Monthly Archives: September 2017

Condominiums Can Be a Great Investment

For anyone thinking about investing in a condominium or a complex, consider the following rules to consider before doing so. Whether a residence or an investment, it pays to go by these rules.

The Rules of Condominium Purchase

• Don’t forget carrying costs
• Never rush into a purchase
• Buy at the right time
• Bargain prices may have high maintenance fees
• Always make a low offer
• Be careful buying during preconstruction
• Consider the physical facts
• Take into account future resale and demographics

These rules will give the buyer knowledge necessary for the size and type of condominium or unit offering the most on resale value. Investors save thousands and avoid ending up with an undesirable unit. For those that have previously owned a condominium unit, these steps will help them learn more so they can make an even better deal next time they buy. One can never have too much knowledge.

Never Rush – The Most Important Rule

It’s easy for someone to buy on impulse, especially if the condominium is presented in a very pretty package. However, most often when people fall in love with a good-looking investment and purchase on a whim without taking all the necessary steps to make sure it’s a great deal, they find out what issues the item has later.

This holds true for property as well, don’t end up with a “lemon.” Take the time to have inspections, get a good look at all the details, and consider everything from location, to condition and possible future value. The time spent before making an offer will make a huge difference not only in the amount offered for the unit, but also the satisfaction with the purchase overall.

Many investors that succumb to rushing to buy a condo unit are victims to:

• The excitement of owning a great unit
• The thrill of being a landlord
• Problems with important units within the property
• Sales pitch pressure and empty promises from the seller
• Not being prepared for all the issues that come with property ownership.

Taking time to go over all the benefits and possible issues before making a commitment to such a huge financial investment is smart. Take a breath and slow down, so that the real estate brokers’ or developers’ need for quick income and a crafty sales pitch don’t result in a less than wise choice.

The Benefits to Buying a Condo

One of the many benefits you will find when you choose condos for sale over other properties is that you don’t have to worry about any exterior maintenance. When buying family home, you need to keep a budget aside for those unexpected external emergencies, such as a damaged roof, a tree that falls down in your garden or even your exterior walls being damaged. When buying a condo, because it is a complex, the Homeowners Association will be responsible for handling all exterior work, so you can enjoy your home now and in the future with complete confidence.

Another major benefit to condos for sale is security. These days you want to keep your home and your family safe and secure. Having added security is a major benefit to provide you with complete peace of mind, which provides you with the convenience of a lock up and go property. You can lock your front door and head off for a week or two knowing that everything will remain safe indoors and you don’t have to worry that someone may try break in while you are away.

Of course condominiums come with the added benefit of a host of amenities and facilities. The majority of these complexes will offer you the convenience of a lock up and go property with a communal swimming pool and maybe even a fitness center, depending on the complex. Some will come with laundry. With these added amenities you can enjoy all the conveniences of a home while having your own space which is modern, luxurious and finished to the highest quality.

Condos for sale are in the affordable price range. They are more expensive than an apartment, but they are usually on a par with a single family home, depending on where you buy and the area. Of course location is essential and if you are looking for luxury and convenience in a prestigious area, then you will find that condos for sale work out cheaper than the homes in the surrounding area. This helps you get your foot onto the property ladder in an exclusive area, offering you a good return on your investment in the long run.

Outside spaces will be cleaned for you, the pool will be maintained and the equipment in the fitness center will be up and operational at all times. If the building has an elevator, that will be regularly serviced. These are all things you don’t need to worry about, you can furnish your condo, move in and start enjoying condo life without delay.

Of course when there are benefits, there are always a few disadvantages and the same applies to all condos for sale. This is why if you are looking for property to purchase and you are considering a condominium, you may want to weigh up the pros and cons of all the property options within your budget to identify if this is the right choice for you moving forward.

Tips for Renting a Condo Abroad

Whether you are looking for a vacation rental in the short-term or somewhere to stay for a longer period in a foreign country, there are now many excellent condo and villa rental agencies operating around the world. Whether you are planning a family break in Latin America or in Asia, finding a condo for rent can be tricky however, so here are a few tips to help you make the right choice.

One of the most overwhelming factors that many people find about finding accommodation to rent in the short term or long-term is the amount of choice that is available on the market. This can make it very difficult to narrow down options and find a place that you will be safe and comfortable staying.

The first thing to do is to make sure that you are booking through a reputable travel agency or villa rental company. There are plenty of professionals offering top-notch service around the globe for reasonable prices, and although it can be tempting to try to book even cheaper accommodation through a private person, this is not without some risk.

Booking through an agency often ensures a certain standard of service, hygiene and safety, and many have money back guarantees and excellent customer service. When travelling abroad to a country and looking for a condo for rent – especially for the first time – using a trusted expert can make all the difference to the quality of your experience.

A professional agency will have everything in place to ensure that you enjoy your stay, including clean accommodation, services such as chef services and transportation, excursion advice and tickets, excellent customer service and travel assistance, and much more.

Of course, it is important to thoroughly check the reputation of any company before you make your booking through them – not all professional agencies are made equal and you should look on independent review websites in order to glean good idea of other people’s experiences of using the company to find great holiday accommodation.

The next tip for renting a condo or villa abroad for your trip is to carefully consider your location and the features that you want in your property. This can often make a great difference in price, which can mean that you make some significant savings or end up paying more than necessary.

There are often several types of condo accommodation, including city or town centre condos, beachfront condos, or ones with stunning views situated high in the hills of a particular area. This choosing of a location should be important to you – whether the convenience of being close to town having spectacular views to enjoy every morning, or something else entirely.

Also consider how much space is necessary. Many people are keen to choose villa accommodation, but can find that although this is luxurious, the space is simply too much for them and a waste of their money. Instead, a smaller condo for rent as part of a larger villa can offer a great deal of the privacy of a full villa rental but can be a lot less expensive.

Lastly, it is important to ensure that you see full, detailed pictures of the accommodation before you make your booking, including the size of your living areas, facilities and any communal spaces. This will decide whether you are disappointed or thrilled with your experience, as well as have all the space and amenities you need at your disposal.

Asking for visual and contractual proof of what you will be getting in you accommodation package will give you more guarantee of a great break in the country of your choice, and will also give evidence of a reputable and reliable agency offering different packages of villa and condos for rent.

Be Close to the Action in a Condo Downtown

One may want to walk to work each day, save on gas and reduce their carbon footprint. It’s a no brainer that living downtown within walking distance makes that possible. One may also be able to take advantage of public transportation to include taxis, subways, buses and the like. The appeal of not having to own a vehicle, or worry about the endless repairs associated with it is popular amongst people of all ages.

Plus, it’s added exercise. People are finding the benefits of commuting to work when living in downtown condos without battle traffic and stress is much better for their health.

Need Some Excitement?

It’s all right there – theater shows, art galleries, markets, clubs and more. There is always something happening when living in downtown condos. Downtown is the epicenter for fun and comradery. It’s extremely easy to make friends and date. Living in the city isn’t all congestion, pollution and crime. There are many downtown areas that are safe and clean, and full of fun.

Trade living in an unwelcoming community, or rural location where it feels alone and dull for an upbeat lifestyle. Is it time for a switch? Only the individual can answer that, but if having something to do each day sounds exciting, downtown condos living may be the answer.

Never Cook Again

While this may be a long shot, it’s entirely possible that someone living in downtown condos doesn’t have to cook at home. The option is there if they desire, but they are likely surrounded by a great deal of cuisines and excellent eateries that can cater to what they are craving. This makes date night easy, or if one has a busy lifestyle they can get a quick and delicious meal with no effort.

Of course, if cooking is a hobby most downtown areas have fresh, open air markets as well as groceries available so that all the ingredients are right at their fingertips. One can even container garden on a balcony or back patio. There are all types of downtown condos to choose from, to accommodate any lifestyle.

Affordable

Whether searching for a single bedroom condo or one that accommodates a family there are plenty of choices to be found. Downtown condos come in all shapes and square footage, upstairs and ground level, with and without a yard and so much more. Plus, most have great amenities all at an affordable cost.

Imagine having concierge, swimming pools, gyms and more. Trying to find that in a single family home near downtown may cost a fortune, but with some downtown condos it’s all inclusive. Some say it feels like being on vacation every day if it weren’t for work. A condo can be a great escape after a long day, and it’s appealing to many who are searching for a new home.

Final Thoughts

While downtown condos aren’t for everyone, they are for many. Many are surprised at what they can have in a condo, and how home-like and warm it can feel. Not all condos have high ceilings and exposed pipes, but some do! Whatever the taste of the buyer, they can rest assured it’ll be offered in a condo.

Condo Living – Why It’s the Best for Everyone

Condos are set up similar to apartments, so there will often be a shared wall or shared floor if they are set up above or below one another. However, this is a small price to pay for the amenities that come along with new condos for sale.

Anyone who lives in a condo will say they absolutely love it, while some will say they wish they’d bought a house instead. It’s best to explore the pros and cons of condos before making a decision, there are many reasons to choose new condos for sale.

No yard to mow! For anyone who doesn’t love yard work this is a huge bonus. Forget mowing because the dues paid monthly covers this work, and the yard will always look amazing! Many first-time home owners are unaware that there is so much work to landscaping and yard care. Not to mention snow plowing, roof repairs, siding, cleaning gutters and so much more.

Further, many people don’t even use the giant yards that come with their house. It’s definitely something to consider. Just beware that many new condos for sale don’t have the funds to make necessary improvements as time goes by.

These are important questions to ask. A well-run association will ensure that they always hold their value, and are a better investment overall. If many members fall behind on dues it affects so many things, especially if it’s a small arrangement of condos rather than one that has hundreds.

It’s cheaper than buying a house. There’s no denying that the cost of a condo in comparison to a house is often cheaper. Of course it depends on the size and other features, but regardless it’s smart to keep in mind the property values of the area and the value of the condo or home, even into the future. New condos for sale are often worth more simply because they are new, and offer new technology and finishes.

Many people that have lived in both a condo and a house report that when living in a condo the mortgage was cheaper, so the overall expenses were more manageable. Keep in mind the cost for the new condo for sale won’t be the only expense. There will be association dues as well. Usually the more amenities the higher the dues. For example, 24-hour security, gym, swimming pool and more all cost money to maintain to dues covers that cost.

Traditional House And Lot Living

We all know that homes with limited spaces may not be ideal for growing families, but with the abundance of condominium projects in the real estate market, home-seekers will have no trouble choosing a place that can accommodate their needs and preferences.

Benefits for parents

1. Reduced housework

When a couple settled in a single family home, their daily tasks are usually loaded by extra housework including mowing the lawn, maintaining of facilities such as pools, and even preserving the overall appearance of the house. Now, with condo living, these duties will be in the care of the administration and out of the unit owner’s hair.

2. Mobility

Condominium units are usually strategically situated in business districts or in fast-growing cities. This means unit owners can enjoy the benefits of having everything they need within reach, this includes schools, hospitals, supermarkets, and more. Not to mention the various amenities the administration offers.

3. Cordiality

Parents will get the chance to interact with other dwellers in the property. This can be a pleasant experience especially for mothers-at-home as they can swap services, offer to babysit, organize dinner parties, and arrange regular walks around the city.

4. Easier administration

Being in an autonomous neighborhood can help parents keep track of their children. The people most likely know who’s who and with the property’s security and safety fixtures, parents can easily know the whereabouts of their kids.

5. Investment opportunities

Families living in condominiums usually move out when their children reach their teens. Their children may need larger spaces or the parents may start looking for a place to settle in for retirement. At this point, they can list their unit for sale or for rent and gain extra income.

Benefits Of Living In Condominium Residences

When it comes to a place to live in, individuals have numerous options. For one, individuals can start from scratch. Next, individuals can purchase pre-owned real estates. Or perhaps, purchase or rent out new houses, apartments or condominiums.

As of now, more and more individuals tend to invest in condominium residences than other housing options since condominiums can provide better benefits for individuals. To know more, below are some of the benefits of living in condominium residences.

Appealing locations

One of the benefits of living in condominiums residences is individuals can stay in appealing locations. Of course, when choosing a place to live in, location is one of the most important factors you need to consider. Apart from the spectacular views you can see, it is important to make sure that condominiums are situated in areas when individuals can easily go to the metropolis. In this way, going to work, school or even malls can be more efficient. Plus, condominium residences can provide you with a secured place for you and your family since their residences are equipped with the latest and most effective security devices.

Better access to transportation

The next benefit individuals can attain when staying in condominium residences is you have better access to transportation. This is important to allow you to go to work easily. Luckily, some condominiums are located near bus and train stations. Other than that, some condominiums are close to major road ways. As a result, moving in the area can be more efficient.

Top-class quality

Another benefit that individuals can obtain when staying in condominium residences is you are rest assured that you are living in a top-class structure. This is possible since this type of structures are designed and constructed by reliable and leading real estate developers. Because of this, individuals are rest assured property styles and features can match your needs. Not to mention, condominiums are created from durable and top-class materials to ensure that it will last for a long time.

Attractive pricing

Finally, condominium residences these days offer attractive pricing. This is achieved since some developers offer numerous payment options. In addition, some condominiums offer rental options. With these options, individuals can make sure that they can find the right condominium that can match their budget.

Real Estate Falls Under Specific Regulations For Condominiums

Lake Havasu real estate is unique in that it is primarily compromised of second homes owned by retirees. The community itself was marketed directly to this demographic during its early stages of development, due to the proximity to the river which creates ambiance and boating availability combined with the remoteness of the location. By being a small city located a large distance from any surrounding city, Lake Havasu functions as an island in the middle of the desert, and is perfect for people who want to get away for extended, relaxing vacations on their own terms. The Lake Havasu community purposely keeps itself small and untouched by most major developments or retail chains in order to stay as an area that attracts a very specific lifestyle. Residents of Lake Havasu typically come for a few months out of the year and live either in rentals or in homes they own. Many times, the owners will attempt to rent these residences out for the rest of the year in order to offset the mortgage payments.

The unique nature of the Lake Havasu real estate market brings into play some federal regulations that apply everywhere, but many people do not realize are in place because they only are considered in specific kinds of communities. The rule that may be most surprising about Lake Havasu is that in order to purchase a condominium with a conventional loan, the complex cannot be more than 51% second homes. This means that if the complex itself is owned by more than half of people who are not permanent residents, you cannot use a traditional mortgage to pay for your residence. In addition to that regulation, the complex cannot be more than 20% of the residences using conventional mortgages to pay for their own units. While it may seem strange that the methods that are being used to pay for neighboring units, which have nothing to do with you, are effecting your own ability to secure a mortgage, this is actually a regulation that protects the complex as a whole from failure due to defaults. The regulation ensures that even if there is a downturn in real estate, the majority of the units will have either been paid for in cash or will have enough equity built up to discourage abandonment.

Lake Havasu condominiums are directly affected by these rules due to the fact that the majority of small homes and residences in the area are not considered primary, and are actually vacation homes. This anomaly effects areas that you may want to purchase in which are “tourist areas,” where people are not going to live permanently. These types of residences are traditionally more easily abandoned and foreclosed upon than primary residences, so in complexes where the actions of one neighbor effect the rest of the community, there must be steps in place that will protect the whole. Typically, condominiums in Lake Havasu are paid for in cash or through an alternative form of mortgage secured by a local lending institution