Need some help on what to know as a first time condo/home buyer

[MustangSVT]

Looking into a small condo.

Is there a site that'll show me what to know before signing anything?

the agent I've spoken with was pretty nice and explained many things, but since its my first, I want to know as much as possible.

I do plan to pay over 20% down to avoid additional fees...

thanx

 

[ojai00]

Here are some tips from me as I've just went through hell for my condo.

• Find out exactly what your monthly payments will be in terms of common charges and real estate taxes. The listing sheet for the condo is not always accurate so try to do your research. Property taxes can probably be found on your city's finance website.

• Find out what your common charges include.

• Find out how the condo is doing financially. Is there a good reserve fund?

• Look over your condo carefully during the viewing. You'll want to make a note of everything that is not working so that you can include it in your contract.

• If you're going to be receiving gift money from your family members, start depositing it now. Banks will probably require your previous two or three months' bank statements. You might have to prepare gift letters for the bank. Remember that the limit for gifts this year is $12,000 per family member.

• If your condo comes with a parking spot, make sure it is included in the contract.

• Get an inspection done on the place to make sure the structure, pipes, etc. are in working order. If something is not working, you can use that as a bargaining position

Hope this helps!

 

[MustangSVT]

that was great info . thanx! I am guessing common charge is a same thing as assesment fees?

The place I'm looking at is a conversion from apartment to a condo. They have already redone water/sewer/electrical system. I wonder if I still need to get it checked out.

That bit about gift money is interesting. it will be way over $12000 for me .. hmm ill have to look into that.

thanx again

 

[Glavinsolo]

www.zillow.com handles condo's I think

 

[ojai00]

I believe assessment fees are different. When a condo makes modifications to the common areas (hallways, water, sewer, electrical system) the money has to come from somewhere. That somewhere will be the owners. The assessed amount is the amount that you will have to pay on top of the common charges. Common charges just go towards the upkeep of common areas and to any utilities that it might include.

About the gift money, your relatives and their spouses can give $12,000 each. So your mom and dad can gift you $24,000 total. If you are married, then they can each gift you and your spouse $12,000 each which comes out to $48,000.

Zillow.com is a great place to start out but the figures are not always accurate. You may want to get some comparables for other condos in the area to see if you are paying market value. That way, you know what the condos are going for around the area and you won't overbid.

 

[Arkitech]

you can buy one of the houses I'm building in beautiful Park Forest. Suburban living at its finest, 2900 square feet of luxury with a full unfinished basement and attached 2 car garage all for a steal at 299,000.




Seriously though good luck, if you have'nt made a purchase by next year let me know. I'm looking to build either a few condos or lofts in the near south side or bronzeville area hopefully mid to late 2007.

 

[K1052]

Watch out for extra parking fees/assesments.

Since the building is a conversion I'd try to make sure there aren't any major special assesments looming in the future (roof, structual work, major utility work, etc..). Not as much a problem with newer buildings.

Find out what the walls are made of (soundproofing). A lot of apts are just drywall on metal studs with no insulation between to absorb noise.

 

[MustangSVT]

right now, the assesments are around $300 and parking is $160 for renting a space. but I dont plan to use a car.

but I will find out if it can go up (assesment) and what soundproofing they have.

thanx guys! this is great