With housing prices continuing to increase, you may find yourself at a crossroads. Do you stretch your finances to buy a house or continue to rent? People often forget there is a third option: a condo.
A condo (short for a condominium) often comes much cheaper than a traditional home. They also come with amenities like fitness centers and pools.
Deciding to buy a condo is an exciting time. But it can also be scary. Want to make sure you make the right choice? Keep reading below for a how-to guide on Mammoth condos for sale.
What do you want in a condo? Do you have any must-haves? These are good questions to consider well in advance of visiting properties.
You also need to understand some of the big differences you will experience living in a condo as opposed to a traditional home. You will be much closer to your neighbors. You will likely have occupied units on either side of you.
If this sounds like a problem, consider looking at end units. Also, remember that you will not be doing any mowing or flower planting since the maintenance will be taken care of. If these are things you enjoy, a condo may not be for you.
While there are similarities, selling condos and traditional homes is different. It is in your best interest to hire an agent that has extensive experience with condos.
An experienced agent is helpful because they can help you navigate contracts that condo owners will require. These include rules and regulations for the community.
Even if you have purchased a home before, financing a condo can be more difficult. Condos must be on approved lists for Federal Housing Administration loans. Typically, FHA stipulates that 80% of condos are owner-occupied.
Private mortgages are always possible, but they often have higher interest rates and require more money down.
This sounds obvious, but many people move into a condo without realizing what exactly they are getting. Prime example? Parking. Do you get a reserved spot? Do you get any at all? What about guest parking?
These types of questions, if not asked before settling, can cause a major headache.
Condos come with lots of amenities, but they also come with amenity and association fees. These fees also cover insurance and maintenance related costs.
Have an understanding of it the community has a funding pool if a large repair is ever needed. If they don't, it could cause a huge spike in monthly fees.
We hope this guide was helpful as you consider Mammoth condos for sale. Owning a condo can be a wonderful experience, especially in a beautiful area like Mammoth.
If you still need some convincing on why the Mammoth area is so great, check out these top four reasons you will absolutely it.