Tips for Purchasing your First Condo

Purchasing your first condo is an exciting and rewarding time. However, with the stresses of financing, loans, and house hunting, the process is no easy task. With the help of these simple tips for first-time buyers, in addition to securing a comprehensive CT Condo Insurance policy, purchasing your first condo should go on without a hitch.

Weigh the Pros and Cons

Buying a condo is much different than buying a single family home. Naturally, buyers should weigh the pros and cons of doing so and determine if a condo is the right fit for their needs, lifestyle, and living situation. For example, are close by neighbors going to be a bother? Can you envision yourself living there for a long period of time? Can you manage the association fees? These pertinent questions should guide your decision.

Hire a Real Estate Agent

There is often another contract that needs to be signed in addition to the sales contract to demonstrate that as the buyer, you understand the rules and regulations of the community. Hire an expert to show you the best properties, give you the run down on contracts, and negotiate a great price on your behalf.

Financing

As not all financing companies provide funding for condos, it is important to get pre- approved before setting out on the house hunt. If you are planning on using a Federal Housing Administration (FHA) loan, ensure the community is on their approved community list, says Rochester Real Estate. Further, bear in mind that some lenders require more money to be put down on the condo-up to 20%!

Understand the Fees and the Inclusions

Monthly charges are common for condo associations to cover maintenance and other miscellaneous fees. Ask how much they will cost you each month as they can add up. Further, ask about any parking spots, garages, or additional storage that might be included in the sale of the condo.

At Byrnes Agency, we’ll help you get the coverage you need with a comprehensive and personalized insurance policy. We’ll explain in detail what is and what isn’t covered, and get you protection against losses you may incur in the future. For more information on this and our other Connecticut Personal Insurance products, please contact us at one of our three locations:

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Dayville Office

Phone: (860) 774-85
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm