"You know when you buy a condo, they’re going to have access to it because it is built to code and those codes are kept up." The Cons HOA Regulations. Unlike people who are buying for the first time, people making the transition from owning a single-family home have to adjust to abiding by the homeowners association (HOA) regulations.
There are many frequently asked questions when buying a condo, but there are also many specific inquiries that are frequently neglected, most especially by first-time buyers. These include the maximum number of tenants allowed per unit, if pets are allowed, what the curfew for parties is, if any, or if one can sublet their unit in the future.
5 Benefits of Investing in Condos for First Time Home Buyers Buying a home involves a lot of choices – locations, types of homes, types of loans , and more. As a first time homebuyer, you have the freedom to choose what type of home you want to purchase.
First things first: a down payment is that amount of money you pay towards your condo upfront. In other words, this is the amount of the purchase that you are paying yourself – that you don’t need a loan for. You pay this amount directly to the seller and in return, you have that much equity in your home at the time of purchase.
Special Guest Mat Piche share’s his experiences with buying a condo as his first investment property. Buying a condominium is a different process and experience than buying freehold properties.
Chapter 2: Condo vs Single Family – 5 Reasons Why Buying A Condo Is A Smart Alternative For The First Time Home Buyer Let’s talk about a condo as an alternative to buying a single family home for your first home purchase.
The trouble with being a first time buyer looking to buy a condo with parking is that one bedroom condos rarely come with parking spaces. In the pre-construction market, where all of the new condo inventory comes from, parking spaces are typically only available for two bedroom condos and up, otherwise you’re on a waiting list.
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