Before you buy, Mark Wade of Berkshire Hathaway Home Services Fox & Roach in Center City, who specializes in low- and mid-rise condos, recommends careful scrutiny of the condo association.
“The association can influence value,” Wade said. For instance, if it doesn’t monitor the owner-occupancy ratio – that is, if there are more than the acceptable number of renters vs. owner-occupiers, it may make it difficult for a buyer to get financing.
Condos not approved for Fannie Mae, Freddie Mac, or Federal Housing Administration-backed financing are known as “nonwarrantable” and offer few options for buyers or those refinancing.
“This scenario ultimately lowers demand for a building, and reduces resale values as well,” Wade said. “A review of the condo budget, money on hand, and knowing what is included in the condo fees should be considered when buying a unit.”
Click to check out some other articles in which I have been quoted speaking about Philly Condos!
Berkshire Hathaway Home Services Fox and Roach
530 Walnut St. #260 Phila., PA 19106