Buying a Condo
Don’t Buy a Condo without Reading This First. Thinking about buying a condo in Coronado, CA or greater San Diego? Be sure to review important documents and other info to make sure the property is a solid buy in this challenging market. The following information is at the top of the must-consider list.
5 Tips to Remember When Buying a Condo
- Budget. Examine the current budget, a year-to-date statement of income and expenses, and a couple of previous years’ budgets to see how they’ve changed.
- Understand the plan for maintenance and how it will be paid for.
- Special assessments. Ask if there have been any and whether more are planned.
- Delinquencies. How many owners are behind in their payments? Many lenders say no more than 15 percent of condo owners can be behind on their payments or they won’t write mortgages in the complex.
- Owner Occupancy. Many lenders won’t give loans unless condo projects are 51% owner occupied.
Thinking about Buying a Condo in Coronado, CA or Greater San Diego?
Search the MLS for the largest inventory of Coronado and San Diego condos for sale. Or, get property details, photos, and other great info emailed straight to your inbox as soon as a property gets listed in the MLS with our automatic email updates. It takes just a minute to sign up, and you’ll get notified of new Coronado and greater San Diego listings before most agents know they exist! Or, simply contact us for a free buyer consultation.
