Buying a Condo? Here’s What You Should Know!

BUYING A CONDO? HERE’S WHAT YOU SHOULD KNOW! 🏡Condos can be a great option for homebuyers looking for less exterior maintenance, convenient amenities, and prime locations. They can be especially attractive to first-time buyers, busy professionals, or anyone looking for a more manageable lifestyle.But before you fall in love with that beautiful view or modern kitchen, make sure you look into these 7 important things! 👇1️⃣ HOA Fees & Rules 💰Most condos have a Homeowners Association (HOA) that collects monthly dues to maintain the community. Before buying, ask how much the fees are and what’s included, such as water, trash, landscaping, building insurance, or amenities. Also, check for restrictions on pets, rentals, renovations, and parking. Remember, HOA fees can increase over time!2️⃣ Reserve Funds & Special Assessments 📊A healthy reserve fund helps cover major repairs, such as roof replacement, exterior painting, elevators, and plumbing. If the HOA doesn’t have enough savings, homeowners could face special assessments, additional charges that can sometimes cost thousands of dollars. Review the HOA’s financial statements, reserve study, and meeting minutes before committing.3️⃣ Property Condition & Management 🏢Look beyond the individual unit! Check the condition of common areas, including hallways, elevators, landscaping, pools, roofs, and parking areas. Well-maintained spaces can be a positive sign, but it’s also important to review maintenance records and HOA documents to understand how the community is managed.4️⃣ Owner vs. Renter Ratio 🔑The percentage of owner-occupied units versus rentals can affect the community and its financing options. Some lenders have specific requirements regarding rental ratios and owner occupancy. If you’re planning to use a conventional, FHA, or VA loan, ask your lender to review the condo project’s eligibility early in the process.5️⃣ Parking & Storage 🚗Does the unit come with assigned parking? Is guest parking available? Is extra storage included? Check whether parking and storage are deeded, assigned, or subject to HOA rules. These details can make a big difference in your daily convenience and future resale appeal.6️⃣ Pending Lawsuits ⚖️Legal disputes involving the HOA can potentially affect financing, insurance, and property value. Ask about significant pending litigation and have your real estate professional help you review the relevant disclosures and HOA documents before moving forward.7️⃣ Insurance 🛡️Find out what the HOA’s master insurance policy covers and what you’ll need to insure separately. An HO-6 condo insurance policy generally covers personal belongings, interior improvements, and personal liability, depending on the policy. Understanding the coverage can help you avoid unexpected expenses.✨ REMEMBER: You’re not just buying a condo unit, you’re buying into a community, its rules, and its financial responsibilities!Doing your homework before making an offer can help you avoid costly surprises and make a more confident decision.🏡 Thinking about buying a condo in San Jose or the Bay Area? Let’s talk! I’m here to help you navigate the process, understand your options, and find a home that fits your needs and budget.❤️ Your homeownership journey matters to me!Stephanie Nguyen | PhuongThao🏡 Your Trusted San Jose REALTOR® & Loan Officer

Stephanie Phuongthao Nguyen Real Estate Agent Area served: San Jose, Santa Clara, Milpitas, Cupertino Expertise: International Buyers, VA Financing, Investor Clients, First-Time Buyer