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Seven Steps You Can Buy a Condo

1. When you find a condo or townhouse complex you like, look at the ratio of rentals or unsold units to those that are owner occupied.

2. Check out similar developments in the area. Have they held their value or are owners discounting to get out?

3. Get HOA financial statements, bylaws, and minutes and read them carefully before you sign a purchase agreement.

4. Talk to neighbors and get the real scoop on what’s happening in the community and with the HOA.

5. Don’t buy a condo, co-op, townhouse, or PUD if the HOA has financial problems or you don’t feel comfortable with the owner demographics.

6. Make sure the owners don’t have unpaid assessments they are making payments on or assessments that are pending and could come due before closing.

7. It’s better to buy a time-share through a reputable broker than at a high-pressure sales promotion. You can often get discounts that you can’t get at a free sales event.

Two more up-and-coming ways to get into a quality home are to look at manufactured and modular units. Chapter 7 gives you their pros and cons.

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