8 Things Every NH Condo Buyer Needs To Know...

8 Things Every NH Condo Buyer Needs To Know...

So, You Want to Buy A Condo...

Condos can be a wonderful 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 NH area in general, we are lucky to have some great condo communities. Many 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!

20 Cable, Rye NH $519,900 2 bed   2 bath   1,400 sqft   0.21 acres Don't miss out on this stunning and meticulously renovated condo conversion located steps from Jenness Beach. Some framing and a portion of the foundation are all that remain from the original structure. This open concept unit boasts exquisite details including 10 foot ceilings with a coffered living room, custom built-up moldings, hardwood flooring throughout, natural stone tile work, wainscoted stairwell and baths, and custom cherry vanities. Enjoy the conveniences of 2nd floor laundry and plentiful storage. An all new high efficiency Hydro Air heating/cooling system, all new insulation including a spray foamed attic, and energy efficient 400 Series Anderson windows will keep you affordably comfortable on the hottest and coldest of days. The gorgeous stainless applianced kitchen w/ beautiful granite counters, and breakfast bar will wow the most discriminating of tastes. Smell and hear the ocean from the mahogany deck. Ready for occupancy! Agent interest.

33 Deer Street, Portsmouth NH $345,000 2 bed   2 bath   1,290 sqft   Located in the heart of the historic Portsmouth waterfront district, this condo is adjacent to the Sheraton Harborside. It boasts seasonal waterviews and beautiful views of "The Hill" and North Church from the master bedroom. Conveniences include central air conditioning, 2 deeded parking spaces and laundry hookups. It's an easy walk to Prescott Park, the Music Hall , coffee shops, restaurants, shopping and all that downtown Portsmouth has to offer. Currently the unit is in the Sheraton Harborside rental pool, but it can be your new home or your investment property.

277B Marcy, Portsmouth NH $319,900 2 bed   1 bath   1,242 sqft   Imagine living in the historic South End of Portsmouth with your direct-entry, thermostatically heated garage. No stairs you'll need to climb or descend in this cool artist-style home w/exposed structural elements. Thirty-two-foot long garage is large enough to currently house workshop space in addition to parking the car. Truly unique to the South End, and walk to everything Portsmouth has to offer!

89 High Street, Exeter NH $155,000 3 bed   1 bath   1,210 sqft   This is a charming 3 bedroom condominium with beautiful hardwood floors and plentiful natural light. Pet friendly association! Located close to downtown Exeter, this means easy access to shops, restaurants, PEA, walking trails and the hospital. Featuring a kitchen with granite countertops and a tile floor and newer appliances, this property is a refreshing blend of historical beauty and modern convenience. The floor plan allows for one level living. The condo fee includes heat! Garage parking for one car plus additional parking and storage space. Short sale, subject to third party approval.

24 Balmoral Drive, Stratham NH $147,900 1 bed   1 bath   900 sqft   Are you looking for a little more privacy?? Balmoral Condos will allow this privacy the minute you enter the community. Surrouded by woods, will allow you to come home and relax. This immaculate sunny end unit has a kitchen that a cook would love to have. Hardwood floors throughout the 1st floor. Step out onto the deck and enjoy a fresh cup of coffee or entertain with company for a cookout. Master bedroom loft allows for plenty of room to go to read or just enjoy your private time away. The unit also offers skylights for plenty of natural light, open concept kitchen, 1st floor full bath, potental extra room in the basement, and central air. Great location. Ready for immediate occupancy. Come see your new home.

156 Front Street, Exeter NH $89,900 1 bed   1 bath   655 sqft   Third floor condo close to town. This corner unit features open concept kitchen, living room and exposed beams. 1 bedroom/1 bath. 2 person limit and elevator. Easy access to Route 101/95.