Complications They Wont Tell You About Buying a Condo in Houston

Are you interested in buying a condo in Houston? If so, were here to help you! Buying a condo is a lot like buying a single-family house, but there are differences you should be aware of before you pull the trigger. There are some things about buying a Houston condo that might just surprise you!

Its important to discuss what a condo in Houston actually is. A condo is different from a single-family house. While both are single-family residences, house in Houston typically refers to a standalone building, whereas a condo is typically part of a larger building shared with other residents.

Condos are different from apartments, however! Unlike apartments, condos are purchased, not rented. Condos have common areas like many apartment complexes, but with a condo, the common areas are jointly owned by other condo residents. It should also be noted that there are some condos that are detached units.

Related: 5 Houston Loft Rentals You Need to See

Sounds great, right? Houston condos can be great for a lot of buyers. But theres a big complication: condo communities have powerful homeowners associations (HOAs). Before you start touring a few, there are some hard condo questions to ask yourself first. Heres what they WONT tell you about buying a condo in Houston:

1. If the building is mostly empty, youll pay more.

Maintenance of all common areas in a condo community, including landscaping, cleaning, repairs, and staffing are all paid for by the HOA. The fewer residents your condo community has, the larger share of these costs youll pay yourself.

2. Banks will check how many units are owned by investors (non-owner-occupied).

Banks dont like it when the owner doesnt live in a property. If 60 of 100 condo units are owned by investors, its a bigger risk for banks to finance your condo because your investor neighbors are less likely to maintain their property and much more likely to foreclose. That makes lenders nervous about investing in the place.

3. The more amenities there are, the more HOA dues youll pay.

Houston condo buildings often have awesome, eye-catching amenities like pools, fountains, fitness centers, and lounges. But the more and better amenities a condo community has, the higher your maintenance fees will cost to keep them in good shape.

4. The condo association might be having legal troubles.

Condo associations can sometimes find themselves in legal battles with residents, former residents, or even passersby who trip on a crack in the sidewalk. If the HOA is embroiled in a legal battle, however, no lender will finance your condo purchase at the property. Banks really hate risk!

Related: How Much Does It Cost To Buy A Home In Houston?

5. Unit owners could be delinquent on dues.

When your neighbors fall behind on paying their HOA dues in a condo association, guess who picks up the slack? You will! Legally, in fact, youll have no choice.

6. You could end up paying for deferred projects and upcoming special assessments.

When your Houston condo community needs something done, you HAVE to pay your share. If there arent enough funds in the HOAs account for an improvement or repair, you could suddenly be on the hook for thousands of dollars.

Ultimately, these are the sorts of factors that make a condo either warrantable or non-warrantable. Most mortgages require that your condo be warrantable! That means that even if you find a condo you love, it could cost way more than you thinkor banks might just refuse to lend to you!

If you have questions about condos for sale in Houston that arent answered here, contact us today and ask! Our mission is to help everyone find the right Houston home for them. If youre considering buying a condo in Houston, talk to the Houston real estate experts first. At Angel Fultz Realty, well tell you what the other guys wont!

The post Complications They Wont Tell You About Buying a Condo in Houston appeared first on Angel Fultz Realty.