September 16th, 2020
There are so many things to consider when buying a condo, so it’s no wonder that you have a lot of questions running through your mind right now. Fortunately, with the right guidance of an experienced real estate agent, this doesn’t have to be so overwhelming and stressful as it might seem at first sight.
If you’re looking for a condo for sale in San Diego, make sure to hire a dependable local real estate company and reap all the perks of their involvement. They will provide you with all the necessary information and do their best to speed up the entire process. With the right kind of help, you might be able to move in your dream home much sooner than you anticipated.
What questions should I ask when buying a condo?
To gather all the crucial info before you make the final decision and buy your favorite condo, here are a few questions that you should remember to ask:
1. What are the monthly HOA dues?
One of the biggest perks of condo living is that you are not responsible for handling the repairs on your own. Instead, you are required to pay monthly HOA dues. In addition to confirming the amount you’ll need to allocate for this purpose, you will want to check what you will be getting for what you’ve paid.
HOA fees typically cover the costs of maintaining the common areas of the building and may cover some common utilities. A chunk of the money will also go into a reverse fund used for any necessary upgrades and repairs.
2. Do condos qualify for FHA loans?
If you plan to apply for an FHA loan that requires a significantly lower downpayment in comparison to conventional loans, you need to verify that the condo you plan to buy is FHA-certified. Since this may limit your options, the best course of action is to hire a professional who will spare you all the hassle and help you find a condo that meets all your requirements.
3. Will you be able to rent out your condo?
Every condo association has a set of rules that the condo owners are expected to follow. So, before you sign off on a purchase, you should get familiar with all the regulations, including those that determine if there is a rental cap (it determines how many units can be rented simultaneously).
The usual limit for condos is 20%, so if you want to be sure that you’ll be allowed to rent out yours, this is definitely something that you should look into more closely. Both condos with and without rental caps have their advantages and disadvantages, so consulting with a skilled real estate agent might help you make the right decision regarding your next move.
4. Are there any complaints?
Buying a new condo is not a process that should be rushed. Instead, take the time to do your research and, if possible, meet with the current owners to hear about their impressions and experiences. Also, consult with your real estate agent because they have years of experience in this filed and can easily spot any hidden issues that would have never crossed your mind otherwise.
5. Is there any litigation?
Unfortunately, there are many condos embroiled in never-ending litigation, and that’s something you will want to avoid at all costs. To spare yourself a headache and avoid making a bad investment, talk to your real estate agent about this, and express your concerns timely. They will be there to guide you through it all and protect your interests.
Where can I purchase a condo for sale in San Diego?
If you’ve always wanted to live in one of the lovely Downtown San Diego neighborhoods like charming Little Italy or beautiful Marina District, Neuman & Neuman is your go-to real estate business.
We have almost 40 years of expertise in this field and are always happy to provide our clients with a personalized buying experience that will meet their unique needs. Feel free to browse our website to see what we have on offer and schedule a consultation at your convenience. Our team will do everything in its power to get you the home you deserve.
