Working on closing a condo deal. Offer been accepted now what are things I need to look out for?

What are good loan options that would be available?
Anyone know any aspects of condo ownership papers that I need to be careful about?
Any suggestions and ideas appreciated.

Never really thought about my condo. It's just there, ya know what I mean? My mimosa thinks it is cute and she likes it. And I say, sure, I like yours too.

Never buy a condo.

well let me rephrase that, never buy a condo, unless you're buying it as a second home or a vacation home.

mansion why do you say that? How can millions of people who have condominiums go wrong?

haree, i dont care about millions of other ppl, i am talking about myself.

The thing with condo is, if the RE goes up, condos are the last to go up in prices, and if RE goes down,condos are the first to hit a slam dunk.

You're much better off buying a town house.

mansion in that case why is it ok as a second home or vacation house?

coz, it's cheaper and its not a primary reisdent.

my point is, if someone is buying a house for a primary resident, i'd not reccomend, a condo.

Make sure you read between the lines regarding the agreement with the management company.
Mansion is right.Condos are good as second or vacation home .
But if you are single/married with no kids/living together ,then it is a better option than renting with less amount of hassles than you have with a house.

I can see why Condo is a bad buy.

So, why is townhouse a better buy than Condo or a detached house?

I ask because I am looking to buy one.

There is two ways you can buy a house.

First for the purpose of just living under the roof, second, you can buy the house to use it as a financial tool.

so depending on your need, and the purpose. you pick.

town house or detached house, is better in long term, coz the value of those go much higher than the condos.

It is obvious that no one will want to buy a condo if you were given choice between house, townhouse and condo. But the thing is you should be able to afford one too. If you are in NY/NJ area, buying condo is not bad idea. Where I live townhouse price start at 450k.

But I guess, from what I hear here, even if you have to fork few more bundles of cash, it is better to go for Townhouse or house, right?

How would you compare townhouse vs. house, if you are to buy one to live in for 5 to 7 years with hopes that it will be a good investment as well?

Mansion is correct.
guys..the housing market is going downhill.if you are thinking of buying anything right now ..watch out!

depends on the market, right now atleast where i live the RE market has gone down, now thats a good thing for buyer but it sucks for the seller.

but again, in places like NC, TX, LO, there has been a 10 digit growth. so it depends where you live. but in long term yes, RE is a good investment, but again it also depends taht you buy the house at right time.

All I know is if you can afford to buy a house { a single family} then its a good buy as compared to a condo. But what if you can't afford a single family house. There are other expenses to worry about when you own a house such as : roof, windows, siding, heating resources ect.. They are major expenses to consider. When you buy a condon you are saving your money in essence. Every month your condo mortgage payment goes towards your equity {less interest and condo fee}. Hey its better than renting, althought not as good as owning your own home.

first u need to get a good load, do not ever go to a broker, go directly to the bank.
and read the fine lines coz u may have a adjustable load which after the initial few years u may face a steep rate increase and depending on how tha RE market at that moment is u may not even be able to refi so always try to go with a fixed loan.
and with a condo u have the HOA fee which they show is very low when u are buying but once u have already bought the property then they have the option to raise the fee every 6 months.
so if u can affort a single family resident, it's better to buy that even if it's a little higher.

load=loan