Buying/renting a condo in Pensacola, Florida?

It is best you rent for the first year for more reasons to count. Because you have no credit history you will need a parent to co-sign assuming your school even allows freshman to live off campus, many don't.

Before buying anything the place to start is with a lender to be approved for a loan (assuming you are not a cash buyer) and you will need to have a job and a credit history to get a loan. To buy a condo I highly recommend getting a realtor to represent you in the purchase. Buying a condo is exactly like buying a house except you will also need to get a hold of the condo rules and regs plus a copy of the condo association rules and recent meeting minutes. This is done to find out the solvency of the condo association. As you are likely aware condos require a monthly maintenance fee and theses fees are pooled amongst all owners and used to maintain the property on the short and long term. Sometimes the condo association fails to manage this money properly and ends up charging all owners special assessments anytime a repair is necessary and these "special" bills can be several thousand dollars in each instance. Thus a poorly run condo association can devalue the individual condos. You also need to check out the rules too because there are often rules about the owners ability to rent units when the owner is not present. Thus you may not be able to rent your condo when you aren't there. Hope this helps.

Condos also usually have a master insurance policy covering the property which makes your homeowners insurance similar to renters insurance only covering the contents of the property and similar in price too.

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