instance,) it’s probably best to look elsewhere.

Finally, ask yourself how you plan to finance a condo purchase. For instance, FHA loans are only approved for condo complexes that meet a certain set of requirements – if you plan on using such a loan when shopping for a mortgage, check for FHA pre-approval first! Additionally, some down payment assistance programs out there have similar restrictions when it comes to condo purchases, so make sure that you do your research if this is something you have in mind!

If you still have questions about the condo purchasing process – or would like to view a specific unit in and around Philadelphia – feel free to contact me  in order to set up an appointment; I’d be glad to help you out!

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About Kimberly Wingfield

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Kimberly Wingfield

Real Estate Agent

kimberly.wingfield@gmail.com

267-530-5641267-530-5641 main

Virtual Realty Group

1418 Robinson Rd, Havertown, PA 19083

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