November « 2010 « continental condominiums

November 30, 2010

The Benefits Of Condo Living

Filed under: Condominium Articles — Tags: Benefits, Cruiser, Knotted, Living, Modern, Optical, Wireless — admin @ 1:05 pm

Condos offer you an alternative lifestyle for many individuals especially those who prefer to be independent and have their own place to call home that is affordable and at the same time more convenient that buying a conventional home. This type of living quarters appeals mostly to single young professionals as well as small families. Condo living offers a different type of lifestyle and living conditions for people. It is cheaper than having your own property and build your own home from the ground up. Condo units also offer a host of amenities like guarded parking space, 24 hour security, swimming pool, clubhouse etc. that you won’t enjoy unless you own a condo unit of your own.

There are many types of condominiums available out there. Each type can satisfy the different needs of different individuals. There is what is known as a condominium apartment and there are those also known as condominium townhouses which might have slight differences with each other save for their structure type and ownership regulations. There is also another type known as freehold townhouses that you might want to check out. Whatever type you might prefer, you must bear in mind that condo living will be a lot more different than the traditional home environment that you might be accustomed to.

Condo living is so much different from owning or renting a single dwelling home or apartment. This is because of the dual nature that comes with every condo unit ownership. Condominium owners hold ownership over their respective units but each one sharing responsibility over the operating costs and maintenance of the shared elements in the property such as lobbies, passageways, elevators etc. that are essential parts of a condominium complex. By choosing to live in a condominium, you are choosing to live within a community of other condo unit owners who become your instant neighbors. Each condominium complex is a community in itself and each owner accepts and follows the standard rules and regulations unique to condo living.

If you think that condo living might be difficult, wait until you see the advantages that come with choosing to live in your own condo unit. First of all, a condo unit is less expensive than owning a single detached dwelling which may take you years to save for before owning it. If you want to have your own place to live in immediately, then owning a condo unit might be the best option for you to take. With living in your own condo unit, you might also be able to enjoy the amenities and shared facilities like the pool, clubhouse, and weight room that are usually part of most condominium complexes. In a condominium complex, you also become part of a unique community where you are an integral part in the whole decision making process.

But then again, there are also some things that you should also know about condo living. Depending on each condo complex, there might be some restrictions being followed such as on owning pets, or having outdoor barbecues. Each condo unit owners are also requested to follow some rules of conduct on common areas such as passageways and lobbies. In a sense, a condo unit owner might not be as free in his own “home” because he also has to respect the rights of his “neighbors” living just a wall apart. That is the challenge that condo living carries with it. It will depend on the person if he will be able to come to grips with it.

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November 25, 2010

Why Investing In a Condominium Is A Good Decision

Filed under: Condominium Articles — Tags: Condominium, Decision, H85YD11, HiLite, Investing — admin @ 10:17 pm

Most of us have heard of condominiums, and have a quite clear picture of how it looks.

However, we still ask ourselves sometimes, why is it called a condominium?. In a condominium (commonly called a condo), some parts of it, like your residence – are owned privately, while others – common areas – are owned collectively by all of the building’s residents.

A less technical way of describing a condo is an apartment that you own. In real-world terms, condos often take the form of an apartment or similar shared complex, but theoretically, a condo could physically look like anything. Condominium units are generally popular in areas with high property values, and vacation hotspots and urban settings are both locations where you can expect to find them on the market.

This is mainly because buying a single-family home can be quite expensive in cities where additional building space may be scarce. As such, condos can open home ownership to whole new groups of people If you think you’re all ready to own your own home, but can’t quite afford a larger house, a condominium could be a good option for you to get into the market.

Tips In Looking For A Good Condo Unit

Looking for an appropriate condominium unit involves the same process as shopping for a single-family home. If you have a general idea of what you’re interested in, going to a real estate broker can be a better move in finding out about properties that you might not be able to locate by yourself.

If you prefer to do it by yourself, you can also search on the Internet, where many real estate Web sites and listings for condos in the area you are interested in, are shown. If you have a specific building or complex in mind, many offer on-site sales offices where you can learn more about the condominium and perhaps even view a show suite.

Reading The Fine Print On A Condo Purchase Contract

There are many aspects that you need to put into consideration when buying a condo, and it’s not just the sales contract that you have to think about. Condos also have an agreement, or declaration, that dictates the way the condominium operates and is governed. Before purchasing your condo unit, you should request and read the documents that apply to the management of the complex. You need to learn what are the hot issues for this complex.

How big is the condominium’s reserve fund? How does management deal with owners’ requests and complaints? Does the condominium impose strict rules and guidelines on owners that you may be unhappy with? You also need to get sense of whether the condominium you are considering is well-maintained, and whether the property’s rules and restrictions would allow you live the lifestyle you’re seeking, and whether the building is experiencing any problems that may lessen the value of your share of ownership in the future.

Reasons For Getting A Condo

There are many good of reasons that a condo could be a better alternative to an apartment or single home, and money is surely one of them.

According to The Real Estate Journal, the prices of condominiums tend to appreciate at a slower rate than single-family dwellings, making them a more cost-effective choice in markets where prices are on the rise. And, compared to renting an apartment, since you actually own your condo, you can take advantage of tax deductions, such as the interest on your mortgage.

It’s also noteworthy to remember that the purchase price isn’t the only thing to consider when you’re buying a condo. Most co-ops and condos have monthly fees for maintenance of the common property, and these can be quite costly and, unlike renting an apartment, you’ll also have to pay property taxes.

Whenever you’re looking to buy a home, there are plenty of choices available. One of them is the condominium. As you may already know, a condominium is a large property complex that is divided and sold in individual units.

Compared to a single-family dwelling, ownership in a condominium includes partial ownership in shared “common property”. This presents unique challenges for condominium buyers. If you’re considering buying a condo, read on to learn a little more about this type of property and what ownership entails.

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November 17, 2010

Saving Money on Your Condominium Purchase

Filed under: Condominium Articles — Tags: Condominium, Purchase, Saving — admin @ 5:00 am

There are many ways that buyers find to save money on their condominium purchases here in Center City Philadelphia. One can save by making offers of many properties, doing cosmetic work themselves, or being one of the first OR last people to purchase inside a condominium building. One technique used by some buyers here in town is what we here at Center City Condos term “shop a lot, and insult many.” What some buyers will do is that they’re flexible in their need for a specific condominium unit, and they will make many offers, one at a time, they’ll lowball, and if it’s not accepted, they’ll yank and lowball another condo unit, yank and lowball another condo unit. And they’ll continue to do that until they get a deal. These days we don’t come across many buyers who use this technique, but we have in the past. The advantage of this is that you may have the ability to get a very good price, but the disadvantage is you may not be able to get everything you want in the specific unit. Since you’re opening your needs, the one that you may end up getting may not be your first choice, but at least you may have gotten a good price.

The second way to save money on a condominium is to buy the ugliest condominium you can find; the one with the purple shag carpet and the pink and orange walls. Preferably, the unit will be exceptionally dirty and hasn’t been cleaned in fifteen years – and if you’re lucky, it’ll smell! Because those things are easily curable, but they’re also things that few buyers want. It would seem that very few people can remove the “emotion” out of their condominium purchase. If you have the ability to do that, it’s almost as if the world is your oyster. Generally speaking, these units have a tendency to sit on the market for a long time and as they sit on the market, the price drops, and the price drops, and the price drops. A fair number of buyers are NOT price motivated; if you ARE price motivated and can forego the emotion associated with a condominium purchase and buy the least attractive thing that you can find that needs possibly painting, and the floor sanded, and new appliances, and cosmetic help, you may be in for a very good purchase.

Lastly, one technique that can be used is timing -I have always said that the first buyer into a condo building, and the last buyer into a condo building are sometimes the luckiest buyers. Because at the onset of a release of condominiums, generally speaking, the developer needs sales to get his financing. So if you’re one of the first people into that deal, you may get the introductory construction pricing. Additionally, the developer is looking for buyers to confirm what they originally had thought when they bought the building, the fact that it’s going to be desirable – sellers love the first initial sales! Conversely, if you’re one of the last one or two people to get into the building, generally by the time this developer is all the way at the end of the project, they want OUT. So you may get a very good deal by buying the unit that hasn’t been purchased yet at a very good price with a lot of dealer incentives – a lot of upgrades, maybe the seller is providing a lower price or other financial incentives.

There are ways to save money on your new condominium purchase here in Center City Philadelphia. Some techniques are more popular and some are more successful than others. We suggest that you choose your strategy wisely and buy according to your preset goals.

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November 11, 2010

Upstairs Tenant Will Not Fix Ceiling Leak

Filed under: Condominium Articles — Tags: Ceiling, Scourers, Tenant, Upstairs — admin @ 9:46 am

“I have been living in my condominium since 1987. Every time the tenant in the unit above me takes a shower, I get a leak in the ceiling above my bath tub. About a month ago, the tenant invited me to see that there are only vinyl floor tiles where ceramic wall tiles should be. The business manager of our condominium set up a meeting between me, the owner of the upstairs unit, the tenant, and the business manager. The business manager told the owner of the upstairs unit that he must fix the shower wall. After a couple more leaks, I told the business manager and he said that management would fix the leak. It still is not fixed. What can I do to fix this problem?”

Unfortunately, problems and conflicts in condominium associations are common. Some condominiums run very smoothly with few problems. Others seem to have some kind of conflict that revolves around fixing maintenance issues. It seems like you have followed the correct chain of command. You notified the tenant, the business manager, and the owner of the upstairs unit about your leak.

It might be helpful to contact your insurance company. They may get involved with the insurance company of the owner of the upstairs unit. Even though the upstairs resident is a tenant, it is up to the owner to fix the leak. The two insurance agencies may be able to fight it out to determine the cost to fix the leak, who pays for it, and whose responsibility it is to fix it.

There are two main keys to solving conflicts in condominium associations before legal action is necessary. Education is one and mediation is the other. Parties in conflict will usually be willing to work towards resolution if they feel their side has been heard and understood. If this is not accomplished through education, calm discussion in an environment that is not threatening, and the willingness of each party to make some concessions, mediation is an excellent tool.

Mediation is defined as impartial third-party-assisted negotiation. It is a process in which a mediator guides the parties through a settlement of their own case. Mediation can go a long way to fix maintenance issues. It can also help fix damaged relationships among neighbors.

If owners or a condominium board is in need of conflict management or mediation, a helpful place to start is Creative Conflict Resolutions, Inc. in Florida. This company is dedicated to conflict prevention and management education. Many other states have mediation experts available. Just do a web search on condo mediation for your state.

If mediation does not fix your ceiling leak, another suggestion would be to hire your own attorney. He or she should be able communicate with the attorney for the condominium, the condominium management company, and the unit owner. Hopefully, this will result in the fix of your leak.

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November 7, 2010

New Fannie Mae Rules For Condo Owners

Filed under: Condominium Articles — Tags: 1032, 1420, 1564, Adapter, Element, Fannie, force50, Locking, Owners, Plunger, Press, Retract, Spring, Steel — admin @ 4:48 pm

If you own a condominium, town home or a unit in a Planned Unit Development (PUD), Fannie Mae has announced a new rule that will directly affect you concerning your insurance coverage. In the case of single family detached residences, a basic insurance policy covers everything, but when it comes to condos and similar properties, this may not be the case.

In insurance terms, there are three classes of assets in any home:

The exterior structural components (walls, roof, foundation).
Personal property (furniture, art, books, clothing, personal possessions).
Interior items attached to the home (plumbing fixtures, cabinets, interior doors, appliances like refrigerator, washer/dryer, furnace, light fixtures, wall coverings, flooring and bathroom fixtures.)

When it comes to insuring the structural components of a condo, it will be covered by the master insurance policy of the Homeowners Associations (HOA). By law in the majority of states, HOAs are required to have a “bare walls” policy, though they are not required to exceed that coverage. The majority of people have insurance policies that cover their personal possessions. However, the third class of asset does not often occur to people. The second class of assets includes all of your personal property including furniture, art, books, clothing, and other personal possessions. You probably already have this kind of policy.

Many people assume that their HOA insurance policy will cover these items, and some do, though the coverage may be minimal. However, they are not required to do so by law.

What does this mean? In the event of a catastrophic event, like a destructive fire or tornado, the HOA policy would pay to rebuild the exterior structure, your “bare walls,” but would not pay to rebuild the interior. If the HOA policy has minimal coverage for interior fixtures, in the large majority of cases, the fixtures that money would pay for would be far inferior to the original, lost fixtures.

Fannie Mae and Freddie Mac have taken notice of this gap in coverage and are taking steps to close it. Now, borrowers must provide an HO-6 policy which includes “walls in” coverage, equal in coverage to 20% of the appraised value of the home.

Critics of the new rule say that the coverage should be required to be 20% of the value of the improvements, leaving out the value of the land on which the house stands, which would be included in the total appraised value of the home. For example, a condo owner in a desirable area may find their land is 50% of the total value of their home.

This would mean 20 percent of the appraised value is over twice what 20 percent of the value of just the improvements is. This requirement may also be in conflict with state laws which forbid lenders from requiring more insurance than the realistic insurable value of a home. These laws say that owners can not be forced to purchase “excess” coverage, but Fannie Mae will not fund a loan without this 20% coverage. The potential for conflict between the lender requirements and state law is high in this case.

While this new requirement only applies to new loans at the moment, there is potential for Fannie (and Freddie) to start directing loan servicers to ensure each property for which they service loans has this same level of coverage. As a condo owner, you should be prepared for this possibility. Take this opportunity to look over the HOA master insurance policy and sit down with your insurance agent to make sure your home is adequately insured.

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