How to Buy a Condominium in New Hampshire

If you are buying a NH condo (condominium) as a primary residence or for investment, you should be aware of the legal, financing and lifestyle ramifications of this type of “home ownership”. To assist you in finding New Hampshire condominiums go to NH Real Estate for Sale.

What Is A Condominium?

The word "condominium" is a form of land ownership which typically consists of 2 or more units. The interiors of the units are individually owned (the paint in). Unit owners share joint ownership of common areas (grounds, hallways, pools, clubhouse, etc.). Areas that service a specific unit, while still held in common, may also be designated as the "exclusive right to use" of a specific unit. This typically will include balconies, patios, and assigned parking spaces. The master deed is a document that places the land into condominium status and details the ownership structure.

What Buyers Should Know

If you are thinking of buying a condominium unit, be sure to review:

1. Condominium Documents — Master Deed, Condominium Trust, By-laws, etc.

2. Rules & Regulations

3. Financial Statements — annual and current budget

4. Monthly Association Fees – coverage, services.

5. Annual Meeting Minutes and Trustee Minutes (when available)

6. Special Assessments – capital improvements in excess of budget

7. Management and maintenance structure.

It is always recommended that you have the documents reviewed by your attorney Your Buyer's Agent should also be certain your offer provides for a cancellation should any part of the documents not be acceptable to you.

Condominium Styles

· Garden (flat) — Contains one-level of finished living space.

· Townhouse — Contains two or more levels of finished living space.

· Detached — Free-standing building (no other unit is located in that same building).

· Duplex — Two attached units, sometimes referred to as "condex". There may be several duplexes/condexes within a particular complex.

· Low Rise Building - A building with primarily garden-style units and no more than 4 levels in the entire building.

· High Rise - May contain garden and townhouse units and contains greater than 4 levels total in the building. High rises are commonly serviced by an elevator.

Importance of Working with a REALTOR in Your Condo Purchase

Condominium structures and considerations vary by state and region. NH real estate law requires agents to provide proper to disclosure, statements of representation (by the Seller) and to offer client level services to consumers. This fiduciary relationship will provide you with the representation you may want.

The above is just a general guideline on the most common type of condominiums. Virtual Homes real estate agents can provide additional details and educate you on everything that you need to know regarding your condo purchase, including information on co-ops and informal complexes such as converted multi-family buildings. Visit the NH MLS map based search site to find condos by town, neighborhood and location.