I might be biased but I think Logan and Cache Valley, Utah is the best place on earth and purchasing real estate here can be an amazing investment. Whether you are buying a single family home, a duplex, triplex, fourplex, condo, or townhome, you will be making one of the best decisions of your life (I left out "manufactured housing" because its just not a good investment, but that is another blog post).
When you are buying a condo in Logan, Utah there are a few things you should find out...
1. What is the monthly HOA dues? This can be very important because a lot of people budget for their housing expense (i.e mortgage payments) and do not account for the HOA fee, which could be from $60 to $150 more. You will also want to find out what is included in the HOE fees. Does it cover cable and Internet, lawn care, hazard insurance, etc.?
2. How many condo owners are delinquent on their HOA dues? The answer to this question will not only give you an idea of the type of neighbors you might have but also might make you second guess the benefits that the HOA can offer.
3. Is the condo project FHA approved? to qualify for FHA financing, not only do you, the client, have to be approved, but the condo project must be approved as well. If it is not, your lender can do a "spot approval" but it might delay your closing. Also, if the majority of the condos are rental units, it will not be FHA approved and you will have to use different financing.
4. Does the hazard insurance included by the HOA cover the interior of the units or just the exterior?The majority of HOA's in Cache Valley do not cover the interior of the units. This means that if the condo burnt down, the insurance would only pay for the structure to be rebuilt. The owner would have to pay for everything on the interior (i.e. sheet rock, flooring, cabinets, etc.). In this case, it is wise to have an HO-6 policy which is similar to a renters policy. Some lenders have started to require an HO-6 policy.
There are some awesome options for condos and townhomes in Cache Valley, Utah. Visit with one of these Realtors to find out which one is the best fit for you. Also, feel free to call me at 435-770-2709 if you would like to find out about your financing options.
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