Gettin' Real: A Real Estate BlogGettin' Real: A Real Estate Blog


About Me

Gettin' Real: A Real Estate Blog

Many people say they don't really feel like an adult until they buy their first home. It is a huge step. Rather than letting a landlord make all important repairs, you take on this responsibility yourself. You also get to build equity in the home over time, which can be a rather smart investment. At the same time, buying your first home can be a little intimidating. You may have questions about applying for a mortgage, setting a budget, and shopping efficiently. We hope to answer those questions with our helpful content. Your real estate agent is a good source of information, and so is this blog.

Categories

Latest Posts

How To Make Your Home More Appealing When Selling It
1 October 2021

When people want to buy homes, they will browse th

3 Things To Know About Working With A Realtor
17 September 2021

Whether you plan to buy a home or put one on the m

4 Tips To Help You Buy A Home With Impressive Storage Capacity
16 August 2021

Using all the storage space in your current home a

Consider Any Quirks Of Living In A Vintage Brownstone Apartment
16 August 2021

Living in an older apartment building can have its

Why It's Worth It To Pay Cash For Home Purchases
30 July 2021

When buying a home, it's wise to pay in cash. Ther

Is A Condo Right For You? 4 Questions To Ask Yourself

When you're looking for a place to call your own, you've got options. From standalone single-family homes to townhomes and even condos, there's a residence type for every buyer. For first-time buyers, condominiums are a popular choice due to their relatively affordable costs, low maintenance, and amenities. Before you decide to start shopping for a condo, however, there are a few questions you should ask yourself.

How Much Space Do You Need?

Start by being realistic about how much space you need. While condos can vary greatly in their size, they are typically quite smaller than single-family homes and townhomes. In fact, the average condo in the United States is about 1,200 square feet. Think about how much space you currently have and compare it to the average size of condos in your desired area. And of course, if you plan on staying in your condo indefinitely, you'll also want to factor in future size needs if you grow a family or even adopt a pet.

What Are Your Borrowing Options?

Compared to buying a single-family home, your borrowing options can be a bit more limited when buying a condominium, but there are still mortgages to choose from. The Federal Housing Administration offers FHA loans on condos that meet specific requirements; an FHA loan can be a great choice for first-time buyers due to the flexible loan terms and low down payment required.

Are You Comfortable With Covenants?

Most condominium buildings will have strict by-laws and covenants in place that all residents must abide by. For example, you might not be permitted to paint your front door certain colors, or you may not be allowed to have a barbecue grill on your balcony. You'll also probably need to pay a monthly management fee for services like common-area landscaping and amenities, so make sure this is something you're comfortable with before you commit to condo living.

Even before you make an offer on a condo, it's always a good idea to review a copy of the building's covenants and by-laws to make sure there are no conflicts or dealbreakers.

For many first-time buyers, condo living is an excellent choice. If you decide that you want to call a condominium your first home, make sure you're represented by a real estate agent who has specific experience handling condo deals. From there, you'll have all the help you need to get an offer approved on your dream property. Look for condos for sale in an area you like.