For a large number of people, finding Condominiums For Sale and making a purchase in Soho NYC, is the first step to being a homeowner. However, purchasing a condo is not the same thing as purchasing a house and it comes with a number of different concerns and considerations. If you are ready to make the transition from renting an apartment to owning a condo, some things that you should know are highlighted here.
Acquiring a Loan
The bad news for those interested in purchasing a condo is that lenders treat these a bit differently than the usual single-family homes. There are a number of regulations and requirements that must be met before the Federal Housing Administration will provide a loan for a condo. One requirement is that a certain percentage of the units have to be owner-occupied so that more investors will be off-limits to you. This is essential if you want to obtain an FHA backed loan. Additionally, the building has to be on the list of the FHA’s approved condo buildings. This means if you find the perfect condo that is not on this list, you may have to pass. While you can still use a private lender for a loan that does not have government backing, the cost may be much more, with some requiring down payments that are as much as 20 percent of the total cost, or more.
Learn the Rules
When it comes to condos, there are a number of rules to live in the building, since people will be living in such close proximity to one another. For example, some rules you may have to abide by include: certain hours of the day that are considered “quiet hours,” if you are able to rent your unit in the future and whether or not pets are allowed. Before you decide to move in, you need to be sure that you are going to be able to handle and live with the rules.
Upkeep and Maintenance
Prior to purchasing a condo, you will want to know who will be responsible for taking care of the grounds and buildings. Are there people that are hired to maintain the yard, or will you be expected to pitch in and help? Understanding these questions and factors will help you determine if condo ownership is right for you.
If you are considering purchasing a condo, you should understand the pros and cons of this purchase prior to making a decision. This will help you be prepared for condo ownership in the future.
When you are considering finding Condominiums For Sale Soho NYC, visit the One Vandam website to learn more.
