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Whether it’s time to downsize into a retirement home or you’re tired of occupying a tiny apartment, buying a condominium is a fantastic option for seniors looking for a new place to settle. Condos give you the satisfaction of spacious, luxurious living without the maintenance responsibilities. Before beginning your search, use these handy tips.

Steps to Consider Before Purchasing a Condo

1. Find an Agent

Buying a condo isn’t the same as buying a single- or multi-family house. There are different contracts necessary for purchasing a condo, and there are contingencies you must meet with the community. Find an agent who understands these differences; they can help you find the perfect retirement home and make the process much smoother.

Retirement Home2. Secure Financing

Just as the contracts are different when buying a condo versus a home, the available financing options also vary. Before starting the search for a property to buy, understand that conventional home loans are not applicable for purchasing a condo. One common option is a Federal Housing Administration Loan, but always ensure the condo community you look at is on their list of approved properties. You can also take out a private mortgage; however, this typically requires a much larger down payment, which makes it more restrictive for some.

3. Understand Community Rules

While every condominium community is different, it’s common for residents to agree to a set of rules and regulations before making a purchase. One of the reasons a condo makes for a splendid retirement home is because it offers luxury senior living services like lawn maintenance and snow shoveling — though sometimes at additional costs. Read the stipulations in the community’s contract carefully so that you understand the rules and included services.

 

If you’re in the market for a new condo, contact the experts at Traditional Trades Inc. in Onalaska, WI. For almost three decades,  they’ve specialized in designing and building the area’s premier condominium communities, customizing them from the ground up. They will help you find the perfect property to make your retirement home. Schedule an appointment by calling (608) 783-4785, or learn more about their condos online.

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