How to buy a condo with confidence
8 smart moves with prices on the rise
Condo prices are on the rise, which means those great post-recession deals on luxurious properties in the heart of the city are probably gone.
But mortgage rates remain low, so you can still score a reasonable deal.
The median price for an existing condo was $191,400 in the first quarter of 2014, a 10.8% increase from the first three months of 2013, according to the National Association of Realtors.
Sales are up, too. More than 600,000 units changed hands in 2013, an increase from 528,000 in 2012.
Buying a condo is trickier than buying a house, since you’ll be sharing living space and financial responsibilities with other condo owners.
It’s not enough to choose a good location and an affordable price point.
You also have to consider homeowners association fees and rules, special assessments and the financial health of the condominium complex.
These 8 smart moves can help you choose the right condo with confidence.
By Amy Fontinelle
Interest.com Contributing Editor