Posted on: 27th Aug, 2009 12:42 pm
I am thinking of buying a condo in Minneapolis or St Paul MN. I am not looking at getting a penthouse - perhaps spending around $150,000. However, I am concerned about the glut of condos in MN and around the country. If I buy a condo and it starts losing owners to renters because of the glut - I am concerned about trying to sell the place if I want. I am also concerned about assessment fees I read the associations can hit you with. So, my question is - do mortgage companies and realtors research these places? Can I really find out if the association is in good shape? Should I have a lawyer check an association out? What are your opinions about condos? Are the association fees worth the hastle of taking care of a lawn etc? Or am I better off getting a single family home or a townhome? Have any of you had experience with this? Do you think condos are just glorified apartments with no privacy and a financial risk? Thank you!
_________________
_________________
This can vary from location to location
As a due deligence you will need to validate these things before you can make a commitment
But in general Condos are good for first tiem hoem buyers or some one who does not want to deal with hassel of maintenance ( Backyard etc)
As a due deligence you will need to validate these things before you can make a commitment
But in general Condos are good for first tiem hoem buyers or some one who does not want to deal with hassel of maintenance ( Backyard etc)
dum
Many banks will require that condo's in a condo complex are occupied by the owners. They would set a mark of 70% for example. In that scenario, 70% of the occupants in the condo complex would have to be the owners leaving 30% as rental units. This helps to protect the bank and you against the situation you described.
Many banks will require that condo's in a condo complex are occupied by the owners. They would set a mark of 70% for example. In that scenario, 70% of the occupants in the condo complex would have to be the owners leaving 30% as rental units. This helps to protect the bank and you against the situation you described.
Good addition eric