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Why This Might Be the Time to Buy a Condo

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Why This Might Be the Time to Buy a Condo
Written By: Jaymi Naciri
Tuesday, August 27, 2019

New guidelines from the Federal Housing Administration FHA means more homebuyers may be eligible for a government-backed mortgage. That could mean a lower down payment and easier qualifying than what is required for conventional loans for condos.nbsp;

ldquo;The federal agency >

According to the National Association of Realtors NAR, ldquo;The changes, many of which NAR has championed for over a decade, should yield thousands of new homeownership opportunities and help alleviate affordability restraints impacting markets across the country.rdquo;

Condos are often a more affordable option than single-family homes, which is what can make them so attractive to first-time buyers. The low-maintenance level is also an important factor. Because condos typically have homeownerrsquo;s associations HOA, front-yard maintenance is usually taken care of, and there are generally no yards to worry about.nbsp;

Some homebuyers look at HOAs as a negative because of what they consider to be strict rules governing what they can and canrsquo;t do, and also because of the fees. But, the truth is that most master-planned communities today have HOAs, which means the same rules and fees will apply.nbsp;

ldquo;HOA fees typically can range from about 200 to 300 a month; other factors may contribute to how much the fee will be, like your location, unit size and available amenities,rdquo; said Magnify Money. Monthly condo association fees can go as high as 700 or more, also depending on the amenities and services provided.rdquo;

Yoursquo;ll definitely want to do a strict comparison between any condo yoursquo;re considering and a single-family home. It may turn out that you can get more for your money with a home thatrsquo;s not in a planned community and therefore doesnrsquo;t have fees. Or, the converse may be true. Even with HOA fees, a condo may be the better buy simply from an affordability standpoint, but also because its newer, has more space, or is in a better location.nbsp;

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