Advice for buying a condo?
I'm afraid that I don't know a lot about condos, so I'm hoping to solicit some advice and warnings about purchasing one. Specifically, this will be an investment, and then possibly a retirement home in the far future.
Here are a few things I know:
- Watch out for high foreclosure complexes that will have to increase maintenance fees to make up for delinquent owners.
- Check out the rules on rentals, specifically length of rentals allowed and % of rentals (which may affect mortgage).
- Read through the rules carefully for other policies such as pets and age restrictions.
I don't understand how insurance works with condo complexes, either. Is that usually part of the condo/HOA/maint fee? Or is that partial coverage? I'm looking into places that will most likely require flood insurance, so does that only apply to the first floor?
Appreciate any help here.