Thinking about buying condos in Mason, OH for yourself or as an investment? Buying a condo is a process similar to buying a house, but it comes with its own set of additional obstacles to keep you on your toes. In order to assist you in making sure condo living is the right path for you, take some time to read through these 5 things you should know about buying condos in Mason:
More Than Meets the Eye
The most basic way of looking at how a condominium complex operates is that it’s like living in an apartment unit that you own.
Outside of your single condo unit, there are amenities and shared areas that will vary from one building to the next. These shared areas are typically maintained by a property management company that is hired through your homeowner’s association, or HOA.
It’s incredibly important to ask about any amenities that are open to all condo owners in the building because that could have a significant impact on deciding which location is right for you.
Make sure to check the area out at different times of the day and night to see how loud or brightly lit it is. If noise or light is an issue for you, this may not be the right choice.
Maintain Your Budget
Buying condos in Mason, OH requires a bit more diligence in budgeting than buying houses, as there are certainly extra fees lumped in with your monthly mortgage payment.
The HOA will have dues required to be paid on a schedule that is determined by the HOA and condo owners of the building, as well as the possibility of reserve funds. HOA dues are used to perform regular maintenance and pay the property management company. If your HOA collects reserve funds, this is funding that is saved to be used in the event repairs are required on the property.
Each and every HOA will have a different way of handling funds, and you should make sure you fully understand not just what you will be required to pay, but when these payments are due.
What Is a Homeowner Association (HOA)?
A homeowner’s association (HOA) is an organization in a subdivision, planned community, or condominium building that makes and enforces rules for the properties and their residents. Those who purchase property within an HOA’s jurisdiction automatically become members and are required to pay dues, known as HOA fees. Some associations can be very restrictive about what members can do with their properties.
An Insulated Community
An aspect that may have a lot of influence when it comes to buying condos is the look, feel, and disposition of the community and culture on display when you visit a building.
Any time you visit a condo, pay attention to everything that is happening outside of the unit you’re there to walk through. Take into account your wants and needs to determine if everything about that building feels like a good fit for you. For example, if a location has a lot of families with younger children but you’re not much for kids and prefer peace and quiet, it may not be the right fit.
It’s also crucial to understand the differences between living in a condo versus a single-family home and to determine if the condo lifestyle is right for you.
Really getting to know the feel of the community as a whole is important to finding a place that you’ll be glad to invest in.
Find Your Agent
Whether looking for a home or condo, it’s common for the average buyer to think that all agents are alike, but this could not be further from the truth.
Once you’re ready to begin your new home search in earnest, it’s very important to take the time to find the correct qualified and experienced real estate professional for you. We encourage all buyers and sellers to meet with multiple agents to discuss their unique circumstances and get a feel for which agent is most invested in their situation while making them feel comfortable.
One final bit of advice when hiring an agent: Find one that has experience with condos. Finding the right condo is different than finding the right house, and you want an agent who is ready to meet those needs.
Lenders May Be Challenging
Finally, there’s no reason to sugarcoat the fact that lenders are much more cautious about issuing loans for condominiums.
Condos are seen as a higher risk because of the structure of their ownership. This comes from the dependency each owner in the building has on the other tenants paying their mortgage and dues in full at the right time.
However, if each tenant does their part, everyone reaps the benefits of convenient condo living.
Professional Support Buying Condos in Mason, OH
If you’re one of the many homebuyers looking at buying condos in Mason, OH, or any suburb such as Bellevue, Burlington, Covington, Cold Spring, Crescent Springs, Edgewood, Columbia-Tusculum, Deer Park, Evanston, Fairfield, Forest Park, Hamilton, Hyde Park, Lebanon, Liberty Township and your questions are: What should I know before buying a condo? Why buying a condo is a bad idea? Are condos ever a good investment? What are the disadvantages of buying a condo? Then contact us today at (513) 813-6293! you’ll be connected with real estate experts who will listen to the specifics of your situation before making recommendations and answering any questions you have.
