1) Secure Your FinancingGet pre-approved for financing prior to looking at condos. This is critical because some lenders and loan products do not allow condo purchases. Some programs can be tricky, such as FHA (Federal Housing Administration) Loans. Normally, the FHA will require 80% of the units in the building to be owner-occupied and on their approved list. Your best bet is to stick with a local lender. However, they generally require a minimum of 20% down. Be sure your financing is secured before you fall in love with that beautiful new unit!
2) Hire a Real Estate Agent with Experience in Selling CondosBuying a condo is much different than a residential home. The purchase contract is different than a single-family home, as contingencies are based on different factors. There are association rules and dues that need to be taken into consideration. If you are purchasing a Lake of the Ozarks condo with a slip in the community dock, there are separate dues for that. A real estate agent with experience in selling condos will make sure important documents are not overlooked
3) Know What the Association Fees IncludeAs mentioned before, some of the greatest benefits to living in condos at Lake of the Ozarks is having less maintenance than a residential home. You should know what's included in your condo fees. Common fees include lawn maintenance and landscaping, snow removal, water and sewer services, trash pickup and sometimes even cable!
4) Find Out What The Complex Includes
Does the condo come with a private covered garage or boat slip or are these extra? If not included, do you need them? Those items will need to be negotiated with the seller or it can make the price of the unit substantially higher. The last thing you want is to find out your garage is just a parking space or the boat slip is too small.
5) Find Out Who the Maintenance and Management Company AreThe maintenance company is in charge of the upkeep of the property. Know who to contact if the common areas of the community need attention. Most condos have a management company to take care of day-to-day operations. They enforce rules and regulations, handle the finances, and should be able to answer your questions regarding the complex.
6) Review Special AssessmentsUnderstand what special assessments are. It is highly likely that the condo complex will undergo a major structural repair in the future. This will require money beyond the usual assessments. Generally, the association has a reserve, but it is possible for assessments to be raised for a period of time to cover any major repairs. If there are special assessments planned, they should be fully disclosed to you as a potential buyer.
The first of the year is the perfect time to sit down and access your plans and goals for the upcoming year. Buying a condo is a great way to not only have a fun place to go for weekend trips but also a great investment opportunity! Our condominiums at the Lake of the Ozarks offer resort-style amenities and our panoramic views of the lake are mesmerizing! You can tour one of our model units every day from 10am to 4 pm! We'd love to show you what living in luxury is all about!
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