Before touring, you must determine if the building's finances match your own.
How to Buy a Condo: Ultimate Guide for Buyers - The Hollinden Team we buy condos
: Condo financing is stricter than for single-family homes. Lenders evaluate both your credit and the building’s financial health. Before touring, you must determine if the building's
Buying a condo is more than just purchasing a unit; you are buying into a shared financial and legal entity. Unlike a single-family home, your investment's health depends heavily on the collective decisions of your neighbors and the board. Buying a condo is more than just purchasing
: One-time fees for major repairs like roofs or elevators. Phase 2: Due Diligence & Inspections
: Your budget must include more than just the mortgage. Account for: Monthly HOA/COA Fees : Typically $200–$800+.
: Lenders often reject buildings with too many rentals (investors), ongoing lawsuits, or low occupancy. Seek out FHA-approved communities if using an FHA loan, as many complexes do not qualify.