Buying a Salt Lake Condo-Tips
Buying a Salt Lake Condo-Tips
Purchasing condos is much different than single family property purchases. There is more information to asess. This article provides condo buying tips for Salt Lake buyers. Plus we can search for condominiums listed as short sales, and we can help you find condos for sale in downtown Salt Lake City. or new condos for sale in SLC
How Condos Differ From Single Family Real Estate
Condominiums are complexes with two or more units with shared common space such as land and hallways. Exterior areas belong to the association and each unit retains a percentage interest in it. The exact percentage is typically based on factors such as unit size. Condo owners must maintain the inside of their own unit but share the cost of exterior areas such as siding. Due to the shared elements and fees, it is critical for Salt Lake buyers to review certain paperwork ahead of time.
Information to Evaluate
Financing programs may restrict loans to units in qualified complexes or based on specific criteria. For example, FHA requires specific owner occupancy percentages, minimum reserves, and a variety of other items. Complexes that are not FHA approved will have fewer buyers. Buyers using FHA should find out whether a complex is approved before getting too far invested.
Owner Occupied Units
Most complexes have some rental units. Higher owner occupancy rates are better from a financing perspective. Owner occupants also tend to take better care of their units.
Recurring Fees and Assessments
Most condominium complexes charge monthly fees. The fees help maintain the common areas. A certain amount is also put aside into a reserve account to cover future repairs. It is useful for buyers to ask the amount of the condo fee, what is included, the history of increases, and expected changes in the future. Buyers should also evaluate how much is already deposited in reserve. If a association does not have enough to cover a extensive repair, the required amount is shared among the unit owners. This is called an assessment and can be a lot for owners to cover.
Rules and Restrictions
Condo occupants must deal with rules that single family owners do not. It is necessary to obtain the rules and regulations before purchasing and decide whether they can accept them. Rules may cover both common areas and interior spaces.
Condo Buying Tips For Salt Lake Buyers
There are conditions to buying any type of listing, but condo purchases have some additional considerations that buyers must evaluate. Carefully read through all documentation and get help from a real estate attorney for help. Also evaluate the resale value of units based on the finances of the complex and home loan programs available to buyers. Ask a real estate professional to furnish a report on past sales trends in the complex. All of this helps buyers develop an educated decision about a condo purchase. This blog on condo buying tips for Salt Lake buyers was shared by Gordon Sloan at Group1 Real Estate. Contact Gordon at 801-567-0946 or email@example.com for facts on specific complexes in Salt Lake or regarding other real estate topics.
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