Less Expensive, Lower Maintenance. . .own A Condo

When a buyer is looking for something a little smaller in size and price they typically look into buying a condo

. When buying a condo, there are many details to consider. Buyers agents can help show a buyer the benefits and issues when purchasing a condo.

An individual in New Hampshire didn't want a high mortgage payment and was considering purchasing a condominium. She wanted to sell her multifamily home to move to a place with lower maintenance. She knew the low home owner's association dues would be worth the reduction in home maintenance for her.

The way an HOA works within a community can be revealed by a buyers agent. This information can include dues, restrictions, and amenities such as parking access, storage availability, swimming pools, fitness rooms, and saunas. Buyers agents are very adept at researching all important aspects in a real estate transaction.

Reserve funds are typically kept by the home owner's association of a condo in preparation for major/minor repairs. If a buyer wanted to make a future financial plan, they would need to know how much the reserve was for the specific HOA. If the HOA holds a small reserve, the buyer is more likely to be put in a position to pay for repairs and assessments. A buyer can have their buyer agent research this information for them to save them time.

Condominiums are known to be low maintenance homes. Almost every HOA has a lawn care and snow removal service for the community. However, this can very greatly from one community to the next. If a buyer does not want to spend unnecessary time viewing a condo that does not meet their search criteria, they can have the buyer agent research this ahead of time. Minutes from the last HOA meeting are also a good thing for the buyer to have. The minutes will show current issues and how they are being dealt with by the HOA.

Condo owners also notice some not-so-apparent benefits to living the condo lifestyle. One condo owner shared on The Consumerist website that the neighbor's heating and cooling turned out to be an additional benefit for her. Another condo owner commented that she liked the way the hallway to her door from the outside sidewalk acted as another "security-buffer" for her.

Buyers agents can provide a comparable market analysis of the home as well as general market trends in the area. This can give the buyer an idea about whether the community is worth purchasing in or if they should look elsewhere. The what, where, and how is up to the buyer. The buyers agents who are members of the National Association of Exclusive Buyer Agents can provide unbiased representation for the buyer and help guide them to what they are looking for.

In purchasing a condo for a home, buyers find that there are many benefits to low-maintenance living. It is important for buyers to know how each HOA works and have a buyers agent delve deep into the details before making a commitment to buy.

by: Kathleen Chiras

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