What You Should Know Before Buying an Ocean Club Condo in Atlantic City

by | May 3, 2012 | Real Estate

Buying an Ocean Club condo in Atlantic City is a very exciting prospect. There are unique advantages to condo ownership. However, you should be prepared for the differences between owning a condo, owning a home, and renting an apartment.

If you buy an Ocean Club condo in Atlantic City, you may have to join a condo association. This is an association of homeowners. They have rules that apply to maintaining the property and may collect fees from you that will help pay for improvements or repairs to common areas.

Financing options have changed since the downturn in the real estate market, so it’s important to make sure you will be able to qualify for financing before purchasing your condo. Your real estate agent may be able to give you advice on which type of financing is best for your particular financial circumstances.

Find out what is included in monthly assessment fees by the condo association. You will want to know if these fees cover your cable, Internet, heating and cooling, parking, and other amenities such as a gym or swimming pool. This is an important consideration when making the decision to purchase a condo.

You will also need to make an appointment with your insurance agent and go over what type of insurance you will need to cover your belongings once you purchase your condo. The association normally has insurance to cover the common areas, but you will still need to cover your own property. Often, there is a type of insurance available similar to renters insurance that should be adequate. Your insurance agent can provide you with options and give you a quote for purchasing this insurance.

Before purchasing your Ocean Club condo in Atlantic City, you will want to make sure you are pre-approved for a loan. This will make the purchasing process go more smoothly. It will also help you avoid the disappointment of finding the perfect condo and not being able to get approved for financing.

An Ocean Club condo in Atlantic City can be a great place to live, and making the proper preparations beforehand will help you find the perfect condo. If you still have questions about purchasing a condo, contact your real estate agent who can provide you with more information and schedule appointments for you to view condominiums that interest you.

Ocean Club Condo Atlantic CityFor the best in South Jersey Shore real estate and to learn more about any Ocean Club condo in Atlantic City, visit Atlantic City Real Estate | Condos For Sale in Margate, Longport, Jersey Shore & Ventnor, NJ – Linda Magarick, Realtor , call 1-800-636-4508, or email lmagarick@aol.com.

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