In fact, condo financing has its own set of rules. It starts by knowing that condo financing is not as easy as choosing among the available condo properties along your way. However, while purchasing a condo unit can be a wise investment, you must first ensure that you can obtain financing that suits your need. There are a lot of advantages that only condo-living offers, and it is no surprise that more and more people are turning to buy a condominium property instead of a house for a more convenient residential option.
Still, with the right tools and knowledge, landing a mortgage is a possibility. There are challenges in obtaining mortgage loans for condominiums, especially non-warrantable condos.
Condos can also make great investment properties to rent out and generate passive income. Condos offer their owners the luxury of not having to stress out about maintenance, up-keeping your home facade, or mowing the lawn. It’s true that having your own house can provide you with a lot of freedom to roam and change things the way you like them.īut choosing a condominium property can also be appealing. A lot of people-young professionals, newlyweds, and big families alike-are usually caught between the dilemma of choosing between a condominium property or a single-family home.