I'm looking into buying a condo. I live in an area that is relatively inexpensive, and so it makes more sense to own than to rent, to hopefully build equity.
However, it's definitely a daunting process to buy and if anyone can give me some pointers, it would be much appreciated.
There is a property I found that is access-controlled, somewhat newly-built, gated and in a pretty hip neighborhood. After talking to an agent today, I found out that four apartments were put up for sale in that complex and the complex itself is not so big. So naturally, I'm wondering if anything is wrong with the property or the HOA.
Also, it happens to be bank-owned. The realtor told me bank-owned, for a buyer, isn't good-that banks do not like to pay closing costs and a whole slew of charges in buying a home, so buying a home like that will ultimately cost me more. Is this really true? Because until now, I thought the opposite. She also said bank-owned homes take forever to sell.
Another property I am eyeing has no controlled access, isn't gated. Even the mail boxes are parked on the side walk, making it look a lot less secure, though it is in a much (supposedly) safer neighborhood.
Also, as far as HOA fees, what should a reasonable monthly fee be? The two properties I mentioned are $130-150/month hoa, which I can deal with. However, there were also a few cheaper condos in the same price range in my city, which seem to have HOAs that appear a bit excessive given the relatively low cost of living in the city (approx. $250). Any input on that?
If anyone can be of help w/advice about buying a condo, I'd appreciate it.



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