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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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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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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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.

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.

Copright Kay Senay 2009

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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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Let’s talk about the advantages.

- You can lock the apartment’s door and travel to Paris or Disney. If you own a house, it becomes a small project. Who’s going to take care of the lawn? And the pool? And what if there is a leak while you am away? Or somebody tries to break in?

-You just pay the condo fees and that takes care of the insurance, the landscape, the pool, and the repairs. No more of these pesky bills.

-You will possibly meet more people in the elevator or just sitting at the pool. You can make more acquaintances and social life can be better in a condo building.

-There might be a nice gym and it’s so convenient to just go downstairs instead of taking the car!

-A problem? Just call the condo management or the maintenance man.

-They have this nice clubhouse, where you can just relax or watch TV while you talk to one of your neighbors.

-Security is not a big concern if your condominium has implemented some kind of 24-hour surveillance.

On the other hand…

-These condominium fees are really high! The pool service at your old house cost about seventy dollars, and if you didn’t want to do your own lawn work, the landscape wouldn’t be more than a hundred dollars a month. Repairs? You mean fixing the fence every ten years? Or the pool pump? That doesn’t even come close to all these payments the condo association is bleeding you every month.

- Parking is a hassle. Going through the entrance gate, park the car, take the elevator! If it was a house, you just park anywhere and you’re home.

- You have 2 grown-up kids and 3 cars. There is only one parking place per apartment. Guess who has a big problem?

- You would like to make some minor changes in your condo and the homeowners’ association doesn’t want to hear about it. There might be an old lady who is so intrusive and mean in the board of directors…

- When you moved in, you didn’t know that this building was falling apart. You just got an “assessment” for “elevator repairs” which will increase your monthly payment by more than 50% the next 18 months!

Evidently, you forgot to ask some questions. Let’s see:

- You had the right to go through the condo association documents. But you didn’t do your homework. You could read some of the board’s meetings minutes. You would have found out that some major repairs had been postponed for a few years.

-You would have found out that the Association’s reserves hadn’t been kept at a reasonable level. Remember that, the older the building, the larger the reserve. You were so happy that the monthly maintenance fee was low. Did you suspect that they weren’t putting aside enough funds to cover the unavoidable roof repair, or the air conditioning’s old age?

Or perhaps they were not maintaining the elevators adequately? Condo owners hate to see an increase in their monthly fee. A good measure of a well managed building is that a reserve fund is maintained for every item, taking into account its remaining life expectancy. And there are well established rules about how a reserve fund must be managed. So, if you had asked to see their budget, it would have made sense.

- Maybe you should have talked to some of your future neighbors and heard about their complaints. For example, you might have found out that a few owners haven’t paid their dues for a long time. And guess from which pockets the deficit is going to be covered. You would be surprised how often it happens. Any lack in the condo association funds will be covered by the rest of the homeowners.

- It wouldn’t hurt to have your lawyer examine the condominium papers and bylaws, to check about any inconsistency. At the same time let him check if there is or have been a lawsuit against the association; maybe by the condo owners themselves.

- Did you check if they allow pets? How many? What size?

-What about their policy about renting your apartment? Many communities restrict the rental of their units. They could have screening policies for prospective tenants. They could altogether limit or prohibit renting. If renting is allowed now, things could change next year. A condo association can change its rules at any time.

- In general, does this owners’ association behave in a rational and organized way? Ask around and make sure that they have usually been sound and balanced in their decisions, taken well care of the premises, and not tried to make life more difficult than it already is. There are more than a few cases when dictatorial boards became the condo owners’ nightmare.

- Don’t forget to check the building insurance. See if it covers adequately whatever your own homeowner’s insurance doesn’t. Usually it should include coverage of what is outside your apartment’s walls. Check their hurricane coverage if it’s the case. Check their coverage for unexpected code non-compliances that force the building into costly expenses.

I don’t mean to scare you. I have only mentioned the worse-case scenarios. Condo living is usually very pleasant and there are lots of advantages in making this choice.

You just have to choose the right place.

My name is Henry B. Nathan and I am a Realtor specialized in Florida Condo

I am multilingual and part of my cliente is composed by foreign nationals.

Immobilier Floride is how Florida Real Estate is called in France.

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Hydroponics is derived from two Greek words, hydro (water) and ponics (working). Traditionally, we plant the plants in the soil and the soil provides the water and nutrients they need. In hydroponics, the water contains the needed nutrients. This water is then absorbed by the roots of the plants. A steady supply of nutrient-rich water is important for this process to work. Other factors needed for this process to be successful are oxygen, temperature, light and mineral nutrients. Plants also need oxygen for respiration to extract energy from their food. They also need proper temperature, and ample light for photosynthesis. Mineral nutrients, like potassium, phosphorus and magnesium, are needed since there is no soil.

There are 6 basic types of hydroponic systems: wick, nutrient film technique, drip, ebb and flow, and aeroponic. Each has its own advantages depending on the type and amount of plants, and the environment. A number of variations of each type now exist. The simplest is the wick, which does not have any moving parts. This is one system which is suitable for a condominium with the least amount of expenditure.

Most condominiums have limited spaces. Depending on the type of plants you’re going to plant, you will need different garden sizes. For example, you’re planning on having two tomato plants. A small corner will suffice. But if you want to have your own garden salad plants, you will require a much bigger area, probably the size of a balcony. Regardless of the size, you can easily set up the wick system.

Let’s say you just bought a tomato plant from a nursery and wanted to grow it in your unit. To set up your wick system, you will need simple materials. You will need a water reservoir, like a small-sized sturdy pail. You will also need a growing tray and a growing medium. The size of the tray can be just big enough to cover the pail since we are just talking about one tomato plant. You can use any plastic tray for this. The growing tray will hold the medium. The medium can either be clay pebbles or coconut fibers. Such mediums are healthy for the plants and can hold them better. You will also require wicks, like cotton cloths, that will act as water conveyors. And, of course, you will need water.

Setting up is easy. Fill the pail with water up to a quarter full. Bore two holes in the tray then put it atop the pail. Put your growing medium on this tray. Use two wicks for the two holes. Make sure that they are long enough to touch the water and the roots of the plant which is on top of the medium. Then put your plant on top. Now you have your own simple garden in your unit. Be sure to put your wick system in an area with ample lighting and air. You can choose the area near the window.

So when someone asks you if it’s possible to plant inside condominium units, you can definitely tell them that it is possible, very easy to do, and even without soil.

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Condominiums come in all shapes and flavors. It seems that the newest breed is found in urban areas like Miami. In part, this is due to the trend towards urban renewal and redevelopment that is taking place in many regions around the country. When talking about condominiums, not only do I refer to those developments that follow a condominium form of ownership, but also similar kinds of legal entities such as homeowners associations (HOAs).

If unit owners are responsible for the finished walls in addition to owning the interior living space, the HOA is responsible for the areas beyond the finished walls–typically the structures, the plumbing, the common sewage lines, and anything else common that is for the benefit of the association including pathways, recreation facilities, swimming pools, and tennis courts. HOAs may have common areas and limited common areas. A common area might be something like what was described above: a park, an internal street, a pool. A limited common area might be a part of the lawn that’s fenced off for the use of a particular unit owner.

These are general observations in the Miami condo market scene. Before purchase a condo unit one must read the master deed, the by-laws and every other legal document in order to find out what is and what is not to own. This can make a substantial difference. For example, some coastal condominiums in Miami have docks for the unit owners. A unit owner needs to understand who will own the dock that he or she will be using. This issue is important for resale purposes, maintenance issues (which can be very costly in this example) and riparian ownership concerns.

The success of the HOA is directly correlated with the caliber of the members. If the HOA’s board of directors is functioning properly and has good legal counsel, then the entire community may be an exciting, desirable place to call home. On the other hand, if the entire HOA is falling apart because nobody wants to volunteer, or it isn’t properly collecting the monthly assessments from the unit owners, then the community probably would not be a desirable place to live, and people would most likely not continue on living there. Another concern is the extent to which the condominium is owner occupied. If most owners rent the units out, they may be collectively less concerned about day to day issues than if it is largely or entirely owner occupied.

Hence, when purchasing a condo, you can’t just look at the overall quality of the construction but also look at the condominium records and documents. In reviewing the HOA documents, one must find out if they permit special assessments for one-time large expenditures. The HOA should be able to render special assessments if problems arise, such as hurricane damages, and the like. Watch for association documents that unreasonably restrict the right to special assessment. While this restriction might seem desirable, in reality an inability to special assessment can ruin a condominium development.

In addition to a thorough document review, talk to people who own units. Probe the things that they have to say about living in the condominium complex. Look around the development as well to see if it appears properly maintained.

There is no getting around the fact that due diligence in the case of a condominium purchase requires an examination of the HOA records and legal documents. Examine them and ask questions before purchasing.

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Condominiums – Disadvantages

Condominiums are simply a collection of units in a structure or structures. All property on the interior of the unit is yours with few limitations. Everything outside of the unit, however, is considered to be in the common areas and subject to administration by the homeowners association for condominium communities. As with any bureaucracy, this can lead to problems.

1. Parking – One of the biggest pet peeves with condominiums is parking. While this may sound petty, it becomes a big issue over time if a particular situation occurs. One would think a condominium comes with assigned parking. In many developments, however, this simply isn’t the case. Instead, parking is on a first come, first serve basis. Over time, this situation can become extremely aggravating. With guests in the neighborhood, you may eventually find it difficult to getting parking!

2. Restriction – Condominiums are all about uniformity. If you prefer to express your individuality, the rules of a condominium may drive you insane. Since people live close to each other in condos, there has to be a number of rules to keep the peace. Many condominium associations, however, seem to go overboard with rules and one can often feel like a prisoner. You may be restricted from having pets, particular types of material in your units, renting to others, making noise outside during certain times and so on. Before taking the plunge on a condominium unit, you absolutely must read the rules and regulations for the association.

3. Association Fees – Homeowners’ associations need money to keep the gardening up and so on. As a unit owner, you are responsible for paying monthly homeowners’ association fees. Before taking the plunge, you need to make sure you understand the current fees. You should also look back in time to see how much the fee has risen over time. Paying an extra hundred bucks or so a month probably will not kill you, but what if the monthly fee is five hundred dollars?

The decision to purchase a condominium can be a complex one. While there are distinct advantages, the devil is in the details. Make sure you understand what you are getting into before taking the plunge.

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As a matter of fact, the popularity of the city of Miami also made it a hot spot for the real estate property industry both in the commercial and residential market. However, the year 2006 marks the start of a mortgage crisis that showed the trend declining down from the market’s once profitable and promising markets.

Starting in that year, a lot of condo units faced foreclosures, a lot of homes have been considered unsold and, on top of that, a lot of borrowers in the area also failed to meet their financial commitments and lost their properties as well. Furthermore, the deflation of the country’s currency also made it mandatory for most real estate firms in the country, not just in the city of Miami, to decrease the prices of these condo units to still make it possible for the general public to afford it. Without regard to all of these challenges, it is still safe to say that Miami Beach condo units are still considered by many investors in different fields as a prime investment really.

As a matter of fact, business-minded people (both living inside and outside the city) are setting their sights on Miami Beach condo properties since they still consider it as a good opportunity to invest in. Slowly but steadily, the real market industry in the state is really rising out of the mortgage crisis that hit it several years ago.

The concept of long-term investments is indeed one of the main factors why a lot of investors are still investing in Miami Beach condo properties. As wise business-minded people do, some foreign investors only started investing when they saw the decline of the prices. For example, those living in Canada and Europe are mostly unaffected by the deflation of the currency that is why they still have enough funds for Miami Beach condo units – even the expensive ones.

In addition to that, condo units in the area continue to be in demand because of the comfortable and elegant lifestyle that Miami Beach condo offers. The units are really furnished well, from the kitchen to the bedroom, so they really look very attractive to those people who may have been considering a condo unit in the area. Most units even have most amenities and services that anyone would desire such as swimming pools, health spas, wireless internet connection, housekeeping personnel, and 24-hour security as well.

If you are really interested in acquiring a property in the Miami Beach condo, you should start checking your finances now. If you think you can already afford it, then make the purchase now. However, if you still don’t have enough funds, you can also apply for a mortgage loan in the area.

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