Which questions should you answer about condominiums?

There are condominiums for sale all over the New York area. Some people purchase this type of property to live in full or part-time. Others make a purchase as they realize it will be a nice addiction to their investment portfolio.

Regardless of why you are considering a condominium, it is important to know what you are getting into, including the pros and cons when compared to a traditional single family home.

Some of the most common questions to ask and answer about condominiums include:

-- Is the lender considering the area in which you want to buy as declining?

-- Is the building approved for all types of loans, including FHA?

-- What are the limitations and restrictions associated with the condo?

-- Are you familiar with the current occupancy rate?

These are all important questions for a variety of reasons. For example, you want to learn more about the many types of available loans as this will help you avoid issues with financing.

No two condominiums are the same, even if they are located in the same building. As a buyer or investor, you should ask and answer a variety of questions, ensuring that you know what you are getting into if you decide to move forward with an offer and subsequent purchase.

Even the most informed buyers run into issues from time to time, as they are not often well versed in every aspect of the condominium and real estate industries. To protect against mistakes and make the process less stressful, some buyers consult with a real estate attorney.

Source: AARP, "Going to Buy a Condo? Here's What You Need to Know" Oct. 09, 2014