When it comes to buying a home, there are a variety of properties you could purchase. And that includes condominiums—more commonly known as condos.
In the right situation, a condo makes a great investment and a great home. But before you purchase a condo, there are some things you’ll want to consider to determine if it’s the right purchase for you.
So what, exactly, are those things? A recent video from realtor.com outlined a few key factors you’ll want to consider before buying a condo. While some of these do not apply to condos in Mammoth, there are a few key points which do, including:
- Maintenance is less expensive… One of the major perks of buying a condo is that your maintenance costs are generally less expensive because they’re shared. For example, if your building needs to be painted or the roof needs to be replaced, you’re not on the hook for the total cost; instead, the cost will be split with the other condo owners. Often this is built into the budget of the project although sometimes extraordinary circumstances will require a special assessment.
- …but you’ll have to pay HOA fees. When you buy a condo, you’ll need to pay homeowner association fees, which are often referred to as “HOA” fees. These fees cover certain maintenance tasks (like snow removal) as well as any amenities in the development, like a pool or hot tub. The fees vary from one development to another, and even one unit to another, so before you commit to buying a condo, it’s important to know how much they are and what they include. Be sure and work those fees into your budget.
- Pay attention to nightly rentals. Before you buy a condo, you need to know if nightly rentals are allowed if that is important to you. Most (but not all) condo projects in Mammoth allow nightly rentals. Even if you are not interested in renting the place out nightly when you are not in town, this fact does make a difference when you sell in the future.
In Mammoth, you may also want to consider a few additional items:
- What is included in your monthly fee? Not all HOA's are created equal. While most include water, garbage and snow removal, some also include propane, cable and even internet. The lesson here is don't walk away from a complex because of a higher HOA until you know what is included.
- Pets are not always allowed. While most complexes in Mammoth allow pets for owners, some do not. Some do not allow guests (nightly renters) to have pets. There can even be size/weight restrictions in some properties. If you want to bring your furry family member, it is important to learn this up front.
- What about parking? Is there assigned parking? If so, how many spaces? Is parking underground, private garage or is outside with no covered parking? If you have large vehicle, will it fit. Lots to consider when discussing parking.
- Loan options are limited. Getting a loan in a condo is not as easy as for a single family home in Mammoth. Remember, condos is Mammoth are different from condos where people live full time. For example, there are often front desks for renters to check in/out. The majority of complexes are 90+% rentals and most lenders will not lend on properties without a certain percentage of full time residents. This is why using a lender with a proven track record of success and in many cases "pre-approvals" of local condo complex is important. While this list is not exclusive, this link will take you to lenders who can get it done in Mammoth.
