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CONDOMINIUM/

TOWNHOMES

Information for home buyers for who are specifically looking for a condo or townhouse 

ASSESS & CONNECT

 

Start with a buyer consultation with Camille and her team to discover your wants, needs and budget

DISCOVER HOMES

 

Search for homes on and offline that best match your criteria based on your budget parameters

VISIT HOMES

View homes in the area, assess the options before determining the right home for you

WRITE OFFER

 

Submit a contract, pre-approval and additional documents for the sellers review

INSPECTIONS & MORTGAGE

Once an offer is accepted, complete home inspections, appraisal, lender requirements, and title search 

CLOSE

 

Congrats! You made it to the closing table. Sign documents & get the keys to your new home!

YOUR UNION, NEW JERSEY CONDO BUYING RESOURCE

Buying a condominium or townhouse in Union & Essex County isn’t as easy as you might imagine.  Many people believe that buying a condo or townhouse is all about having the money, looking for a place that fits your desire, paying for it, and moving in.  In buying a condo or townhouse, we take you through the complete process of the acquisition, from searching for your home to closing the deal.  The Haynes Homes Team provides you with the most up-to-date property listings available (link to MLS Search) in your chosen area and also provides you with the most sophisticated technology that would aid you in making your search a lot easier.  This page was created exclusively for your Union & Essex County, New Jersey condominium or townhouse buying needs and we encourage you to browse the buyer FAQ questions to intimate you with the most frequently asked questions by buyers in your area.  With our extensive real estate buying and selling experience, you can rest assured of getting the home you always dreamed of quickly, smartly and budget-friendly.

If you wish to purchase a townhouse, condo or any property in the Union & Essex County area, do contact me for an initial buyer’s consultation.  Whether you require a resale condo/townhouse or you want a newly built property, Camille Haynes and the Haynes Homes Team offers the best service and have enough experience in the real estate sector that would ensure you are covered every step of the way.  Like the popular soccer club – Liverpool - slogan, we never let you walk alone.

We realize the importance of having an agent represent you during a transaction, and we are ready to go all the way with you in this aspect to ensure you are not un-informed or pressured.   It’s not as simple as having someone to represent you.  Having someone with extensive knowledge of the subject topic is a necessity. Don’t take this lightly.

YOUR UNION, NEW JERSEY CONDO BUYING EXPERT

Every buyer's needs are as different as the stars in the galaxy.  At Union Condos, we recognize and celebrate this unique difference in us.  Because we have different needs, we need different types of agents to see us through the buying process.  While almost every real estate agent you come across would tell you how qualified and fit for the job they are, we offer you something unique.  Camille Haynes & the Haynes Haynes Team go beyond the qualifications to provide you with a team is qualified, dedicated, ready to work in protecting your interest, and ensure your home buying transaction is complete, stress-free, and ensure you make the most informative decision available. 

PRACTICE

AREAS

Ten Things You Must Know About Before Buying a Condo or Townhouse

  • I have never purchased a condo before. Where should I begin?
    Understand your finances – Get pre-approved for a mortgage to determine your price point Determine the location and amenities you want in the condo (layout, parking, pets) Hire a realtor that is specializes in condominium and townhouse sales
  • Are there any buildings that permit pets?
    Here is a complete list of the buildings that will allow the pets.
  • How much does it cost to purchase a condo or townhouse?
    The minimum down payment for purchasing a condominium or townhouse is 3.5% down with a FHA loan, 5% with a conventional loan and zero percent down with a VA loan. Apart from that, you will also require money for the closing costs to purchase the home. Closing costs are the fees associated to purchasing a home in New Jersey. The money for the closing costs depends on the fees from the lender; it typically ranges from 3 to 6% of the purchase price. Lenders are required to issue out a Good Faith Estimate within 3 days of the receipt of the loan application. In addition to the down payment and closing costs, you should budget for various services you will need for your purchase including your attorney, inspectors, appraisal and first year of homeowners insurance. These fees are not included in the closing costs and are additional out-of-pocket expenses.
  • I've been pre-approved for a FHA mortgage. Will I have difficulty buying a condo?
    In this current market, unfortunately, yes. In Union & Essex County, most condominium and townhouse complexes are not FHA and/or VA approved. To review the list of FHA approved condo & townhome complexes in each county, visit XXXX.
  • Why are condo association fees so high?
    There are many reasons that the homeowner’s association fees might be high. Many of the benefits of purchasing a condominium or townhouse do cost, including: Maintenance, replacement or repairing of common elements in a complex like lawn maintenance, snow removal, trash removal, building maintenance, etc. To enjoy special benefits like pools, clubhouses, tennis courts and playground areas Administrative expenses of the maintenance company and homeowner association and to pay employees Putting money aside for larger projects in the Capital Reserve Fund. This money is to offset major or unexpected projects like roof repair, new siding, replacing fencing, ext.
  • How can I find out if a condo association is finaancialy stable?
    Once you submit an offer and come to terms of agreement, your realtor should request from the seller’s realtor a copy of the financial reports for the complex. You should review these reports with your attorney. After reviewing the financial statement, you should have a better idea about the financial health of the complex including: What special assessments have been mandated for the past 5 years? How much is each owner responsible for? How much is in the reserve fund? Percentage of the monthly maintenance fees that is placed in the capital improvement fund? What is the maintenance fee delinquency rate for the complex? If this information is not specified on the financial statement, have your attorney or agent reach out to the other party to obtain. In addition to checking the financial stability of the complex, you should also check financials of the unit you are purchasing. They include: Verifying the amount of the maintenance fees of the unit and what they include Verify that the maintenance fees are paid up to date for the unit by the seller
  • What are the rules?
    During the attorney review period, your attorney or realtor should request from the seller a copy of the house rules and regulations for the complex. This document goes over various items including if the property is pet friendly, if and where you can barbeque, what hours can construction and repairs be done in your unit, parking rules, etc. You should review this information early in the process, typically once your offer is accepted, to make sure you are comfortable with the rules and there are no unforeseen items that would prohibit you from proceeding.
  • Who fixed what?
    During the attorney review period, your attorney or realtor should request from the seller a copy of the master deed for the complex. The master deed outlines what you specifically own and who is responsible for maintaining specific items. Make sure to review this information early in the process, typically once your offer is accepted, to make sure you are comfortable with the rules and there are no unforeseen items that would prohibit you from proceeding.
  • Does my complex have any upcoming special assessments for complex projects?
    Enter your answer here
  • What is the difference between a foreclosure and short sale?
    In case of the short sale, the owner of the property is some form of default on their mortgage and owes more on the property than it is worth. Special permission from the lien holder is required to sell the property and the process of purchasing is longer than a traditional sale; which is typically 45 – 60 days. Where as in case of foreclosure (bank owned property) that is for sale with a realtor, the bank has legal ownership of the property. Although more paperwork is involved than a traditional sale, the length of time it takes to purchase is typically the same amount of time. If you are a time constraint or if you are interested in purchasing a condo that is at the top of your pre-approval amount, I would not recommend purchasing a short sale. There are too many variables that can impact your plans or the final sales price of a short sale. But a qualified buyer is able to purchase either option.

Buying a condo or townhouse is not the same process as buying a house. There are important details to consider before buying a condo or townhouse in Union, and it’s essential that you go in knowing the proper questions to ask before buying it.

Questions to ask before buying a condo or townhouse in Union

 

As questions arise, what should you ask your real estate agent, your future neighbors, and also the homeowners association before you buy a condo or townhouse. Here’s an inceptive list that you can use as a guide to get started:

Thinking about buying a condo or townhouse?

Review the condos or townhomes available for sale in Union & Essex County

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