Upload
kay-frenzer-zeeh
View
237
Download
0
Tags:
Embed Size (px)
Citation preview
When you're buying a home, it's not feasible to have an inspection done on every home that you tour, but it's important to know about any potential problems before you make a commitment.
Each homeowner's association has different rules and a board that makes decisions regarding homeowner's rights.
Make sure you understand what improvements or changes you can make to your property that don't conflict with the HOA.
Most buyers looking for downtown condos to buy calculate what they'll pay for their mortgage but don't always consider additional fees.
If you buy a condo that's assessed at a higher rate than some others in the building, your monthly fee may be higher.
When you're signing the contract for your condo, the fees must be itemized and included in the contract.
Even though some states don't require separate insurance apart from the HOA fees, it's a good idea to have a policy to cover damage to personal items.
If a substantial number of homeowners in a building are delinquent in paying their HOA fees, it may not be possible to be approved for a mortgage.
The same rule often applies when a large number of residents in a building are renters rather than owners.
Even if you have a superior credit rating, the building may be considered an apartment building and your mortgage could be denied.
When you're inspecting the condo you want to buy, make sure to look for recent paint jobs in one area or peeling ceilings that could indicate water damage.
Check doors and windows to see that they open and shut as they should. Check electrical outlets and fixtures and look for signs of mildew or mold.
Sometimes, the appraiser may make notes of potential issues that the buyer should know about before signing the contract.
If you are looking for a condo to buy in Arizona, We Know Urban Realty will help you find the perfect place.
Will Daly, BrokerWe Know Urban Realty, LLC834 E Claremont Street, No 3Phoenix, AZ 85014(480) 510-8755Email: [email protected]