Congratulations!! It looks incredible! And huge!! Is 5% normal in America? Germans expect a minimum of 10% but push for 20%, which makes buying really painful.
I would say 20% is preferred. But for first time buyers, especially in areas like Chicago, NYC, or LA, 5% (or even 3%!) is acceptable so long as you aren't fighting off other people bidding for the same property with a great down payment.
If I was still with John, we'd have about 15% down as he sold a condo a few years ago that he had a decade. I only started saving about 12 months ago, so 5% is all I could do on my time table. The limited funds makes it very very painful. I cannot tell you how many of my bids got rejected in this market. Hahah.
We asked for a home warranty on the furnace and A/C but I'm not hopeful. In this market the seller doesn't really have to do much. I might get a $50 credit on closing for them. (laughs)
It's a walk-up, 6-unit and three story building. I'll have a parking spot in a gated area in the back of the building. I'm very excited about having light again.
You lucked out! Your (soon to be) new home looks fabulous Mike. Having in-unit washer and dryer is a real conveience, I've found (even when they're just 20 feet down the hall.) Those light-filled rooms should fill you joy... and that floor is killer. I particularly love the tub. You're gonna have fun nesting and putting your stamp on things.
Two tips I have with condo owning is: make friends with the HOA manager- s/he will know you and be much willing to help you out if you have issues. I know mine has gone the extra mile for me on occasion simply because I'm always nice and patient. (It helps that we're almost all owner occupied and as she's said repeatedly, none of us are high maintenance needy hand-holder get things done now types.)
Second, know what your condo does and doesn't cover, particularly in oddball situations. This helps with more peace of mind.
Good luck! I look forward to hearing the tales of your homeowner journey!
It's a good space. 2018 is turning out to be a big change year! Newly single, new first time condo owner and other stuff going on. Hoping it all plays out ok!
I think I may start paying more attention to LiveJournal. I just submitted the first substantial post in a very long time. LiveJournal was very important to me at a very crucial time in my life. In a way it's superior to Facebook.
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Is 5% normal in America? Germans expect a minimum of 10% but push for 20%, which makes buying really painful.
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If I was still with John, we'd have about 15% down as he sold a condo a few years ago that he had a decade. I only started saving about 12 months ago, so 5% is all I could do on my time table. The limited funds makes it very very painful. I cannot tell you how many of my bids got rejected in this market. Hahah.
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Congratulations on your lovely new home? You mentioned to me it allows pets (dogs), so that's wonderful!!
Does the unit come with parking? Is it an elevator building? May you live there happily for years to come!
HUGS!
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It's a walk-up, 6-unit and three story building. I'll have a parking spot in a gated area in the back of the building. I'm very excited about having light again.
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Two tips I have with condo owning is: make friends with the HOA manager- s/he will know you and be much willing to help you out if you have issues. I know mine has gone the extra mile for me on occasion simply because I'm always nice and patient. (It helps that we're almost all owner occupied and as she's said repeatedly, none of us are high maintenance needy hand-holder get things done now types.)
Second, know what your condo does and doesn't cover, particularly in oddball situations. This helps with more peace of mind.
Good luck! I look forward to hearing the tales of your homeowner journey!
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This whole process should be interesting. Hahah.
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