If you’re thinking of investing in a condo...

Condominiums are buildings in which individuals separately own the air space inside the interior walls, floors and ceilings of their unit, but they jointly own an interest in the common areas that they share such as the land, lobby, hallways, swimming pool, and parking lot. In addition to paying a mortgage, each owner is responsible for paying a monthly fee to the condo association, which is made up of the unit owners. The fee covers maintenance, repairs, and building insurance. Most housing condominiums are apartments, although there are mobile home condominiums as well. They are an appealing way to enter the housing market if the cost of a single-family home is out of your reach.
Condos are especially popular among single homebuyers, empty nesters, and first-time buyers in high-priced housing markets. Unlike a house, condos offer a lifestyle that is free of yard work and exterior maintenance and repairs. Many condominium communities also offer amenities such as exercise rooms, tennis courts, and swimming pools that you might otherwise be unable to afford if you purchased a single-family home. Seek ownership in a well-maintained building, and pay special attention to the financial health of the condo association. Lax maintenance may be a sign of financial trouble, which could result in higher maintenance fees and problems trying to resale the property later.
But before you jump in you have to check some things. Get a copy of the latest financial statement from the condo association. Ask the board of directors which is elected by the unit owners from among themselves if major repairs or improvements are imminent. If so, find out how much they will cost and whether there is enough money in the reserve to cover them Check the by-laws, rules and the covenants, codes and restrictions (CC&Rs). You may find, among other things, that they prohibit or restrict pets and the renting of units. Learn everything you can about the homeowners association, including legal disputes and conflicts. Owning your own condo is a great idea. If you live in or around San Jose and are thinking of purchasing a home contact realtor Dale Warfel of Keller Williams Realty, who specializes in properties in this community and can guide you very professionally and efficiently.