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5 Tips for First Time Condo Buyers in Louisville, Kentucky: What to Look for and How to Start!

So, it's your first time buying a condo... congratulations! At Six Degrees Real Estate, we have created and compiled a list of the must-do tips! As a first-time condo buyer, we firstly advise you to research the location and amenities of the condo, review the association fees and rules, and work with a reliable real estate agent, such as us, to ensure a smooth buying process. It's also important to get pre-approved for a mortgage and budget for additional expenses such as closing costs and potential renovations. Let's dive into this together, and make sure that you end up with your top choice

Tip #1

Determine Your Budget: Before starting your condo search, figuring out what you can

afford is essential. Consider all expenses related to the purchase, such as down-payment,

mortgage, payment, insurance, and condo fees. This will ensure that you can afford your mortgage payments and other costs associated with homeownership, such as property taxes and home maintenance. Remember that condos will have monthly or

annual fees to help care for and maintain the building and grounds. Be sure to factor

this into your budgeting, or you might find yourself looking at properties you cannot


Tip #2

Location Matters: As a first-time condo buyer, location is crucial as it can significantly

impact your quality of life and the value of your property. Factors such as proximity to

work, schools, public transportation, shopping centers, and community amenities can

greatly enhance or detract from your everyday living experience. Additionally, buying in

a desirable location can increase the resale value of your property, making it a wise

investment option. It is essential to consider your current and future lifestyle needs

when selecting a location for your first home.

Tip #3

Review the Condo Association Rules and Fees: Review the condo association rules

and regulations before finalizing your purchase. Understand the condo fees and what they include, such as utilities, maintenance, and amenities.  Understanding the rules and fees can also help you make an informed decision about whether or not the property aligns with your lifestyle and budget. It can also prevent future unexpected expenses and conflicts with the condo association. Some commonly referenced COA bylaws

include how many pets you can have and whether or not you can rent the property in the future.

Tip #4

Review the Building’s Condition: Request a copy of a recent building inspection to

review the condition. This step can help you avoid costly repairs and identify any

potential issues or problems. Additionally, understanding the condo building's

maintenance and management practices can help buyers make more informed

decisions about their investment and potential resale value. Remember, if the building

needs an expensive repair, it's up to the owners collectively to pay for it. Even if you just

moved in!

Tip #5

Request the Condo Certificate: The condo certificate is a document filled out by the

condo association outlining important information about the building and its finances.

This will help uncover things you need to know about the building's ability to handle

issues if they occur. Your lender will also require a similar document to ensure they are able to finance the purchase.

In addition, FHA & AMP; VA Borrowers READ THIS - If you plan to use an FHA or VA loan to purchase your Louisville condo, be sure the condo is FHA and VA-qualified. The association must go through an approval process and maintain that approval for FHA and VA loans to qualify. Once you are in the condo, don't worry - you are safe if the building loses its FHA or VA certification. But it will limit the buyer pool when you list your condo for sale at a future date.

  • Check a Louisville condo building for FHA loan availability HERE!

  • Check a Louisville condo building for VA loan availability HERE!

Purchasing a condo in Louisville, Kentucky, can be an exciting and rewarding

experience for first-time homebuyers. However, it can also be overwhelming and

stressful without the proper knowledge and guidance. However, if you want more

If you are looking for someone knowledgeable about the Louisville real estate market who

can guide you through buying a condo, look no further. I am an expert in Louisville

condos and would happily help you find the perfect home. Feel free to contact me for

any questions or assistance you may need. Together, we can make your dream of

owning a condo in Louisville a reality.

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