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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

Beach Villa or City Centre Condo

When looking to book accommodation for the holiday of a lifetime, deciding whether to book a beachfront villa or a luxury condo can be one of the most difficult decisions to make. Although a beach villa often provides a high level of luxury, a city centre condo also has its distinct advantages that are well worth considering.

Many people gravitate towards luxury vacation villas on the sea front as they offer something that cannot be found at home – stunning views, easy beach access and a great deal of privacy that simply cannot be found in other styles of holiday accommodation.

Indeed, these are some of the main advantages of reserving a luxury beach villa. Many agencies and companies offering holiday accommodation around the world specialise in this type of accommodation too, which means that there is a great choice available to holidaymakers, including smaller villas, large villas, luxury villas and more simple affordable options too.

Villas also generally offer a number luxury facilities and amenities, including private pools, verandas, decking, barbecue facilities and multiple bedrooms to host a large number of guests. This can be perfect for a family or for groups of friends who are looking to enjoy the ultimate vacation together.

For those looking for complete privacy on their vacation, coupled with breath-taking views and the perfect spot for accessing the beach, this could be the ideal option. However, one of the major downsides of this type of accommodation can be the price, which is often far higher than with condos.

The reason for this is that there is a higher level of privacy, a highly desirable location, and the fact the accommodation is typically much larger and more spacious than other options. This can lead to higher price tags which may not be affordable for some holiday makers, even if they are travelling in a group.

These vacation villas can be compared with city centre condos, which can often provide lower price tags due to the fact there are in a good – yet perhaps less sought after – place, and are generally smaller and offer a little less peace and quiet.

This lower price tag is generally very appealing to some holiday makers, and can mean that a break in a desirable location suddenly becomes affordable where it was not before. For this reason, it is well worth considering if renting beach vacation villas is not in your holiday budget that particular year.

Essential Tips to Finding Condos for Sale

There are a few tips you may want to take under advisement when looking for a condo for sale so that you know the one you choose is the perfect match for you and your family moving forward, a place where you will feel safe and can enjoy for years to come.

One of the first things you are going to want to take into consideration before you even start looking at a condo for sale is to consider your lifestyle. Are you a small family with young children a handful of pets? Are you a single professional looking for the convenience of a lock up and go or are you a young couple who enjoy spending weekends away at various destinations throughout the country? Your lifestyle will determine if condo living is the right choice for you.

Remember a condo, or condominium, is a unit in a complex. This means that you will have neighbors close by, but you also get the added benefit of a host of facilities and amenities. Some come with swimming pools, others come with laundries and there are those that also include a small fitness center as an added convenience.

With your lifestyle identified and you have decided that a condo for sale is the best choice for you right now, you are going to want to look for an experienced an agent. If you have heard of a new complex being built in your area, then contact the agents handling the complex to see if there are any units still available and make an arrangement to view at your convenience. Try and choose an agent who has experience selling these types of units, someone with a wealth of information that can provide you with the advise and assistance you need to make the right investment decision moving forward.

When you find a condo for sale you feel meets your exact requirements, then you are going to want to start working on your financing options. Speak to the agent you are dealing with to see who they recommend for financing. If you have your own bank you have been using for years and you have a good credit history, it is worthwhile approaching your bank directly to see what finance they can provide to you, so you can pay your deposit and secure your unit without delay.

Identify what is included with the condo. In most instances you find that condominiums come with a host of facilities and amenities. Some will have swimming pools, some will have fitness centers and others will have both. These are conveniences that you may or may not make use of, but they are fantastic selling points when you choose to sell or upgrade one day.