Before buying into the sales pitch used by realtors, developers or anyone selling a condo, take a real close look at your obligations. The main selling point to a lot of people is that condos are a worry free option. If you buy a condo you don’t have to worry about maintaining the property, fixing external damages or wear and tear, or mowing. The truth of the matter is that you absolutely have to worry about these things.

Owning a condo is not like renting an apartment, you are responsible for maintaining the property and the exterior but typically this is taken care of through your regular condo fees, special assessments and under the direction of a property manager or condo president. In a good situation you don’t think about this regularly, if at all, because your manager is doing a good job and your fees are being used appropriately. In a bad situation this may not only cause you worry but may cause financial hardship and even foreclosure.

Having a bad condo manager can result in huge unnecessary expenses that are not covered by your condo fees and special assessments can be more than you can afford. You could also be stuck with a bad batch of owners or no condo owners. If your condo is not full or you have a lot of owners that are defaulting on their condo fees there isn’t enough money in the “slush fund” to pay for repairs and routine maintenance and unfortunately the responsible condo owners typically get stuck with the bill.

So before you fall for the worry free line, take a good look at the condo and evaluate its occupancy and the foreclosure rate in the area. Worry a little now and you may save yourself from panicking in the future.

Popularity: 2% [?]

photo credit: Sarah Jane

First time homebuyers have a lot on their mind. In addition to figuring out how to pay for their first property they must also decide on what to buy. Although not the case with every first time buyer, many of them are attracted to the condo market. Does this sound like you? There are many reasons why first timers feel that a condo is the best way to go.

What makes a condo the perfect buy for a first timer? For one, they cost less in many cases. When you buy a condo you should be able to save money when compared to a single family home. Of course, you need to have a budget in mind nonetheless. Even though some condos cost less, many of them can set you back much more than a single family property. It is important to know your budget so you don?t make a mistake no matter what type of property you have in mind.

Moving on, condo owners do not have to worry about exterior maintenance. Most condo owners love the fact that they don?t have to cut the grass, keep the exterior clean, or deal with expensive repairs such as replacing a roof, windows, siding, etc. Before you buy a condo be sure to know what type of maintenance is included. If you simply want a place to live without having to stress about the exterior a condo is the right choice.

Even though the condo market attracts many types of buyers first timers are always at the top of the list. For this reason, the best condos are often times purchased quickly. So if you are in the market and know that you want to make a purchase it is important to move forward to ensure that you don?t get beat to the punch.

Popularity: 3% [?]

If you’re thinking about investing in a condominium there are many terms and policies, which may be very unfamiliar to you, one of the big ones is the condo association. A condo association, sometimes referred to as a homeowner?s association, is a legal entity that oversees development?s laws and regulations and usually also serves as a property manager of sorts.
(more…)

Popularity: 4% [?]

From the penthouse all the way down to the bottom, rumor has it that the condo market has officially bottomed out. Now, granted most of these rumors are coming from individuals who have a particular stake in the economic recovery of the condo and housing market, but the general consensus is that somewhere in 2008 the condo market will scrape the bottom of the barrel and then begin its upward slide again.

(more…)

Popularity: 4% [?]