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The condominium market has been rising steadily. While this trend is not guaranteed to continue, the condo market has regained the momentum and importance it had in the initial condo boom of the 1980s. condo buyers fall into three main groups: first-time buyers making the jump from renting; people looking to buy a second home.
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While less common these days, co-ops actually predate condos, emerging around the turn of the century. (Condos entered the scene in 1946.) Basically, buying a co-op means you are buying a share in a corporation that owns the entire building, rather than buying the individual unit itself (which is what a condo is).
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Buying a condo is very different than buying a conventional dwelling, with different factors to consider when comparing properties and different boxes to tick when it comes to getting a mortgage. While there’s no single way to buy a condo, there are some standard processes and well-tested guidelines
Buying a condo, which is short for condominium, is not the same as buying a single-family home. There are different considerations that need to be taken into account prior to purchasing! In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence.
But you also need. co-author of "Mortgages for Dummies" and "Home Buying for. How to Buy a Condo. Buying a condo can be an intimidating experience, especially if you are a first-time buyer. Learning a few tips on how to buy a condo can help you approach the process with more confidence, and save you a few bucks in.
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Each condo complex will have their own rules and restrictions. You should be well aware of those before you buy a condo and find you can’t live with their rules. What to Know About Buying a Condo. In addition to a condo’s rules, you should also be aware of the condo association’s budget.