Ralph Alouidor & Associates P.C. can take charge of your worries if you are considering buying a condominium unit instead of a typical house. Although condos are highly favorable for first time homebuyers, there are issues that need to be examined. These may include:
Loan issues. Mortgage lenders and financing facilities are stricter when approving loans for condo buyers. They may pose loan-to-value ratios tougher to handle as well as more restrictions. However, you can avail of the so called FHA insurance provided that the entire building has four units of condos.
Hidden fees. You may not be aware of certain documentations that need fees to complete. Besides, you may be required to get additional coverages for your property which also means having to pay more.
Physical problems. It is very important that you examine the condo unit and its surroundings before deciding to buy it. Consider how the entire building is managed, the noise factor, its litigation history, its tax-related issues, and so much more.