Four Things You Need To Know When Purchasing An Admirals Cove Condo

Posted by Admirals Cove Homes on Nov 29, 2013 in Home, Real Estate | 0 comments

Owning a condo in Admirals Cove is very similar to owning a single-family home in Admirals Cove and in some instances can be a much better option for some families. However, condos even  Admirals Cove condos feature some characteristics that set them apart from single family homes. So if you are in the market to purchase a condo here are four things that you should know first.

1.)   Your Loan Will Be A Bit Different: Mortgages for condos are treated differently than ones for single family homes. The FHA also has a list of approved buildings and if yours is not on it you may need to find a different lender. Even private lenders tend to require larger down payments on loans for condominiums.

2.)   Your Expenses Are A Bit Different: You will have a home owners association or condo association fee that either needs to be paid yearly or monthly and this will most likely be based on the square footage of your unit. Be sure you completely understand what your fees and expenses will be before you purchase a condo.

3.)   Your HOA May Be A Bit Different: It is very important for you to know exactly who you will be dealing with and what their rules and regulations are. So be sure to check out the rules and regulations of the association as well as taking the time to read through some of their meeting’s minutes so you will completely understand how the organization is run and what they will and won’t let you do to your unit before you make your purchase official.

4.)   Your Neighbors May Be A Bit Noisy:  A big problem that can happen when owning a condo that generally is not an issue with single family homes is noisy neighbors. You don’t want to get stuck with problem neighbors that make your paradise a hell so check out who your neighbors might be in your potential condo before you go signing on the dotted line.