Maine Condos | Purchasing Guidelines
Maine Home Connection
Home Home About Us About Us Contact Us Contact Us
Buyers Sellers Stats Maine Blog Home Valuation Properties
Explore Communities
Search All Properties
Weekly Open House
Local Lifestyle Videos
Your Home's Value
Waterfront Real Estate
Relocation Services
Featured Listings
Home Finance & Mortgage
Retirement in Maine
Real Estate Investing
Featured Properties
Enter a keyword to search the site

Features & Services
Your Home's Value My Home's Value:
Receive a Report of  Your Home's Value 
New Construction Green Homes: 
Guidelines, Builders, Green Homes
Your Homes Value Market Insights:
Current Home Sales Reports & Statistics 
Sold Properties Sold Data:
View All Recent Home Sales History
Left-Marketing Home Marketing:
MHC Imagine More Home Marketing 
...Manage Your Account
Login Existing Users:
Login with your email address only
Existing Users New Users: 
Simple signup to view   all Maine properties.
Contact Us Contact Us:  
Call or email us with your questions.
Newsletter Signup

Portland Condos and Townhomes
Purchasing Guidelines and Considerations

When purchasing a condo there are many details to consider that may not apply when purchasing a single family home. Some important factors to ensure that your investment will be a good one include:

Make sure that you ask for the last three to six months of the condominium minutes. This information will provide you with key insight into what is happening in the building. Obtain a copy of the Declaration, the Bylaws, and all documented rules and regulations from the Condo Association.

Portland Condo GuideTo make sure you are buying into a financially sound building, it is also advisable to find out if the building has any outstanding loans with a bank. Some buildings may take out loans instead of doing a special assessment. It is a common way to finance major work such as new elevators or the exterior facade repair without calling a special assessment.

Make sure you obtain a statement from the Condo Association of any capital expenditures anticipated by the Board within the current or succeeding two fiscal years. In Maine you are entitled to review these documents prior to completing a purchase. Find out from the Condo Association if there are any pending suits or judgments in which the Board is a party.

If the building is newer, find out if the parking is deeded or assigned and whether you can later sell it to a purchaser outside the building. Also, make sure you see the exact location of the parking spot before you write a contract to purchase the property.

Buildings with substantial reserves and lower assessments tend to appreciate at a faster rate than other buildings in a similiar location. Keep in mind that assessments are based on the level of amenities in the building.

The more horizontal a unit is the more apt it will have better resale value. Vertical units tend to have more hallways and stairs which eat up floor space. They also typically do not have split bedrooms.

The higher the ceilings in a unit the larger the unit will feel. Most people typically prefer 9 foot ceilings or higher and these units should realize a higher resale figure. Older townhomes typically have 8ft ceilings; newer ones have anywhere from 9 to 10 foot ceilings.

In today's market, kitchens are extremely important and in many cases people prefer an eat-in kitchen. Space for a breakfast table or an island that allows for seating is a clear upgrade. Stainless steel appliances and granite countertops are extremely popular.

Portland Condos - Real EstateMost condos and townhomes have hardwood floors in the living room and kitchen. Properties with hardwood floors in the bedrooms as well are typically more expensive. Hardwood floors on the diagonal are considered premium because they make a room look larger.

Beware that not all hardwood floors are equal. The standard is maple, oak (and white oak) but some townhomes feature pre-fab hardwood floors. You should try to purchase a home with real hardwood floors as you may need to re-sand them for maintenance. Note that a top of the line flooring is Brazilian cherry hardwood.

When purchasing a fee simple home you own the property and the land all the way to the roof. So if something goes wrong with the unit, you are responsible for repairs. In a condominium townhome project you own a share in the development; therefore if something goes wrong with common elements for the other units; everyone shares the expense of the repair.

Low assessments in the condominium complex will typically help in the resale of a home. As a rule, buyers prefer to be in townhomes with assessments less than $500.00 per month.

Understand the calculation of the square footage and keep in mind that the actual livable square feet could be less - depending upon what is included.

Schedule a time to review actual samples of all finishes provided by the developer. Pay particular attention to base board design and any unusual ceiling design elements such as tray ceilings and recessed lighting. Ask what kind of cabinets are standard, which are upgraded and their height (typically 42 inches is preferred). Make sure you like the appliance package as some developers will not give you a credit to substitute other appliances.

Subscribe to Our Blog
Email Us

Monthly Market Report 
Cumberland County

Homes for Sale  2003Trending Up
Pending Last 30 Days 226Trending Down 
Sold Last 30 Days  222 Trending Up
Statistics 5/50/2012    
YTD Median Price  $215MTrending Up 
Days on Market  80 Trending Down 
Pending Ratio  16.4 Trending Down 
Weeks of Inventory  35.5 Trending Down 

Market Statistics 

Sometimes real estate has a language all its own.  Understanding all aspects of the market, its unique terminology and the facts behind the statistics are essential.

View and download current monthly home sales graphs, facts and reports. We can also customize reports to meet your specific needs. Lean More

Local Communities 



Located right on Casco Bay. Portland is a city of divers neighborhoods and cultures. [More]

Portland Maine

South Portland


Across the Fore River, South Portland is a fine seacost community with beaches. [More

South Portland Maine



Just north of Portland, Falmouth features three country clubs, rolling hills and subdivisions. [More]

Falmouth Maine

Cape Elizabeth  


The dramatic rocky coast and wetland areas makes Cape Elizabeth a very special town. [More] 

Cape Elizabeth Maine


Geographically large, Scarborough features residential neighborhoods and subdivisions. [More] Scarborough Maine


Yarmouth is a small town with a lovey downtown featuring small shops and Victorian homes. [More] Yarmouth Maine



On the north end of Casco Bay, Cumberland features open spaces and quiet. [More]  

Cumberland Real Estate

Old Orchard Beach 


Old Orchard is know for is 7 miles of sandy beach and many waterfront condos. [More]  

Old Orchard Beach Real Estate
Buying Your Home Heart and Mind Buyer Agency
Exclusive Services Agency Relationships Title Insurance
Home Buying Process Advice and Strategy
Affect of the Economy Determining A Price First Time Buyers Viewing Homes Second Homes Home Search Strategy Waterfront Real Estate
Common Forms
Selling Your Home Your Home's Value Home Marketing
Digital Photography High Definition Video Property Storyboard Virtual Staging Internet Marketing
Pricing Factors Advice and Strategy
Counteroffers Establishing a Price Listing Agreements Feng Shui Principles Considering Repairs Value of Improvement Choosing A Realtor Common Mistakes
Home Selling Process
Maine Maine History Maine Geography Maine Economy Maine Demographics Maine Education Maine Climate Maine Beaches
Maine Real Estate Blog
Home Valuation
Search for Properties Virtual Home Buying Hyper Local Search
Maine Communities Portland South Portland Scarborough Falmouth Cape Elizabeth Cumberland Yarmouth Old Orchard Beach Freeport Harpswell
Search For Homes Maine Map Search Detailed Property Search Search By Address Search By MLS Number
Open House
Local Lifestyle Videos
Home Valuation
Waterfront Real Estate Coastal Maine
Maine Coastal Properties
Maine Lakes
Maine Lake Properties
Casco Bay Islands Maine Rivers Waterfront - FAQ's
Relocation Services Relocation Package Maine Counties Quality of Life Education and Schools Art and Culture Property Tax Rates Common Relocation FAQs Moving Long Distance
Mortgage Center Calculator Mortgage Types Credit Scoring Fee & Closing Costs Mortgage FAQs
Retirement in Maine Retirement Planning Retirement Communities Changing Demographics
Real Estate Investing Vacation Homes 1031 Tax Exchanges Condos and Townhomes Remodeling: Cost vs Value