What To Know Before You Buy A Condo

The demand for condominiums is surging- and owning a unit or a part of a building has many benefits for investors and would-be homeowners, such as a good location, access to amenities, and lower maintenance costs.

In this blog, you will learn if you are a condo person. Here are some of the things you should know before you buy a condominium.

How to find condos for sale

Searching for condos for sale in Glenview, IL, is the same as any other home buying process. We recommend you do not go alone because a professional will help you navigate through the complexities of the market. You can find condominiums for sale by the owner or opt to hire the services of a licensed real estate broker in Glenview, IL.

The benefits of buying a condominium

Condos have some benefits over other types of homes. For instance, they are cheaper than single-family units and are great for investors or buyers looking for less-expensive housing options. They are also great for first-time investors who want to understand the “ins and outs” of the market without paying a “fortune” ( regular condos, the luxury real estate market is a different ball game entirely). The best condos for investors have a good location and access to the best amenities.

Condo owners have access to amenities that other homeowners would have to pay more to enjoy. It is not uncommon for condos to have pools, gym facilities, and more. Condos also give investors a viable option for a more expensive location, such as places that attract a lot of tourists. Investors can rent out their condos to tourists and vacationers.

Condominium owners also pay less for maintenance. The home association handles repairs and maintenance of all units in the building- this only applies to operations outside their homes. If you own a condo, you are responsible for what happens inside your home.

Some downsides to owning a condo

Before investing in a complex, you should know some of the cons of owning one.

HOA fees

The homeowners association is responsible for managing the building. You will have to pay a monthly fee and sometimes a one-time assessment for large expenses. The monthly fee covers repairs and maintenance of amenities like the pool, lobbies, recreation rooms, etc. Note that you still have to pay even if you do not use these facilities.

Covenants, conditions, and restrictions

Covenants, conditions, and restrictions (CC&Rs) sound extreme, but they are simply the rules and regulations you must live by in the complex.

Condominium owners are bound by more rules than individuals who own single-family units. For instance, some investors or buyers may not like the seemingly restrictive rules and regulations set by the HOA. You may be fined or Sued if you do not comply with these rules.

Getting a loan

Getting a loan for a condominium is generally harder than other types of houses. Mortgage lenders have stricter restrictions on condos and co-op buildings. These restrictions may pertain to occupancy rate, loan to value ratio, how much of the building you own, etc.