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What decisions to make when purchasing a home

What Decisions To Make When Purchasing A Home

Purchasing a home is the single greatest purchase anyone will make in his or her lifetime. It can be a very exciting experience, however there are many decisions that need to be made.

The first decision is to determine what type of home you want to purchase. A traditional home has its perks, however there is a lot of maintenance that goes along with it. For this reason, many people make the choice to purchase a condo for their first home.

Condo living also has a lot of advantages, and few disadvantages. The biggest advantage is that there is literally no maintenance. What this means for the homeowner is that he or she will not have to shovel snow, rake leaves, or do any type of repairs.

For those who purchase their condo for real estate purposes, the benefits can be outstanding. Purchasing a condo and renovating it can bring a hefty profit. If you purchase your condo as a real estate investment, there are specific areas in the United States where it can be most profitable.

Real estate condos in West Virginia for instance, can yield very high profits when the owner decides to rent the condo to tourists.

If you choose to purchase a condo for personal living space, you will find that the condo community is very adaptable. Many people in these communities have formed friendships that last a lifetime.

The amenities that are available in some condo communities are incredible. There are social areas, where the community comes together for social events, pools and even fitness centers where condo owners can get in shape using state of the art equipment.

Purchasing a condo as a first time home is a good option for many people, especially those who have less than perfect credit. By making your payments on time, you will build your credit rating. When you make upgrades to the condo, you may increase the value. Combine these two factors and you have an incredible opportunity to purchase a larger home when it is needed and make a very good profit.

The only disadvantage to purchasing a condo is the association fees. Each condo community has their own association and each charges a different fee. The fees are used to cover all maintenance and repair costs to the condos. The fee is in addition to your mortgage payment and monthly expenses. The association has the sole decision on how the funds are used, and if a major repair is needed and it exceeds the funds available then the homeowner is responsible for the difference. They also are the solely responsible for setting and enforcing the rules in the community including a no pet policy. It is important that you obtain and read the rules and regulations before you make a decision to purchase.

Although the many people have shied away from the condo community because they felt the association fees were too high, when you consider the cost of even one major repair in a traditional home, you will find that the association fees are not unreasonable.

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