10 Things To Know Before Buying A Condo Or Townhouse - BEWARE.

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If you are thinking of buying a condo or a townhome, you may want to consider what you may may be getting into. They may be cheaper to buy than a house or single family residence, but they come with a hefty cost. In this video I explore the 10 things you want to be aware of prior to buying a condo or a townhouse. Here are some of the things that I discuss in this viceo.

HOA Fees and Coverage: Before purchasing a condo or townhouse, it's crucial to understand the Homeowners Association (HOA) fees and what they cover, such as exterior maintenance, utilities, and amenities like pools or gyms. Fees vary widely and can significantly impact overall affordability and mortgage qualification.

Reserve Funds and Assessments: Verify the HOA's reserve funds, which are essential for covering emergency repairs without imposing extra fees on residents. Prospective buyers should also check for upcoming assessments, which are additional charges that may arise from necessary community upgrades or repairs.

Rules and Restrictions: Each HOA has its own set of rules and restrictions (CC&Rs) that can affect lifestyle choices, such as pet ownership, parking, and modifications to your unit. Understanding these rules is vital to ensure they align with your living needs and hobbies.

Community Management and Maintenance: Evaluate the community’s management and maintenance practices, as these affect the property's upkeep and can influence your living experience and the property's resale value. Poor management can lead to decreased property values and higher costs over time.

Amenities vs. Necessities: Consider whether you will utilize the amenities offered by the community, such as sports courts, clubhouses, or concierge services. High HOA fees for amenities you don’t use can be an unnecessary financial burden, so look for a community with fees that match your lifestyle needs.

Here is the link to the video. Condo Vs House: First Time Home buyers:
   • CONDO VS HOUSE. First Time Home Buyer...  

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Mike Patel is a Full-Time REALTOR® and Broker Associate at First Team Real Estate in Anaheim Hills, Ca.
With Years of Experience and Track record, Mike works with Buyers, Sellers and Investors in Residential, Income and Investment Real Estate.

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