Secrets of Buying Your First Condo and Making the Right Decision

There are various perks to living in a condo. And these can be massively appealing. From more affordable purchase prices to distinct amenities, compared to single-family homes, a condo might be the more appealing option to many. Thankfully, there are many condos for sale in San Juan del Sur.

Now, buying your first home or even looking for the right plot is one of the daunting tasks out there. For someone who will be doing it for the first time, a lot of your effort and money even goes to waste. And that is not different when it comes to condos.

However, this is where we come in. In this blog, we will take a look at the golden secrets that lead to making the right decision for your first condo.

Understand the difference

A condo is basically the kind of housing where you own just the interior of the unit. In contrast to it, all the exterior areas, concerning the common areas and land, are owned collectively by every condo owner in the community. That implies that while you have more or less total control over the unit’s interior, you will have to adhere to the regulations and rules that are set by the HOA for the utilization and maintenance of both the common areas and the unit. So, it is vital to understand the fundamental differences between the ownership of a condo and a single-family home as they can massively influence the responsibilities and total living experience.

The amenities

As an owner of the condo, you will be living in close quarters with the neighbors. Based on the age, layout, and condition of the building, noise might be a factor that you need to strongly consider. When touring a unit, be careful of how much outside and inside noises you are hearing. The newer buildings are subject to today’s construction standards and might assist in making sure that you only share studs through the common wall.

There are some condos that make sure amenities are included in the listing prices. It can be storage units, parking spaces, or access to the private pool or gym. Go ahead and inquire about the amenities upfront so you get a clear grasp of everything you are paying for when you purchase the home.

Condo loan, perhaps?

After calculating the price you will have to pay, it is time to apply for a condo loan if you need one. Things might get tricky here. Not only do you have to get approved for the loan, but the future condo project also needs to get approved, and not all of the projects qualify for the FHA loan.

Wrapping Up

Most condos have an HOA, which is a collective group in charge of property and community oversight. Anyone who purchases a property in the community is subject to the HOA rules. Therefore, make sure to remember all the secrets we mentioned above before you consider drawing your attention to homes for sale in San Juan de Sur.

Source: https://factofit.com/secrets-of-buying-your-first-condo-and-making-the-right-decision/