Joseph DominoJoseph Domino
For All Your Real Estate Needs
Phone: (480)390-6011   |   Fax: (602)503-4194

Information for Condominium Buyers

Buying and Owning a Condominium can be very different from purchasing other types of properties.  When you purchase a condominium you are in a sense joining a community of other owners who share in your financial interest and well being.  Purchasing in a well run, well maintained complex can be a pleasure.  Living in a complex that is poorly run can be a nightmare.

Some of the advantages of living in a well run complex are:

  • Low initial purchase cost.
  • No worry about maintaining the exterior of the building, the landscaping, the roof, etc.
  • Access to amenities such as a clubhouse, pool, exercise facility for shared cost.
  • A property manager to handle the day-to-day operations of the property.

There are several different types of shared ownership properties. Knowing the difference can be important when examining the type of property you want.

  • Condominiums are shared ownership homes where the owner owns the unit named on the deed including a portion of the land the unit is on and a portion of the common area of the development.
  • Co-Ops are shared ownership homes where the owner owns an interest in all of the common areas and a right to reside within the designated space or unit. You are a member of the ownership group but no "real property" is deeded to the occupants.
  • Townhouse is a shared ownership property where the owner owns the unit, the land beneath the unit and a portion of the common areas of the community.
People are often confused between townhouses and condominiums because of the architecture style of some communities. It is the ownership rights that determine the type of property you are buying.
 
Shared ownership properties are almost always governed by a Condominium Owners Association (COA) or Home Owners Association (HOA) which oversees the management of the community. The COA or HOA often contracts out the day-to-day operation to a professional property manager. Each community will have its own set of rules and regulations often referred to as Covenants, Conditions and Restrictions (CC&Rs).
 
    Financing
    Financing a condominium can also be different than other properties.  If you are purchasing a condominium with cash, you will find that the sale will go much easier and quicker. But before you plunk down your money you will need to investigate the communities health, operation and whether it meets your needs. I will work with your title/escrow agent to ensure that you have as much knowledge about the community as possible before you take title to your new home.
     
    If you plan on financing the condominium or townhouse you should be aware of the rules that many lenders have regarding shared ownership properties. The location, size of the complex, percentage of owner occupants, the financial stability of the HOA all are determining factors that lenders review before approving condo financing.  Providing your lender with information about the property early in the buying process is important when financing a condominium.
     
    Conventional financing is the most common and easiest to obtain for condominium homes. If you are considering FHA or VA financing the condo must be on the approved list of properties that meet the strict requirements of these programs.  You can use one of the links below to find and approved complex or use our search engine link to find your new Condominium Home. 
     
    I have sold many condominiums and town homes in the Phoenix metro area and I have the expertise to help you find the best properties and the best financing. Please contact me with any questions.
     

    FHA Approved Condominiums
    Click here to go to the HUD website for a list of FHA approved condos.

     Click Here to search for VA Approved Condominium Projects
    The link below will take you to a FREE Advanced Search of the Arizona Regional MLS
     
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    10601 N. Hayden Rd. , Ste# I-104 • Scottsdale, AZ 85260
    Phone: (480)390-6011 • Fax: (602)503-4194
    Email: jdomino@scottsdale-azhomes.com


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