Matt Padgett of Keystone gives tips to buying a condo. Tips that are often disregarded by condo buyers but are very important.
Hi, Matt with Keystone Mortgage. We’ve been seeing a lot of condominium purchases over the last 4-5 weeks. What does that mean for you as a home-buyer. Well it means several things. Condominiums typically have homeowners association’s dues which are higher on a monthly basis in a regular neighborhood or planned unit development. So you may want to look out and make sure that you know how much the homeowners association’s dues are on a monthly basis. Also there’s a very good potential that interest rates for a condominium maybe slightly higher than they would be for a regular single family house. Also, there’s a lot of behind the scenes work that goes on a condominium that you may not see which included condo questionnaire and some work that we will do with your homeowners association.