What To Consider When Buying A Student Condo
Proximity to the CU Campus is usually the first consideration of your CU student. Generally speaking, the more central to the CU Campus, the more expensive. How many bedrooms is next on the list. Either your CU student has decided to live alone or they likely have a short list of prospective roommates from among their classmates. Being a landlord is not difficult. It’s comforting to know that your property manager (your CU student) will be “on-site” ready to handle any tenant issues.
Condominium complexes are governed by a Homeowners Association (HOA). Each unit will be assessed a monthly HOA fee. It is important to clearly understand what is included in the HOA fee. As a general rule, most HOA fees include building insurance, exterior building maintenance, snow removal, water, sewer, trash, yard maintenance and management. Some HOA fees will include hot water heat and cold water cooling.
As you walk around the condo complex, take note of the general condition of the buildings including deck, fencing, stairs, balconies. Also consider the condition of the landscaping. Do you have a good impression or are you concerned?
There are many details that require answers. This is why you want to work with an experienced licensed real estate broker.
Why Work With Me?
I have over 30-years experience in the real estate industry. I’ve worked with many parents of CU students in assisting with the purchase of a student condo near the University of Colorado-Boulder campus.
Following are testimonials provided by parents of CU students that I assisted with the purchase or the sale of real estate near the CU Campus.
Carol C. ~ Represented As Buyer Rex helped me buy a condo for my son who is a student at CU-Boulder. He was very knowledgeable about all the properties near the campus. Rex was respectful of my time and I found the whole process to be quicker and easier than I had hoped. I would highly recommend Rex based on our experience with him.
Rick S. ~ Represented As Buyer Excellent service to help my family fulfill our out-of-state college housing needs. Good knowledge of Boulder pricing, trends, values, etc. Quick, efficient, good stuff! Thank you Rex!
Jean E. ~ Represented As Buyer It was an easy process and easy decision making option. We were ready to lease a place and Rex was able to give us valuable experience in buying a condo. We are confident that we made a good decision.
Brenda G. ~ Represented As Buyer & As Seller Both Pari and I believe that you are truly the best in the profession and our experience with you was not only very professional, but also enjoyable. It is very difficult to purchase a ‘home’ that requires a substantial investment without viewing the property; i.e., long distance purchasing! Further, this was somewhat more difficult because the condo home was purchased so that our grandson would have a place to live in and ‘call his own’ rather than living in an apartment. Thanks to Rex, this process was easy, and even enjoyable. Our grandson feels that we found the perfect place. We believe that Rex is one of the very best in his profession – hopefully we will meet someday. Just a note, we have purchased many, many residences.
Patty F. ~ Represented As Buyer Great! Rex was a great resource and helped us negotiate a fair deal. I’d recommend him in a flash for any purchaser of condos in Boulder. Our feeling is that he was honest, knowledgeable, and basically “there” to help us in the condo purchase, rather then being a prototypical sleazy real estate agent. (Sorry Rex, sometimes real estate agents have a bad reputation.)
Larry M. ~ Represented As Buyer A great experience. I would recommend Rex to friends and family. Rex was very knowledgeable about the local market and was very helpful closing the purchase. I would highly recommend. He understands the buying and selling process and provided a substantial list of homes to view that were comparable and matched our needs perfectly.
Veronica U. ~ Represented As Buyer Rex helped us find and purchase the perfect property for our family. He is personable, knowledgable, reliable and efficient. I would highly recommend his services.
Ken P. ~ Represented As Buyer & As Seller Testimonials are not my thing. I think I have told you in person how thoroughly you guided me through this process. I think what I most appreciate is that you didn’t disappear after you had completed the sale. Best of luck.
Dreama A. ~ Represented As Buyer & As Seller Rex was professional from the word “Go.” He sold our property quickly and efficiently, was always available for advice and questions, and made the whole transaction go smoothly. We would definitely recommend him!
H. Y. (CU Professor) ~ Represented As Buyer Thank you again for helping me find my new home. I had a very pleasant experience with you. Great service indeed!
If You Plan To Finance Your Condo Purchase
If you are planning to finance your purchase, you should become pre-qualified for a mortgage before you make a purchase offer. Many of the condo complexes near the CU Campus have a high-ratio of investor-owned to owner-occupied units. If the ratio of investor-owned to owner-occupied units is 50% or higher, you need to immediately discuss this with your prospective lender. Using a local lender is advantageous in these situations since they are familiar with the Boulder condo market and are more likely to offer a lending product specific to high-investor condo complexes. I can provide you a list of local lenders if this is helpful for you.
So You Have A Property Under Contract, Now What?
The purchase contract includes many due diligence deadlines for the buyer that allow the buyer to terminate the contract with a full refund of the buyer’s earnest money deposit. Included among these contingencies that benefit the buyer are:
- Review of HOA Documents
- Home Inspection
- Loan Approval
I recommend that you retain an experienced home inspector to give you comfort that there are not any expensive repairs waiting for you. With a condo, exterior building repairs will be the expense of the HOA. Repairs required within the interior walls of the condo unit will generally be the responsibility of the owner. This includes all kitchen appliances, clothes washer, clothes dryer, furnace and water heater if inside the condo. The maintenance of a common laundry is likely the responsibility of the HOA.
There are many questions that need to be asked during the buyer’s due diligence process to ensure the buyer’s best interest is always in the forefront. For these reasons, it is best to work with an experienced real estate broker.
Contact Me & Get Started Today!
Complete my CU-Boulder Homefinder survey and I’ll be in-touch with you. You can also give me a call at 303-945-0699. Thank you!
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