Here are some tips for the Buying process when you are purchasing a condo.
Tip one: If you are financing this condo, make sure you talk to your lenders about the condo association. There are some financial institutions that will not lend on a condo complex that has a rental program. Be sure to be prepared for this challenge. A Conventional Loan is the most common for condos used as a vacation property.
Tip Two: If this is a cash offer, use this to your advantage to ask for a bit lower price. In our current market (Seller’s Market) this usually only gets you a thousand or two off the purchase price.
Tip Three: always insist on seeing the Executive Summary of the condo association. This will give you the basic rules and regulations. Many companies do not provide condos docs before an accepted offer, so be prepared for this.
Tip Four: contact a Realtor to assist you with the different nuances that you need to be prepared for. Buying a Condo is very different than buying a Home.
Contact us anytime to answer your questions about Buying a Condo or any other Real Estate related need. 608-477-3470
Kimball Realtors LLC love helping Buyers Buy Wisconsin Dells Real Estate.