7 Things to Consider When Buying Condos in Bellingham

1. Parking - Most condos offer underground parking or assigned cover parking. Typically the parking will be assigned in condominiums without covered parking. Make sure that you can get at least assigned 2 parking spaces if they are available. Also be sure that there is adequate guest parking. Sometimes condos do not offer enough spaces for guests, which make social gatherings nearly impossible to host.

2. Special Assessments - The financial strength of the condominium association is very important. As condos become older, this becomes even more important. When condominium associations fail to collect enough money for repairs and maintenance, their alternative to is ask the condo owners for money in the form a special assessment. Typically special assessments occur when roofs, siding and balconies are in need of replacement. The biggest mistake that you can make when buying a condo is incurring an unexpected special assessment after closing.

3. Windows - The exterior windows of a condominium are typically the responsibility of the homeowner. However, the association is usually in charge of the type of windows that can be installed. If you are considering a condo that is located near a busy or noisy street, be positive that the windows will block most of the sound. This is something that you will not be able to change and it is important that you are satisfied before making a purchase.

4. Location of Unit - The location of a unit within the condominium building is often the most important factor of value. The most valuable condominiums are nearly always located on the corner of the top floor. These units also typically the largest. The only reason that the top floor corner unit would not be the most valuable would be if the condominium does not have an elevator. If the condominium does not have an elevator the ground floor corner unit will likely be the most valuable in the building. Also consider units south and east to maximize sun exposure. This is very important if you like to grow plants or live in a sun deprived location.

5. Insurance - There are two basic types of insurance on condominiums. The first type of insurance is the association’s insurance policy. This is paid out of the association dues and covers all of the common areas of the condominium building. Make sure to check if the association has earthquake insurance if you are looking in the Bellingham area. This will likely have an effect of the interest rate of your loan. The second type of insurance is homeowners insurance. This insurance policy is paid for by the homeowner and covers everything inside of your unit. Homeowners insurance on condominiums is less expensive than homeowners insurance on a house.

6. Owner Occupancy Ratio - The percentage of occupants that are owners vs tenants will have a direct effect on the value of your condominium. A high ratio of owner occupancy is a sign of stability to lenders, which translates to lower interest rates a less money required for a down payment. If the opposite is true and there are more tenants than homeowners, lenders will be more hesitant to loan money on the condominium and the value will be less. Note that some condominium associations have restrictions on the percentage of rentals that are allowed for this reason.

7. Pet Restrictions - People love their pets and pet restrictions can be the source of a lot of hardship when looking for condos. If you are a pet owner, MAKE SURE to check the pet restrictions before purchasing or even considering a condominium. Pet restrictions can range from small house cats only, to 40lb weight limits on dogs to strictly behavior based pet restriction.

Begin your search now for Bellingham Condos right now.