FAQs
What is the difference between a Condo and a Town Home?
The major difference between a Condo and Town Home is Ownership interest.
When you own a town home you own the land the unit sits on, however in a
condo you only own what is within the walls of your unit and there is no
land ownership.
What are HOA dues and are they required?
Home Owner Association dues are fees associated to run amenities and services
in a Condo or Town Home Development. HOA dues are almost always mandatory
in Condo and Town Home Developments and can not be negotiated on. Some services
may include: concierge, valet, parking, pool, fitness centers, club houses
or lounges, theaters and security to name just a few. Some Condo Developments
even include services like cable TV, internet and water.
How do they determine HOA dues?
HOA dues are typically priced according to square footage. Dues are furthermore
assessed according to the services and amenities that each Condo or Town
Home Development offers. Occasionally the HOA may mandate assessments on
every home owner for additional necessary services or upgrades to the development,
such as modernizing communications or repainting the development. Assessments
are never a pretty thing especially if the HOA is not sound financially.
What if I don't pay my HOA dues?
If HOA dues are not paid, services to the home owner can be denied. Furthermore,
a lien could be attached to the home owner thereby making them personally
liable (this is not good for anyone's credit!) . In some instances legal
action can be taken if the home owner is not willing to cooperate and pay
their dues.
How can I finance a Condo or Town Home?
A Condo or Town Home can be financed either though a conventional loan or
FHA loan, depending on the price and the owner occupancy ratio. Some lenders
will not finance a condo or town home if the Development is not more 50%
sold, as Federal regulations have tightened lending restrictions.
Can I use any lender to finance a Condo or
Town Home?
Typically any lender can be used, but be sure to use a lender that is in-state
and knows the closing procedures and protocol to follow. Every state varies
according to restrictions and closing procedures, so our recommendation
is to either check with us first, or do your Due Diligence before you opt
for an out of state lender.
What is the difference between a Conventional
Loan and an FHA Loan?
Conventional loans that are typically funded by investors or institutional
lenders such as Wells Fargo or Sun trust. Nowadays conventional loans require
20% down and good credit scores to qualify, especially if one is expecting
a good interest rate.
Why are some condos on higher floors more expensive than condos on lower
floors?
What percentage of a Condo or Town Home development is allocated for investor
rentals?
If I buy a condo or town home, can I rent it out?
Things
to consider when buying a condo:
Parking, Monthly HOA dues, Amenities, Foreclosures,
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