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Tips For First Time Home Buyers

 
 

Chicago Real Estate

You have several options when purchasing a residential property: a traditional single-family home, a townhouse, a condo, or a multi-family building with two to four units. Each option has its pros and cons, depending on your homeownership goals, so you need to decide which type of property will help you reach those goals. You can also save on the purchase price in any category by choosing a fixer-upper, although the amount of time, sweat equity and money involved to turn a fixer-upper into your dream home might be much more than you bargained for.

 

Does Condo Life Suit You?

There are many benefits to owning your own condo — chief among them the fact that you own your property. However, along with the benefits, there can be unforeseen hassles. For example, a condo can be more than a financial commitment; it's a social commitment as well. In this article, we'll examine these considerations to make sure that your new condo life is a great one.

If you are thinking about making a purchase shortly, don't forget to consider the ways condo living could affect your life. (Haven't bought a condo yet, but plan to? Check out Buying A Condo and Investing In Real Estate.)

Condo Costs

Costs for the condo owner usually don't stop at the mortgage.

While you can use tools like a mortgage calculator to shop around for a favorable interest rate on your loan, you'll also have to think about things like monthly owner fees, sometimes called condo association fees, and homeowner's insurance. The association fees pay for things such as general upkeep and insurance of the condo complex. If the gate to your complex's parking garage breaks, the fees you and your neighbors pay will go toward fixing it. These fees also pay for the condo's insurance, which covers major situations that affect the complex as a whole. It's important to note that these fees never go away.

 

Most of these expenses and fees should be broken down in your condo's bylaws. Make sure you're familiar with them to avoid any unforeseen holes in your monthly budget. Also, owner fees typically don't cover things such as theft from or damage to your individual unit. To cover these, you'll also need to get your own homeowner's insurance policy.

 

Source:

Does Condo Life Suit You?

Investopedia

www.investopedia.com

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