Should You Buy a Condo or a House? | Rewire – Rewire.org – Condos are often located in highly populated areas where buying a house and the land it sits on would be prohibitively expensive to first-time.
10 Tips for Buying Your First Condo – A buyer still can obtain a private mortgage for a condo purchase. This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase. Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes
use 401k for down payment Be careful using 401(k) for a down payment – MortgageLoan – "The 401(k) loan is often the best option for these buyers. If you haven’t saved the money for a down payment and you’ve fallen in love with a property, the 401(k) can make the purchase work." How it works. You can take out a loan from your 401(k) account for up to $50,000 or half of the value of your account, whichever figure is less.
Buying Condos By Owner: Need to Know – Condo associations have newsletters, intranets and social gatherings that you can leverage to get the word out about your interest in buying. If you’ve got particular units in mind, mine public records to find out who owns them.
Buying a condo that is not HUD approved. If the condo you want to purchase is not a VA approved condo, then you have 3 options. Ignore it and find another condo that is approved; Check if it is a Freddie Mac or Fannie mae approved condo and get a conventional loan; Speak to the manager about submitting an application to HUD to get the condo approved.
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Five traps to avoid when buying a condo – The Globe and Mail – · The market is being flooded with condo assignments and many are selling below their original purchase price. This trend is likely to continue as.
Thinking of Buying A Condo? Here's What You Should Know First – – If you're interested in buying a condo, do your homework to help ensure that the condo buying process goes smoothly and that you find a place.
Let’s Do the Math! An Example of a Condo Investment: In addition to cash flow, you will get to participate in the appreciation of the value of the property. If you expected real estate to go up about 3 percent a year, in the first year your condo would appreciate from $55,000 to $56,650, a gain of $1,650.
Buying a Condo MISTAKES | 5 Things to Avoid When. – YouTube – Arlington VA real estate agent and Realtor matt leighton talks about 5 mistakes people are making when buying a condo. Subscribe for more real estate videos.
What Price Condo Can You Afford on Your Income? – My First Condo – What Price Condo Can You Afford on Your Income? Before you step foot in an open house, you need to know how much condo you can afford. For example, if you make $50,000/year, you cannot afford a $300,000 condo, unless you have a secret trust fund.