continental condominiums


September 6, 2010

Buying Condominiums For Investments

Filed under: Condominium Articles — Tags: , , — admin @ 8:10 pm

Buying a condominium can be different from buying a home because of the different costs that are involved in the monthly upkeep of your condo. There are many added expenses that you need to take care of while you own a condo that you might not have while owning a home and vice versa.

The first thing that you should consider when buying a condo is the resale value that you will be able to get for your condominium. When choosing what area that you want to buy your condo in, you need to look at the surrounding area of the property. If the surrounding area isn’t very well kept up then you might consider looking at somewhere else to buy your condo. Another factor you should consider when choosing the area to buy your condo is the foreclosure rate. If the foreclosure rate in your area is very high, it is not a good sign for the economy of that area and I would reconsider buying your condo there. You want to buy a condominium in an area that is growing and will only increase in property value.

Another factor to consider is the association fees that will go along with owning or living in a condo. Often times, the condos will have some sort of maintenance and upkeep fees that you will be required to pay monthly. These fees will usually go towards the pool, sauna, security, and any other repairs that the building may require. You will have to find a renter for your condo that is willing to pay all of these monthly fees.

Something else to consider would be the reputation of the building and property. Before buying your condo, you should consider visiting some of the other residents there to see what they think of the property, management, and overall area that the condo is in. The residents of the building itself would be the best people to speak with because they are there 24 hours a day and know a lot that goes on that management might not tell you about.

Once you have decided on the condominium that you would like to purchase, you need to begin looking for a mortgage. Choose carefully because you will need to find a renter that will pay the amount that your monthly payment will be if you want to recoup the closing costs that you will get when you originally buy the condo.

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June 8, 2010

Buying a Home in an HOA Or PUD

Filed under: Condominium Articles — Tags: — admin @ 8:19 pm

Due to the recent increase in homeownership, many home buyers are purchasing homes in communities governed by homeowners associations, also known as HOA’s. An understanding of exactly what an HOA does and how it can affect ownership within a subdivision often is overlooked by the home buyer.

A homeowners association typically is originated by the developer prior to selling lots or homes within a new subdivision. The Covenants, Conditions and Restrictions (CC&R’s) governing the community are recorded when the land is subdivided. This act allows the developer to transfer the management of the homeowners association to the homeowners themselves or a management company.

CC&R’s are the rules and regulations that govern how a property can be used as well as how the common areas can be utilized. Restrictions such as aesthetic guidelines, areas of parking which may be limited, hours of use for recreation areas, and even the size and number of pets a homeowner may have on the property can be incorporated within the CC&R’s. It is important to understand that these rules apply to tenants as well as homeowners living at the property.

Homeowners associations can require homeowners to pay a share of common expenses. Based on the type of community, items that may be assessed include private roads, street lights, swimming pools, and tennis courts. These assessments are usually divided equally between homeowners or sometimes based on the square footage of the home or condominium.

In several states, including Arizona and Texas, a homeowners association can foreclose on a home without any judicial procedure. This happens when a homeowner does not pay regularly scheduled dues, special assessments, or liens brought about by the homeowners association. If the homeowners association chooses not the foreclosure, they will place a lien on the property. The lien would need to be satisfied prior to selling the home or condominium.

Another type of association is a Planned Unit Development (PUD). Its intention is to regulate the mixed use of land within a community, while adhering to the zoning requirements set forth by the city or county where the land is located. One such example would be a subdivision with homes, as well as schools and a small retail complex.

Both a home owners association and a Planned Unit Development will have monthly, quarterly, or annual fees. As a prospective buyer, reviewing the CC&R’s as well as the financial statements for either entity is extremely important. Along with understanding the rules involved, one must be assured of the financial stability and operational history of the organization.

Purchasing a home in a community with a homeowners association or a Planned Unit Development is an individual decision that should be made based on facts and information gathered during the home buying process. A consultation with a board member or the management company may answer any additional questions or concerns you may have.

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May 26, 2010

5 Things to Know Before Buying a Condo

Filed under: Condominium Articles — Tags: , , — admin @ 3:00 pm

A lot of prospective home owners across the country are today choosing condominiums over private homes for a variety of reasons, foremost among which being the fact that generally, they are a whole lot cheaper to buy and maintain than private homes. That said, there are a number of factors that you should keep in mind, before finalizing the deal on the condo you have laid your eyes on.

Reputation Of The Developer:

This is very important, and you must put in requisite effort to find out about the reputation of the developer in question. Has the individual or the company developed other properties as well, in and around the area? What do owners of those properties have to say about the developer? Further, what is the general market opinion about the developer? This should really not be too difficult for you to ascertain; usually, a few phone calls or visits to brokers in and around the area should give you a good idea.

Condition Of The Condo:

The livability as well as the resale value (if you are looking to buy the condo essentially as an investment) of the property would depend to a great extent on the condition of the condo itself. Remember that a very cheap property may not necessarily make a good buy or a good investment, especially if it is in relatively dilapidated condition. This aspect gets exemplified if the entire building itself is in poor shape and in desperate need of repair. The perceived value of your condo will come down that much more, even if the condition of the condo from inside is supreme. Therefore, make sure you do a thorough inspection not only of the condo itself, but also of the building as a whole, before you finalize your purchase deal.

Percentage Of Rented And Owned Condos

This factor is immensely important, as it will have a major say in the market value of your condo; usually, higher the percentage of owned condos in the complex, higher is the market value. So, assuming that out of 40 condos in a complex, if 30 are owned and 9 are rented, the 40th condo that you purchase will invariably have a better market value than the same in another complex, with the reverse, i.e. 30 rented and 9 owned – even with all other factors remaining constant.

Past Performance Of The Condominium Complex:

This is yet another factor that you must try and do some research on; if condos in the complex have been bought and sold in the past, what have the going prices been like? Also, how do those prices fare, with that of other similar complexes in the area? This will give you a very good idea of the feasibility of investing in the condo complex that you have laid your eyes on.

On a similar vein, you would also like to find out about the time frame that each condo on an average, takes to sell, in the complex. If the general consensus is that condos take a lot of time to sell, you might again want to have a rethink on the purchase.

Maintenance Fees:

As a prospective condo owner and dweller, it is quite likely that you would already be aware of the maintenance fees that are required to be paid by the dwellers of the complex in question. However, a lot of such individuals often make the mistake of not cross-checking beforehand, what exactly do those maintenance fees include – and what do they exclude? You don’t do that!

Broadly, these factors should give you an excellent idea of the aspects to keep in mind, while contemplating the purchase of a condo; together, they remind us that the decision to purchase a house should not just be driven by emotions, but more so by practicality. Unfortunately, a lot of us simply get swayed by irrelevant, extraneous factors that, in the long run, often end up proving to be costly mistakes.

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