hey all the sajha users!

 

I am thinking about purchasing this condominium in Dallas, TX. I am a first time home buyer. Can you suggest me what things that I need to keep in mind while purchasing condominiums. One question that i have in perticular is : say after 60 years, if I still havent sold that condo, and say the condominium building is in really bad shape, then what will Home Owners Association (HOA) do in such time? Will they fix the building or will they simply create new building, and if they do the later; then will I get a place in the new building? I am just worried that I am gonna get cheated by others later. If any of you who reads this thread knows about condominium laws, please let me know. And if you have any suggestions please write it down.. thanks

 

sincerely

Bizfriend

I dont know man
I haven't bought a "CONDO" yet but i have seen it a lot. It feels good to see a "KANDO" usually big ones.

congrats bizfriend. Well there is so much to look for before buying a place...... so, it might be better stating what you have considered. Then may be we can add the points that you left out after all its your investment..... you gotta do the majority of work;). Good luck tho.

helllo boss!!!!! dont buy it ...instead buy a condom..

Maintenance or common charges...That is the part which kills you especially if you're the handy-man kinda guy who would rather fix and clean all by yourself.  If thats the case, you'd be paying that extra money for nothing.  Even a $500 charge could amount to the same 30 year mortgage amount as a property worth a $100K.  IMO, its better to just buy a house rather than get sucked into the world of co-ops and condos!  All the best.

BTW, 60 years in a condo?  Damn, you're planning to be there that long?  LOLs

check out the website. Make sure the real estate agent has at least 10 years of establishment in area where you want to purchase. Get in touch with at least 3 agents. Go with the best..

biz,

law varies from state to state but def check with your local real state lawyer....besides it is you who has to decide what you want to buy a house or a condo.  If you have HOA...make sure what HOA can and cannot do besides the local law...HOA has a lot to say in what you can and cannot do. 

I think buying condo is good if you plan to move out in 4 - 6 yrs.  --paying 400-500 a month for maint. should not be a big deal as oppose to buying a house bigger mortgage-- more money in interest and higher taxes and this still does not include the maint.  Maint. in houses are expensive.  There is only so much of handy work you can do if you are not a full time handy man.

Dont get sucked into the 60 yr ..stats say ppl in US live 3-5 yrs in their first homes.  I would suggest get interest only loan for 7 yrs...sell the property in 5 yr...make some greens and buy sth again..