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Purchasing a condo is not the same as buying an apartment for a single family. Certain factors have to be considered before buying such property. In many cases, you will realize that buying a condo is much cheaper than buying a residence for a single family. Talk to 8 Saint Thomas for some of the stand-out condos. This write-up looks at the best tips when purchasing a condominium.

Best tips

Right fit

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Firstly, evaluate yourself to find out whether you need a condo. As earlier mentioned, owning a condominium is very different as compared to owning residence for a family. You should look at the advantages and disadvantages of owning a home before investing in one. One of the outstanding difference between residence for single families and condo is the distance between the neighbors. You should, therefore, evaluate whether you need to stay alone or with neighbors.

Experienced real estate agent

It is important to hire an experienced real estate agent to help you with the purchase of the condo. This is critical especially if you have little experience on knowledge on real estate then it is ideal that you hire a real estate agent. The real estate agents are experienced and will, therefore, assist you to get the best deal in the market. They will also cushion you from being scammed by fictitious real estate companies that are selling condos. The buying of a condo is not the same as buying the single-family residences. The purchase contract is not the same of all the residences, the real estate agent will help you in signing the correct contract.

Financing

Buying a condo is not the same as buying the other type of residence. Just like buying the other types of residences it is essential that you get pre-approved before you have a look at the condominiums. This will help you determine whether they are right fit for you. Obtaining financing for buying a condominium can be tricky since it requires a huge sum of money. Make sure that you have an adequate source of financing before the purchase of a condo because many lenders do not provide loans for the purchases of the condos.

Association fee

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There is the association fee in most of the condo communities. The fee is usually paid annually, bi-annually, quarterly, or monthly. The fee is used to maintain the residences and take care of issues such as infrastructure and maintenance. Make sure that you familiarize yourself with the association fees and how frequent you are supposed to pay.