Palm Springs is a destination, pure and simple.
It’s hard to beat the weather here, but Palm Springs also offers a dynamic and active lifestyle that is the envy of the world.
It’s not at all surprising that folks of all stripes want to live here, and the Coachella Valley’s wonderful assortment of condo developments provide a fantastic, and accessible, entry point into the local real estate market.
We’ve already covered a few things that snowbirds should know about when considering Palm Springs, but condos are a great option for more than just part-time residents. There also great as an investment or income property.
Here are few things that you should keep in mind when exploring the purchase of a condo.
What Should I Do Before I Start Looking?
It really pays to be ready to move fast. Real estate in Palms Springs and the Coachella Valley is competitive and deals tend to happen quickly.
Once you’ve made up your mind that you’re ready to make the move, take some time to decide exactly what your wants and needs are in your new home. This will make it much easier and quicker for you and your real estate agent to zero in on that perfect property.
Next, talk to a mortgage broker. I can’t stress this enough.
Getting your financials in order is essential for two reasons:
- You’ll be able to narrow down your search to what you can realistically afford
- Pre-approval is almost always a requirement to making an offer
Research, Research, Research
As we pointed out already, you should spend some time thinking about what you actually want in a property vs. the nice-to-haves. It’s a good exercise to actually write these out.
If you can, talk to locals, talk to your Palm Springs REALTOR® and do some online research. Especially if you aren’t from Palm Springs, you want to learn as much as you can about each area of the city, so you can make an informed decision of where to live.
Also, all condo developments were not created equal. The wealth of choice and amazing breadth of amenities in condo communities across Palm Springs is sensational, and can be a tad bit overwhelming.
When you find a condo you like, carefully review the monthly HOA or condo fees, what they pay for and the services and amenities provided. After all, amenities are only really valuable if you actually use them.
Condo Financing: How is it Different Than a Detached Home?
There are definitely numerous similarities between financing a condo and a detached, single-family home, but condos tend to be a little more complex by their very nature.
For starters, lenders will need to factor in your monthly HOA or condo fees as they decide how much you qualify to borrow.
And HOA fees in condo development tend to be higher than you might find in more traditional neighborhoods - but those fees tend to cover things you’d be on the hook for otherwise - water, garbage collection, etc.
Lastly, many lenders may also factor in the actual financial health of the condo organization. This can include an assessment of the number of renters vs owners, and whether or not a large percentage of owners are behind in condo fee payments.
What are you waiting for? Start searching for your next home.
Are you interested in learning more about the condo lifestyle in Palm Springs? Contact Geoffrey Moore online or by phone at (760) 641-5689 for more information on the best condo developments Palm Springs has to offer!Posted by Geoffrey Moore on