Owning a condo can be a great investment and many Brickell condos for sale are the first step on the road to full-fledged home ownership. Buying a condo and buying a home is not the same thing, there are different issues and considerations that must be analyzed and taken into account. If you are about to take the first step towards full fledged home ownership by purchasing a condo, here are a few things that you should know about.
Getting the loan:
The Federal Housing Association tends to treat condos somewhat different that single family dwellings. Before the FHA will support a loan they demand that at least 80 percent of the condo units in the building must be occupied by the actual owners. In buildings where a large percentage of the units are owned by investors and other real estate speculators, it will not be possible to get an FHA backed mortgage. As well as this rule, the FHA has a list of approved condos, if the unit you are looking at is in a building that is not on the list the loan will not be approved. After saying this, mortgages are plentiful from private lenders.
Know the rules:
Brickell condos for sale come with rules that must be adhered to. This should not come as any surprise because when you have many people living in close proximity to one another it is important to maintain harmony. You need to know if the building allows pets or can you rent your condo in the future. Make sure you know and agree with the rules.
Know the fees:
All condo owners are levied management fees that are used for upkeep of the common areas, insurance, etc. It is not only important that you know what the fees are; you need to know what the fees are used for. It is important that the management set aside a proportion of the fees for use in the event of a serious problem like the roof leaking.
It is important to know who is responsible for upkeep. Find out if there is a contractor or are the owners expected to help. It is important that the condo you buy is well maintained for it to hold its value in the event you wish to sell it in the future.
There are many Brickell condos for sale that will suit any buyer. Brickell is located just east of Downtown Miami, just minutes away from interstate 95.Contact Buy.Sell.Rent. Realty for complete information.