How much of a down payment do you need to buy a condo? How large of a down payment will you need for a mortgage on a condominium? The short answer is 3 percent to 20 percent of your unit’s purchase price, with 10 percent being common for those buyers who must rely on conventional loans to finance their units.
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The biggest factor in determining how much money you need to buy a condo is the location. Condos in downtown Los Angeles, for example, have a median price of $620,000. This means half of all condos are less than $620,000 and half cost more. Condos in the Cleveland, Ohio, area have an average price of $168,544.
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How much below asking price should you offer on a house? That could range as low as 25% below asking on up to full price; here’s a guide to figure that out.
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With a condo purchase, the amount of down payment is between you and your lender. With a co-op purchase, however, there is a third party that has a say: the co-op’s board. A co-op’s bylaws may require you to put in a much higher down payment, perhaps 50%, and in some cases up to 100%.
Here’s how much an individual buyer will need to be earning in order to purchase a median priced two-bedroom condo in the core central region (ccr), rest of central region (RCR) and outside central region (ocr). For simplicity’s sake, we assume that all two-bedder units we compare are of 900 sq ft.
Arlington VA real estate agent and Realtor matt leighton talks about 5 mistakes people are making when buying a condo. Subscribe for more real estate videos.
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Each condo complex will have their own rules and restrictions. You should be well aware of those before you buy a condo and find you can’t live with their rules. What to Know About Buying a Condo. In addition to a condo’s rules, you should also be aware of the condo association’s budget.