Buying a condo in Portland Maine? What is a condo? The term condo means "governed by a board of managers", it is not a style of home. This can be a multi- unit dwelling that has individual apartments, a low, mid, or high-rise building, and even a townhouse- these are are styles of condos. In Maine, Portland especially, the type that are situated in a multi-unit dwelling and townhouse are most common. You will find them sprinkled throughout the various neighborhoods; Munjoy Hill, East End, West End, Old Port, Downtown, North Deering, Deering Center, Parkside, Rosemont, Arts District, Back Cove, Bayside to name a few.
When a multi-unit is converted to a condo they are usually self-managed until all the units are sold. Then the owners can decide whether they want to hire a management company to take over or continue self-management. As an owner you will be responsible for whatever is inside the four walls aside from personal property. Along with yearly property taxes, you'll pay monthly common charges that cover care and maintenance of the common areas, snow removal, sewer, water, and property management fee.
It is important to have your Portland Maine Buyers Agent research what is covered in the common charges and verify property taxes for any property of interest. This way you know upfront what to expect and can plan accordingly. Even though most condos are similar there will be some differences such as parking, pet policy, smoking, and laundry options.
You have located the ideal condo and it's time to make an offer. If you are being represented by a local buyers agent they will help you analyze the sold comps and formulate an offer based on what you think the property is worth. The type of financing you choose is a very important factor as the FHA (Federal Housing Administration) won't insure loans for many condos. This is an important conversation with your loan officer prior to viewing properties. Since the FHA loan is very attractive to buyers that may not have a large down payment or have challenges with their credit, inquire about alternatives that may work with a condo purchase.
Once your offer to purchase is accepted you will be able to review the past two years of financial statements for the condo to make sure you are buying in a financially sound building. Other items you'll get are a resale certificate, declaration, bylaws, and rules & regulations of the association.
At the time of writing there are currently 250 condos on the market in Cumberland County alone. They range from $60,000 all the way up to $1,490,000.
If you have any questions please don't hesitate to send me an email MyMaineAgent@gmail.com, www.PortlandMaineRealEstateMarket.com give me a call on 914.406.9023. I will be happy to answer any questions even if we don't work together.