what do you need to buy a condo

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It’s not just the sales contract that you have to think about when you’re buying a condo. There is also an agreement, or declaration, that dictates the way the condominium operates and is.

Also, remember that as soon as you own the condo, you’ll need an emergency fund, in case something needs to be fixed. Budget at least $3,000-$4,000 for the emergency fund, if not more. So, when you’re deciding how much of a down payment you can afford, keep these additional expenses in mind .

"Ideally you want to buy into a stable, well-run community," says Donna Berger, a condo law attorney with the Becker and Poliakoff law firm in Fort Lauderdale, Florida. "If the price is a.

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How Much Money Do You Need to Buy a Condo? Location of the Condo. The biggest factor in determining how much money you need to buy a condo is. Down Payment. Your down payment is the largest upfront expense you’ll have when purchasing a condo. Other Considerations. There are more costs to buying.

8 Things to Know About Buying a Condo. about the neighborhood that you’re buying into. You might want to consider serving on the association board, if you have the inclination and the time, so.

How to Buy a Townhouse. Townhouses are good choices for people who don’t want a condo but can’t afford a single-family house. Buying a townhouse is not radically different from buying other types of homes. However, you should think.

Just like when you purchase a typical residential home, you’ll need to make sure you have money for a down payment and closing costs when buying a condominium. Unlike purchasing a typical residential home, you’ll also need to come up with the required condo fees when buying a condominium.

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How much of a down payment do you need to buy a condo? How large of a down payment will you need for a mortgage on a condominium? The short answer is 3 percent to 20 percent of your unit’s purchase price, with 10 percent being common for those buyers who must rely on conventional loans to finance their units.