Before buying a condo, potential owners should know the difference between living in one versus a single-family home. Many people find the amenities of new condos for sale in Miami, FL attractive, but they don’t know the differences between living in a condo versus a house. Here are some things potential buyers need to know.
Loans Are Not Easy to Get
Many lending companies are not always anxious to approve loans for condos. Some lenders have strict requirements about the occupancy of owners.
There may be a requirement for the owners to move into the property within 60 days of the sale closing. If the buyers are living on the other side of the country, this could present a problem.
Also, residents of a condo will need to live in the unit for 12 months before a lender considers them an owner occupant. To avoid problems with obtaining loans for new condos for sale in Miami, FL, buyers should consider taking out a mortgage as absentee owners.
Monthly Fees for Community Maintenance
Condo owners can expect to pay maintenance fees for the community’s common areas. These areas include:
Many factors go into the fee cost, but they can range from $50 to $1,000 per month.
When buyers contact sellers such as Baccarat Residences Miami, they can get information about the fees. They can also find out about the covenant, rules, and other information they need before applying for a new condo.