In August, the U.S. Department of Housing and Urban Development (HUD) released the long-awaited final rule on project approval for single-family condominiums insured by the Federal Housing Administration (FHA).
The new condominium policy will “reduce regulatory barriers that currently restrict affordable homeownership opportunities,” according to HUD’s website. The new rule:
- Introduces a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing
- Extends the recertification requirement for approved condominium projects from two to three years
- Allows more mixed-use projects to be eligible for FHA insurance
This rule makes it easier for first-time homebuyers to purchase condos, especially for those in urban markets. When looking for a condo, homebuyers are looking for everyday conveniences with features related to health and safety
Here are some of the top features buyers look for in a condo:
- Hi-Tech Security – Features such as gated parking and 24-hour cameras give buyers peace of mind when it comes to safety. Newer condominium developments include locked access to community facilities and exterior doors.
- Energy Star Appliances – Appliances such as low flow toilets and LED lights bulbs can help a homebuyer save money on utility bills.
- Fitness and Recreation Center – Buyers enjoy the convenience of not having to pay an additional fee or drive to an alternative location to workout.
- SMART Technology – The conveniences of controlling lighting, temperature and other features from a smartphone is a bonus that any homeowner would appreciate.
