Monthly Archives: October 2017

Shopping for Condos

Whether you’re looking to purchase your first home or simply want to leave the burden of owning a house behind you, condos can be a great way to own a low maintenance home. There are, however, a few trade-offs associated with owning a condominium, so before you take the leap, ask these five questions.

1. Is the Building Insured?

One of the most important things to find out is whether your condo’s insurance coverage is adequate. Insufficient coverage can cause serious financial burdens later on or may even make it impossible to get financing. Make sure the board has maintained adequate coverage on the building and verify the amount of coverage through your own insurance agent.

2. How Many Investors Are There?

If you plan to finance your purchase, your bank may find the building an unsafe investment due to the number of investors and deny your loan. If there are too many investors, this will make it more difficult to find banks willing to offer mortgages, which can have an effect on the resale value of your home, as well. As a good rule of thumb, make sure investors own less than 30 percent of the building.

3. Will This Fit Your Lifestyle?

Condos are a great way to own a home without having to personally deal with maintenance costs, as these are usually bundled into your monthly fees and taken care of by professionals. Remember that living in a condominium also means being part of a community, so make sure you’re comfortable with the amount of activity and noise you’ll be dealing with in your building.

4. What Are the Condo Fees?

While it may feel like you’re saving by purchasing a condo instead of a house, remember that the ongoing fees must be taken into account. Find out ahead of time how much you’ll be on the hook for each month, and factor additional fees into your budget before signing on the dotted line.

5. What Are the Reserves Like?

While it may be difficult to get this information from the board before you buy, many sellers will openly offer information about the property’s reserve funds. Seeing how much a building has in its reserve funds can help determine how well the board handles the finances of the building. The reserve is also used for unforeseen costs, like broken pipes or new roofs. If the reserve cannot cover these costs, you may have to pay part of the bill.

Owning condos instead of houses can be a smart purchase because they’re a great way to get the best of home ownership without the extra work. If you ask these five questions before your next purchase, you’ll be sure to find the perfect. Welcome home!

Thinking Of Purchasing A Condo

When considering buying a pre-built complex, check to see if it’s had any major repairs or issues since it was erected, and see if there’s a chance it will need repairs in the future. Repair costs have to come out of the owner’s pocket. For older units, there are most likely going to be many issues.

Utilities and HOA Fees

Often overlooked are the average utilities that come along with condos for sale downtown. Find out if they’re on a per-unit billing or separately metered. This gives an idea of monthly costs and gives the potential new owner a budget to consider.

In addition, there may be fees with the HOA or homeowners association. This is fine, but taking note is smart. Some condos for sale downtown are self-managed while others hire a management company for the details. Obtaining the estoppel certificate is important as it has information related to how stable financially the complex is. It will advise of any legal actions, repairs and assessments. It should also contain a yearly budget and possible increases and a whole plethora of information related to all this. Pet restrictions are also important, as many won’t buy or rent from a complex that allows no pets.

Get it in Writing

Any pertinent information that’s not in the estoppel certificate should be requested in writing. There should be nothing to hide if the condos for sale downtown are in great shape and are managed right. An air of transparency means that one is dealing with upstanding people. Any denial of access to information means something is off, and an investor should move on to other condos for sale downtown, as there are likely plenty of options.

A home inspector that’s knowledgeable about condos as well as a lawyer are great partners to have during such an endeavor. They’ll protect rights and make sure that the money spent is done so wisely, as they are experts at these types of transactions.

Making an Offer

Those who are read to make an offer on a unit or complex of condos for sale downtown should set closing for 60 days pending a good home inspection, due diligence checks and legal searches performed. No one should be pressured to make a decision on such a big purchase and this allows for time to really think it over.

Aside from these steps, it’s important to actually visit the complex if buying as an investment. Have chats with current residents and get a good feel if the condos for sale downtown are desirable, or if there’s any issues amongst members of the board and grievances with the management team that’s currently in place. Buyers will want to avoid any legal action as it can take all of the budget and leave them in the middle of a mess they didn’t ask for.

To reiterate:

• Check all of the facts with a home inspection and legal professional.
• Get the estoppel certificate for the condos for sale downtown being considered along with yearly reports
• Get all information that’s not present in the written disclosures.
• See if there may be any future increases for maintenance costs.
• Chat with unit owners before a purchase contract for the inside scoop.

Follow these warnings and invest in condos for sale downtown that are the cream of the crop, money makers.

Luxury Vacation Condos for Rent

Ranked as the most beautiful vacation destination in the world by Forbes magazine, located in the heart of the island of Costa Rica, lies the hidden treasure of Manuel Antonio. Manuel Antonio is a coastal town that offers miles of natural forest, natural waterfalls, indigenous wildlife, and some of the best beaches in the world. Rolling hills and miles of beaches make for a great blend of nature and tourist attractions. The island is a world-renowned vacation destination.

Offering all the comforts of home, condos come fully furnished. Kitchens and bathrooms are fully equipped with anything and everything that one would need for a comfortable stay if they chose to stay in. All properties offer the privacy of having your own space, and they tend to be larger than a hotel room would be. The majority of the properties come standard with coastal views, with many of them also boasting pools and private hot tubs.

More and more vacationers are choosing private residences rather than hotels and are finding that they are saving hundreds, and sometimes thousands of dollars. By renting a fully equipped condo, clients are afforded the option of staying in, cooking at home, and enjoying all of the comfort and privacy afforded having their own residence. Rates on condos start as low as $200 per night and are offered at further discounted rates for those opting for longer stays.

A property is a great option for clients looking to have a blend of privacy, convenience and luxury. Included in the stay are standard housekeeping and maintenance options that are very similar to what a hotel would provide and offer additional catering options. All of the services are customized and coordinated with the client’s itinerary so as to offer both convenience, and excellent customer service.

In addition to the rental options with the property management company, they also offer an array of added perks to clients. Additional services can be added on any package. They offer full-service transportation options that make navigating the island easy and convenient. The company offers everything from chef service, to private dance lessons. They also include spa services that can be performed and delivered in the privacy of the property.

All clients booking a condo through the agency also enjoy full a service concierge. Employees pride themselves on knowing all of the ins and outs of the island and can advise on any topic from the hottest exclusive bars and restaurants, all the way down to the best hidden treasures that nature has to offer. Clients will get the inside scoop from the locals, who will also book activities, tours, and reservations on their behalf.