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Old 01-02-2019, 06:07 PM
 
2,357 posts, read 2,609,052 times
Reputation: 4728

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Review HOA docs including a reserve study. They tell you what you will be on the hook for in the future. No reserve study? Don’t buy. The HOA has no clue of how to manage the budget.
Also look at how much they have in reserves. A lot, good. A little, bad.
Ask about common wall construction so you understand how much noise you will or will not hear.
Older places and buildings with interior hallways/elevators will require more upkeep and probably have higher HOA fees.
Ask if there are any pending special assessments.
Talk to your potential neighbors. They will tell you everything you need to know.
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Old 01-02-2019, 06:34 PM
 
18,655 posts, read 33,228,457 times
Reputation: 37037
Having made every possible mistake with my first and only condo back East, if I bought another one, I'd get a good r.e. lawyer to look at the financials of the association. I would not buy in a little association, like a three-family or something where "we all pitch in." I'd look for professional management. The last thing I'd notice are cosmetics, as in a house, where you can easily fix up the inside or paint or replace carpet or whatever strikes as needing attention. The financials and such might not be as much fun as countertops, but they need to be looked at with a clear eye.
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Old 01-02-2019, 07:52 PM
 
Location: On the sunny side of a mountain
3,603 posts, read 9,023,218 times
Reputation: 8249
Quote:
Originally Posted by 2bindenver View Post
It CAN BE the first thing to do, but it should not be anywhere close.

1. Find out what your credit report says, dispute any false items.
2. Do what you can to increase score and not debt. (Better score = better interest rate)
3. In six months who knows what the interest rate will be, so don't yet talk to a lender. (Don't do any hard pulls on your credit until March.)
4. Do not take the CHFA first time homebuyer class until you have a place under contract.

I am a licensed real estate broker/owner of a brokerage in Denver metro. I have helped hundreds of first time home buyers navigate the experience.
These are all very valid and correct points. My comment was meant more that many people buying their first place have no idea what they can afford and may be dreaming of spending $400k on a place when in reality they can only afford $200k.
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Old 01-03-2019, 08:24 AM
 
Location: Denver CO
24,204 posts, read 19,061,221 times
Reputation: 38266
Quote:
Originally Posted by COcheesehead View Post
Review HOA docs including a reserve study. They tell you what you will be on the hook for in the future. No reserve study? Don’t buy. The HOA has no clue of how to manage the budget.
Also look at how much they have in reserves. A lot, good. A little, bad.
Ask about common wall construction so you understand how much noise you will or will not hear.
Older places and buildings with interior hallways/elevators will require more upkeep and probably have higher HOA fees.
Ask if there are any pending special assessments.
Talk to your potential neighbors. They will tell you everything you need to know.
good points

Quote:
Originally Posted by brightdoglover View Post
Having made every possible mistake with my first and only condo back East, if I bought another one, I'd get a good r.e. lawyer to look at the financials of the association. I would not buy in a little association, like a three-family or something where "we all pitch in." I'd look for professional management. The last thing I'd notice are cosmetics, as in a house, where you can easily fix up the inside or paint or replace carpet or whatever strikes as needing attention. The financials and such might not be as much fun as countertops, but they need to be looked at with a clear eye.
While I agree that the financials should be reviewed thoroughly, a real estate attorney is not an expert on finance.

Here are some additional tips

https://www.washingtonpost.com/news/...=.d547450a1de1
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Old 01-06-2019, 11:57 PM
 
46 posts, read 43,668 times
Reputation: 132
Quote:
Budget $500 for a lawyer to review the condo docs. (I will PM you with my choice)
Do not sign anything you don't fully understand.
There are no stupid questions when $100s of thousands are on the line.
Watch house hunters on HGTV and don't be those people.
Remember that your monthly payment will be: mortgage (principal reduction + interest) + HOA + property taxes + mortgage insurance (if you put down <20%) + repair/maintenance fund ($200/mo).
Make a short (very short, as in 3 items) list of your NEEDS and WANTS. Fire your agent if s/he ignores the NEEDS.
Budget $500 (total) for the 2nd and 3rd weekends after moving in to spend at Home Depot.

And, above all. Your condo is a place to live and not an investment.
Why are condos not an investment? Do they not appreciate at all?
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Old 01-07-2019, 05:03 AM
 
2,357 posts, read 2,609,052 times
Reputation: 4728
Quote:
Originally Posted by bmcass View Post
Why are condos not an investment? Do they not appreciate at all?
Some, but usually as a percentage of what a single family house will appreciate.
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Old 01-07-2019, 06:50 AM
 
Location: Mid-Atlantic
32,790 posts, read 36,046,145 times
Reputation: 43518
Quote:
Originally Posted by 2bindenver View Post
It CAN BE the first thing to do, but it should not be anywhere close.

1. Find out what your credit report says, dispute any false items.
2. Do what you can to increase score and not debt. (Better score = better interest rate)
3. In six months who knows what the interest rate will be, so don't yet talk to a lender. (Don't do any hard pulls on your credit until March.)
4. Do not take the CHFA first time homebuyer class until you have a place under contract.

I am a licensed real estate broker/owner of a brokerage in Denver metro. I have helped hundreds of first time home buyers navigate the experience.
Will you explain #4?
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Old 01-07-2019, 09:47 AM
 
Location: Just south of Denver since 1989
11,815 posts, read 34,303,497 times
Reputation: 8935
Quote:
Originally Posted by Gerania View Post
Will you explain #4?
Sure. If you are getting CHFA funds for closing, you will have to take the first time homebuyer class. There is an option to take it online. But it is easier to go in person. The people (lenders and Realtors) who teach are looking to make connections with the students. It’s less distracting if you already have your loan, property and Realtor in place.
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Old 01-08-2019, 11:26 AM
 
824 posts, read 697,447 times
Reputation: 635
HOA fees can be high. 4example paying $350/mo in dues; look at it as what did your HOA association do you today that you could not do for your self and pay $10/day? If the math works for you?

You could buy into half of a duplex or a mid rise condo. Would this matter to you.

This is important:
what is the ratio of home owners vs condo units that are an investment and are rented out?
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Old 01-08-2019, 02:43 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,678 posts, read 29,607,847 times
Reputation: 33227
We looked at buying a condo in 2011.
The HOA fees were $560 which I calculated to be within $10 of what our equivalent costs were for our single family house in Bonnie Brae.
You have to do a thorough analysis.
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