Before buying your condo, you should request and read the documents that apply to the management of the complex.. If you want to relax at the beach but cringe at the thought of buying a pricey.
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Buying a condo is just like buying a house.You will have closing fees for both, but you will own them the same. With a house you can do just about anything you want with it. With a condo you need to check with the Association rules and regulations with respect to whether you can rent it out.
Before buying a condo, it helps to look at resale values for similar condos within the building or community you’re looking at, says Colella. Likewise, if you want to rent your condo out at any time in the future, you’ll want to make sure that converting your condo into a rental isn’t against the rules.
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"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.
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Tips For Buying a Condo – You want to buy a condo in an association that has adequate reserve funds to address any future problems. You should also clarify what your share of repair costs will be, should a problem arise. One of the best tips for buying a condo is to find out the health of the association and if the current owners.