Buy a Condo in Newport, Oregon - a Checklist
So you're looking to buy a condo in Newport, Oregon? You have made a great choice, as Newport is one of the best spots in Oregon for condo living. Newport, the "crown jewel" of the Central Oregon Coast, features stunning ocean views, clean air, moderate temperatures and friendly people. This clean community with lots of pride is ideal whether you are doing business or want to retire here. Many amenities are at your condo's doorstep including beach walks, over 80 restaurants, art galleries and great events like the Newport Seafood & Wine Festival.
If buying a condo in Newport, Oregon feels a bit daunting, we have put together a step by step checklist designed to help you through the process:
Make a list of the amenities you want in your dream Newport, Oregon condo. For instance you may want your condominium to have an ocean view, Jacuzzi tub, fireplace, granite countertops or beach access. Prioritize your list and compare it to condos listings in the Newport area. This will help narrow your selection and save you time later. View the amenities available at Shoreline Ridge.
Contact your realtor or the property listing agent to tour available condominiums in the Newport area. Make sure to give your realtor specific criteria of what you are looking for, as they may know of several other condos that fit your goals and lifestyle. Be sure to checkout the condo's parking, storage, security and other amenities that will affect your decision. If you aren't working with an agent yet, consider contacting a Newport Realtor with a track record: Janis Neigebauer.
Once you have found the Newport, Oregon condo of your dreams, request a market analysis from your realtor. They should be able to provide you research such as annual appreciation, condo specs, comparative reports and other valuable real estate information.
Get prequalified for a mortgage in the price range of the condo you would like to buy. Condo financing can be different than traditional mortgages, because you are essentially purchasing space in a shared ownership building and condo community. Be sure ask your mortgage broker if there are any special considerations to be aware of when buying your Newport, Oregon condo.
Do some more homework on the condo community itself. Talk to the condominium manager to get a sense of their personality and learn more about the building's history. Ask other residents in the building about what they like and don't like about their condominiums. An interview list could come in handy with questions about maintenance, soundproofing, noise, parking or other concerns you may have.
If the Newport condo community has a Homeowner's Association (HOA):
- Ask for the condominiums HOA notes from recent meetings. These notes will tell you which gripes or disagreements that other condo owners may have with each other or the management.
- Find out how much the condo HOA has in reserve funds. If the amount is large, you will have a lower chance of an assessment (one-time payment) to cover unexpected expenses.
- To get a better idea if you will be assessed or not, look at the HOA's history of assessments. Several assessments in the past 5-10 years could be a red flag.
- Ask for the HOA covenants, conditions and restrictions (CC&Rs). Knowing the ordinances ahead of time will save surprises later.
- If the HOA charges dues, make sure you budget for them accordingly. Find out what your condo HOA fees cover, and determine other maintenance costs you may be accountable for. It's also well advised to see how much and how often HOA fees have increased in the past to know what to expect in the future.
Make an offer to buy your dream condo in Newport, Oregon!
If you would like to schedule a personal showing of Shoreline Ridge, Central Oregon Coast's most luxurious oceanfront condominiums, call Janis Neigebauer, at (541) 270-2992 or fill out the contact form and an agent will contact you shortly.