Quote:
Originally posted by DeltAlum
I don't know anything about the NJ market, but I would recommend you check out the resale value for condos in your area before you buy.
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So true. You also want to check out the % of renters in a particular condo. High number of renters makes it harder to sell, at least in the state of Georgia. Check out any protective covenants. I know that NY real estate is much different than any other place. Many real estate professionals have free seminars on the homebuying process. Of course they are trying to get business, but some can have really good information.
It goes without saying to pull copies of your credit report from all 3 reporting agencies. THat way, if you have an error on your report you will have time to correct it.
Regarding maintainance, make sure you understand what you "own". For instance, in many condos you own the exterior and grounds in common, but own the inside of your unit. In other words, if there is a major problem in say the parking lot, the association can assess each owner a certain amount or place a lien on your property. Also, if a pipe bursts in your unit and damages another you are liable for their damages.
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