Financing
Before setting your heart on a place, find out about financing. Some condo properties do not qualify for loans due to various reasons, such as:
Number of delinquencies on dues
Lack of sufficient cash reserves
Percentage of investor ownership
Amount of insurance coverage
With condos, the entire building has to be approved, not just the one unit. This can delay final approval and closing for the buyer.
Amenities
When looking at condos, consider all of the amenities that come with each one. With houses, the amenities are typically limited to the inside of the home, but most condominiums offer additional features, such as:
Pool
Gym
Laundry or dry cleaner on-site
Indoor heated parking garage
Balconies for all units
Indoor and outdoor common areas for entertaining
On-site security or 24-hour doorman
Elevator access
Designated parking spot
Not all of these amenities will carry the same level of importance for every buyer. Decide which are must-haves and which you could do without.