Condo Buyer Tips and Info From Your Exeter NH Realtor - Condos In Seacoast NH

Condo Buyer Tips and Info From Your Exeter NH Realtor - Condos In Seacoast NH

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!

Hampton Falls, NH: $419,500      [ 11 extra photos ] 5 Peltons Way (Unit 7) Unique floor plan -the only one for sale in phase 1. Luxury end unit with an open concept first floor. Great entertaining space! Beautiful hardwood throughout. The 2nd floor has a huge master suite, with 2nd bedroom plus sunny loft space. Builder offering special $10,000.00 incentive program in month of June for qualified buyers. Great time to buy!

Hampton Falls, NH: $415,500 (sale pending)      [ 9 extra photos ] 5 Peltons Way (Unit 6) Last townhome avail in its building! This is a beautiful end unit with 1st floor master suite, 2nd floor bedroom plus sunny loft and den as well as a full walk-out basement with patio. The quality of the construction is stunning. Builder offering special $10,000.00 incentive program in month of June for qualified buyers. Great time to buy!

Hampton Falls, NH: $415,500      [ 11 extra photos ] 5 Peltons Way (Unit 11) Six townhomes remain in Phase One! This luxury townhome is an end unit with hardwood floors, 1st floor master suite, 2nd floor bedroom plus sunny loft, 2nd floor den, and office-as well as a full basement with daylite windows. Builder offering special $10,000.00 incentive program in month of June for qualified buyers. Great time to buy!

Hampton Falls, NH: $389,500      [ 11 extra photos ] 5 Peltons Way (Unit 8) 6 Units Remain in Phase One, Get Yours Now! This beautiful townhome has a 1st floor master suite, 2nd floor bedroom plus sunny loft and den as well as a full basement. The quality of the construction is lovely. Builder offering special $10,000.00 incentive program in month of June for qualified buyers. Great time to buy!

Hampton Falls, NH: $389,500      [ 11 extra photos ] 5 Peltons Way (Unit 3) Last One In The Building! This beautiful townhome is completed and is ready for you to move in. It is an end unit with a 1st floor master suite, 2nd floor bedroom plus sunny loft, den and office -- as well as full basement and 2 car garage. Builder offering special $10,000.00 incentive program in month of June for qualified buyers. Buy now!

Hampton Falls, NH: $389,500      [ 11 extra photos ] 5 Peltons Way (Unit 9) Only 6 Units Remain in Phase One. Buy Yours Today! This townhome offers hardwood floors, ceramic tile in kitchen and baths, granite counter tops - making it beautiful and affordable! Builder offering special $10,000.00 incentive program in month of June for qualified buyers. Great time to buy!

East Kingston, NH: $329,800      [ 11 extra photos ] 7 Blueberry Lane SELLER TO PAY 1 YR OF CONDO FEES!!! This is BEST DEAL for a detached condo, w/2350 sqft! Well-managed 55+ active adult community w/RV storage and gardening area. Condition like new construction but w/o the price. Open concept w/cathedral ceilings. Hdwd flrs. Sunny kitchen w/island. Lvng rm w/gas FP and sliders. Central AC and vac. Don't miss this!

Stratham, NH: $222,900      [ 11 extra photos ] 56 Thornhill Avenue Wow! Stylish, spacious, and a great location. This condo offers remodeled kitchen and baths. Welcoming living room leads out to a huge deck with stunning views. The basement is beautifully finished with its own bath and tons of closet space - perfect for a guest room or office. So much to offer, great location, pristine condition. Come see today!

Newmarket, NH: $219,000      [ 11 extra photos ] 6 Bay Stunning river views from every window in this condo! Located on 2nd floor of historic mill building, featuring exposed brick, beams & hardwood floors. Open concept floor plan creates spacious feeling. Extra room could be potential 2nd bedroom. Condo fee includes A/C, heat & hot water, water & sewer, snow & trash removal. Storage unit.

Exeter, NH: $144,000 50 Brookside Dr. B7 Great Exeter Location for this attractive 2 bedroom unit set towards the end of a quiet cul-d-sac. Bright, sunny 2nd floor unit in good condition, but priced right to reflect the need for some updating! Great communter location, close to downtown, beaches, shopping and major routes. Pets allowed. extensive landscaping.