Review the Covenants, Conditions, and Restrictions (CC&Rs) for pet restrictions, renting rules, and parking restrictions. 4. Review Condo Documentation (Crucial Step) Before finalizing the purchase, you must review:
Contact a lender for pre-approval, which strengthens your offer and clarifies your price range. how to buy a condo
Hire a real estate agent with specific experience in condominium sales. They will understand how to evaluate condo documents and check for specific community pitfalls. 3. Identify and Research Communities Hire a real estate agent with specific experience
Note that condo financing is different from house financing. Lenders will evaluate the financial health of the entire condo association, not just your credit score. 2. Hire a Specialist Real Estate Agent Identify and Research Communities Note that condo financing
Calculate what you can afford, including mortgage, taxes, insurance, and monthly HOA fees.
Look for a healthy reserve fund (a good rule of thumb is at least 25% of gross income in reserve) to avoid future special assessments.
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