8 Things Every Condo Buyer Needs To Know...

8 Things Every Condo Buyer Needs To Know...

So, You Want to Buy A Condo...

Condos can be a great buy, they are generally less expensive, and the amount of work to maintain them is less than a free standing home. In the Exeter NH area and, in fact, in the whole Seacoast in general, we are lucky to have some wonderful condo communities. Many of the old mill buildings have been converted, and these make for some really awesome spaces with high ceilings and exposed brick. There are also some really beautiful conversions of elegant homes into stylish condos which are full of character and charm. So if you are considering buying a condo in NH, read on... this information will be helpful...

One of the main differences in Condo ownership compared to a house is that your ownership is limited. Your ownership extends inward from your interior walls, floors and ceilings. On top of that you become part-owner (with all of the other owners in the association) of the exterior structure (the foundation, exterior walls and roof) as well as any common areas and amenities (for example, swimming pools, clubhouses, tennis courts, play areas, etc.)

To take care of the common areas etc, you will be asked to pay a monthly condo fee, which covers general repairs and maintenance of common areas. You also want to be sure that part of that fee will go into some sort of cash reserve fund. This way, day to day expenses of the exterior and common areas will be covered, but when big jobs like roofs, windows, painting, siding etc come around there is money is the reserves to cover the expense. If there is not enough money in the condo accounts to cover large items it is common to see something called a “special assessment” Sometimes this is paid in one lump sum by owners. Sometimes it is split into additional monthly payments on top of the normal fee. The extra fee goes away when the assessment has been paid.

Most exterior maintenance and repairs are the responsibility of the condo association. This might be a self managed association run by the ownders. Or there might be a professional company that runs the association. Interior maintenance and repairs are the responsibility of the individual owners. Items such as windows, furnaces, water heaters are different from complex to complex. It is important to find out who takes care of these things before you buy. There is no such thing is being too informed.

Before you Decide to Buy, Review This List:

1- First things First-Take Care Of the Financial Aspects: Get prequalified for a mortgage. You need to know what sort of loan you can get. Then also decide how much you _want_ to pay. You don’t have to buy at your max. But you do need to know what you can afford. REMEMBER -Budget in the monthly condo fees- They are above and beyond your monthly mortgage payment. And have some flexibility in that monthly budget. The fees can go up, you need to anticipate.

2- Remember That Real Estate Is a Long Term Investment. Think about how long you're going to stay in one place. Buying a condo is no different than buying a single-family home--general rule of thumb is that you need to live there at least 3-5 of years to recoup closing costs etc, assuming the property will appreciate. In the Exeter NH area and the surrounding Seacoast towns like Portsmouth the market has slowed. Plan on seeing somwhere in the range of 2%-5% appreciation.

3 - Decide What Sort of Amenities You’d Like or Use: Give some thought to what you want. If you're not interested in a pool or sauna or clubhouse, understand that the condo's price and ongoing monthly association fees will reflect their use regardless of your interest in those things. And remember that everyone has to share. These common areas are public spaces, open to everyone.

4 - Do Some Drive Bys and See What is Available - Have your realtor provide the information on local condominium or townhouse communities so you know what's available where you live. Then, as a prelim, you can do some driving around on your own and see if anything appeals to you.

5 - KNOW before you SHOW - Request a market analysis from your real estate agent regarding the selling prices of condos in the building or areas you like. Have your agent check the recent price appreciation - if any (varies from state to state and place to place), in the neighborhood.

6- Get Out there And Really Look - If you find a community you like. Have your agent set up appointments to see the inside of the units for sale. If you find a condo you like --Don’t just look at the condo! Inspect the whole building and the common areas. Check out parking, storage, security and other amenities.

7- Get It In Writing - If you find a place you like also remember to see the Condo Docs-- Ask to see the minutes from a recent meeting of the home owners association. Find out what the hot issues are and if members are fighting tooth and nail. Ask how large the reserve funds (used to pay for maintenance and emergency repairs on the building) are and request a print out of the budget. The larger the reserve, the less a chance of an assessment or one-time payment to chip in for an unexpected expense. The smaller the reserve, the greater the chance you'll be billed for an assessment in the near future. Ask if there are any current assessments that might be passed along. Get copies of the Coventants and Restrictions and then _Read_ the covenants and restrictions carefully. They are boring, but important.

8- Talk To Your Realtor - If you like the condo, like the building, have read the docs and it all sounds good...make sure your agent knows! Ask their opinion and advice throughout the whole process, keep the lines of communication open, and listen to their professional advice. If you both feel this is the right one...then write it up! Have your agent help you prepare your offer and take it from there.

If You Made It Through This List, and You Feel Like You Are Ready For NH Condo Buying…Or If You Have More Questions -- Contact Laurel T. Today!

Exeter, NH: $295,000      [ 6 extra photos ] 163 A-3 Water Street Great Downtown location. 3rd and 4th floors. Gas fireplace. Large loft could be Master Bedroom. New front windows. Unit faces Water Street. Elevator. 1-car Garage. Condo fee $472

Exeter, NH: $222,500      [ 11 extra photos ] 89 High Charming 3 bedroom condo (all bedrooms on one level) and located close to town! Lots of natural light, numerous windows, large living room and dining area. Hardwood floors. Granite counter tops and tile flooring in kitchen, appliances less than 2 years old. Double vanity in bathroom, great porch, plentiful storage space and 1 car garage.

Exeter, NH: $220,000      [ 11 extra photos ] 75 G4 High Street Lovely Condo located in Historical building & within walking distance Downtown, Exeter Hospital, Exeter Academy. Walking trails,abutts conservation. Beautiful Hardwood floors, lovely kitchen, Lg Master bedroom loft w/bath. Wonderful lg private roof top deck with water spout, bring your plants & outdoor furniture!

Exeter, NH: $159,900      [ 9 extra photos ] 20 SOUTH STREET WOW-DRASTIC REDUCTION~ VERY MOTIVATED SELLER. A RARE FIND IS THIS CHARMING &SPACIOUS 3 BDRM BRICK TOWNHOME IN HEART OF HISTORIC DOWNTOWN EXETER. OFFERS OPEN CONCEPT 1ST FLR LIVING SPACE, PRETTY STAIRCASE TO 2ND FLR BDROOMS & PLENTY OF ATTIC STORAGE.EXETER RIVER IS NEARBY FOR KAYAK/CANOE OR SAVE ON GAS & STROLL TO TOWN

Exeter, NH: $99,000 39 Ernest Avenue HUGE PRICE REDUCTION-This conveniently located oversized condo is located on a cul-d-sac street and offers a quiet and private setting. It is close to downtown, with easy access to major highways. Oversized living room and master bedroom with bath. Priced right for a quick sale. Huge gym and plenty of storage. Tenant notice required.

Exeter, NH: $85,000 38 ERNEST AVENUE PRICE REDUCED: Terrific low-priced Exeter condo. 2 bedrooms near downtown and in a great location for commuting. Good condition some updating needed, but priced to sell. Enjoy the quiet and privacy of Exeter West Condos. Tenant notice required.

Exeter, NH: $85,000 26 ERNEST AVENUE HUGE PRICE REDUCTION: Terrific low-priced Exeter condo. 2 bedrooms near downtown and in a great location for commuting. Good condition, could use some some updating-priced to sell. Enjoy the quiet and privacy of Exeter West Condos. Tenant notice required.