Benefits of Condo Ownership

There are several benefits associated with buying a condominium. For one, you are guaranteed elegant and lavish living at its finest. Whether in the burgeoning city of Houston or The Big Apple, condominiums are considered prime real estate and always carry top dollar value. They are also fitted with all the latest amenities, including large screen TVs, fireplaces, Wi-Fi, and door-to-door concierge services. With the real estate market in a current boom, the benefits of condos ownership greatly outweigh renting or purchasing homes. Not only can you secure the big city allure and essence with condos, you also get a smooth blend of family and home living.

The Benefits of Owning Condos

Buying a condominium carries a wealth of benefits. This includes the ability to sublet or rent out your property at premium rates. In recent years, countless condo and penthouse owners have rented their properties to transitional guests and visitors. These are usually individuals that are in town for a certain amount of time and need timely and affordable living. This includes abodes that are close to major transportation hubs, along with shopping venues and dining establishments. Most condominiums are also situated in high-rises – far above the hustle and bustle of the big cities. Yet, many new developments are utilizing the “apartment complex” approach, which sees only sees the upper floors dedicated to condominiums and duplexes.

Condominium Amenities

With condos, you have all the necessities and essentials at every turn. This includes fully furnished bathrooms with all the latest amenities and fixtures. Units are also available with both traditional and modern décor, including furniture and accessories. There are even professional doormen at many high-rise locations that assist residents with groceries and packages. While some units have convenient fireplaces that keep properties warm and toast during those frigid months – others have an array of environmentally friendly and green options. This included metallic vents for optimal airflow, along with radiant barriers and more. There are also several rooms that are part of these designs. These include dens, media rooms, formal living rooms, and so much more. In a nutshell, a condo is a great investment because it has the convenience of an apartment with the décor and feel of a one or two-story home.

The Condo Real Estate Boom

With countless developments flooding the market at rapid rates, condos have seen a strong resurgence in popularity. In fact, over 30% of new purchases this year have been elegant and lavish condominiums. With more money on the market these days, investors are once again tapping into this burgeoning and growing trend. With the benefits of condos increasing as well, there are longer waiting lists for buyers in prime communities across the nation. This is had to a spike in condo developments, along with existing owners selling their properties at premium rates. Condos have always been a sound investment, and have secured millions of dollars for owners in sales and rentals. If you are looking to invest in real estate this year, all the rage is once again in condos and penthouses.

For more information, simply contact your local real estate agent or check area listings and vacancies today. You can also keep track of the latest buying trends by checking the Web or trade publications.

Buy a Condo Pros and Cons

Buy a condo pros and cons are important for any potential investor. By understanding the current buying and market trends, you can truly make a worthwhile and informed purchasing decision. With most of the nation experiencing a strong real estate boom, buying a condo or elegant penthouse is a primary goal for countless investors. With the end of the recent fiscal crisis, there is simply more money on the market for property purchases and investing. It is vital, however, to keep abreast of all the latest changes and developments in the industry. This will secure your condo purchase, while allowing you to reap the benefits of quick sales or even renting and sublets.

The Pros of Condo Ownership

Condominiums are known for their elegant and lavish décor. From high-rises to complexes, these units also feature a full suite of amenities. This includes free Wi-Fi, along with doorman and concierge services. Many condos also have entertainment and fitness centers, along with door-to-door laundry, dry cleaning, and even dog walking services. While most condos are fitted with traditional or contemporary furniture, others are also equipped with convenient fireplaces. As always, these luxury venues are close to major transportation hubs, along with fine dining establishments and retail stores. With captivating and compelling décor, condos truly capture the allure and essence of fine and exquisite livings.

The Cons of Ownership

As luxurious as condo ownership seems to be, there are certain cons associated with it as well. Like any homeowner, you will be responsible for property upkeep and maintenance. No truer is this then when it comes to renting or subletting the unit for transitional and temporary guests. Most condos are also situated within cooperative communities. This is essentially the same as deed-restricted communities, which govern certain amendments and enhancements to the property as a whole. As always, you will also be responsible for any renovating or remodeling costs, along with ensuring your property meets all condo association guidelines and rules across the board. While this might take away from the independence of owning a condo, it is simply part of the territory and must be strictly adhered and abided by all owners.

Investing in Condos over Homes

Even with the cons of owning a condo, they are considered prime real estate investments that procure timely and effective results. If planning on investing this year in real estate, condos and penthouses are simply all the rage. Unlike new homes that require grassroots planning and designs, condos offer the convenience of fully fitted and furnished units. Most also include built-in LED televisions, along with fireplaces, spacious rooms, and ample walking rooms. Closets are also bigger than most homes, and condos require little to no maintenance unless absolutely necessary. Furthermore, you never have to worry about municipality costs, along with property taxes that tend to be higher with home ownership.

New Condos and Developments

With new condos and developments popping up each day, the market continues to grow and expand. In fact, there is a backlog of potential investors and buyers all over the nation. Still, condo ownership and investing promises timely returns and exquisite living for one and all. For more information, simply contact your local real estate agent or check the trade publications for all the latest buying and investing trends.

Condo Buying Tips

In general, cities are becoming more and more centred around condominiums. This is, perhaps, due to the low-maintenance that comes with buying or renting a condo or because they tend to be located downtown rather than in rural areas. Condominiums are especially useful for younger people, who need to live close to the hearts of cities for job opportunities and for those who cannot afford a house.

Below, one can find a comprehensive guide on the very best tips for those who are planning to buy a condo.

1: Choose a Realtor
Choosing a Realtor is one of the best decisions you can be as a home hunter. The Realtor is a professional who has experience looking for homes which suit specific needs. They will be able to cross-reference homes that have the qualities you’re looking for and the qualities you aren’t. Not only this, but they’ll also be able to base future viewings on the homes you previously liked or disliked.

2: Know What You Want
You need to know what you’re looking for when you’re buying a condo. This means that, among other things, you must know whether you want a low-rise, high-rise, semi-detached, detached, without amenities, etc. A semi-detached condo means that it is partially attached to one of the neighbouring condos and an attached condo means that you will share at least one will with the other condo.

If you’re looking for specific qualities in a condo, you can make a “wishlist”; wherein, you list items like:

Four bedrooms
Two bathrooms
Swimming pool

If, on the other hand, there are things that you’re very put off by, you can also list them:
No carpet
No wallpaper

These lists will aid your Realtor in finding the perfect home for you and they will provide the Realtor with the very things that you are and are not looking for in a home; therefore, you’re more likely to find a successful match.

3: Visit the Home and Neighbourhood
By visiting the home, you’ll be able to see the condition of the condominium you’re planning to buy. If, for example, the bathroom ceiling has mold and mildew, you would only know by visiting the property. Pictures on the internet or in a newspaper do not display the entire property with clarity.
You should also visit the neighbourhood multiple times throughout the day so that you know what it’s like to live there in the morning, afternoon, and night. Without doing so, you could end up in a neighbourhood that parties every night and you’ll be stuck there until the lease runs out.

Buying a condo is one of the more stressful events in one’s life. There are offers to be made, condos to see, etc. The above list contains just three tips that will make the overall experience of buying a condo much more successful and pleasurable.

Proven Tips For Homebuyers

Just because a property is listed for sale doesn’t mean you should buy it, even if the price is right. Before you purchase anything in today’s fickle and erratic marketplace, you need to read the tips listed below to ensure that you’re making the most informed decision possible. If you don’t, you may just get burned.

If you find the right real estate, do not hesitate to move forward. Many buyers spend time wondering if there might be something better or if they have made the right decisions. Not making a move on the right property can result in someone else purchasing before you can get the deal done.

Finding the right neighborhood for first- time buyers can be hard. Many people struggle with this. A great way to find the perfect neighborhood for you is by doing your research online and touching base with some local real estate agents. Many websites online deal with statistics of what kind of people live in an area and how high or low a crime rate is. Calling a real estate agent in a local area can be of big help too; they can give their personal opinions of a given neighborhood. These are some tips to help you find the right place to live.

Foreclosure

Don’t give up on getting a house after you lost your home to foreclosure. It is very easy to become depressed and hopeless after such a traumatic event, but there is hope. Guarantors backed by the government may be willing to lend to you after just 3 years. Start saving for a deposit immediately.

If you have lost your home to foreclosures, that will not keep you from owning another home. The foreclosure will stay on your record for seven years, though many places will get you a mortgage after just a three year wait. So don’t give up on your dream, and start saving now for you next home.

Beware that buying your dream home doesn’t turn into your worst nightmare. If you buy a home that is out of your budget, even if it is by just a small amount, and anything goes wrong, you may not be able to pay your mortgage, and that will lead to foreclosure.

Foreclosures in Edmonton

The economy in Alberta Canada is not in good shape as of this writing. With the collapse in oil prices came problems in the real estate market. This can be an opportunity for buyers however.

Research more than just the final sale prices of houses in the area. A list such as that will give you a very limited scope of what is going on in the region. Use newspapers, websites, and journals to find out the small details including foreclosures and the average time homes stay on the market.

Make sure you understand that purchasing a home is not a quick and easy process. You have to have patience for homeowners to make repairs, and for proper documents to be signed. If time is of the essence for you, try to avoid homes that are foreclosures or short sales.

If you are planning on buying a foreclosed home in Edmonton, be aware that those homes are sold as-is. You are not going to get a better deal on Edmonton foreclosures because they need repairs. Generally, foreclosures are sold at the amount the bank needs to sell it for to recoup their loss, and they are not often going to negotiate below the selling price of other comparable properties.

Some would-be buyers think that the only way they can avoid getting burned is to avoid buying real estate in the first place. This doesn’t have to be the case, though. If you can use what you’ve just acquired here to help you, you can make the right decision when it’s time to purchase property.

Hidden Costs of Condo Ownership

Condominiums are synonymous with elegant and lavish living. With a full range of amenities, they offer the perfect blend of city and traditional home living. Whether situated in high-rises of apartment complex developments, there are certain condo fees that accompany any purchase. This, of course, includes the overall asking price, along with miscellaneous costs for optional amenities and adjustments. There are also cooperative costs involved, which are similar to deed-restricted or home association fees. Before putting pen to paper and signing any leasing or purchasing contract, you must have your attorney look all this information over. This will prevent unnecessary frustration, along with hidden costs of condominiums that can arise in the future.

Most Hidden Costs

When it comes to condo fees, all intricate and detailed expenditures must be visible on the contract. This includes asking or settling price, along with fees for amenities and other gratuities. Costs for water and utility usage, along with condo association and center fees must be included as well. At times, however, there are hidden costs that seem to spring up out of nowhere. One of the more common hidden costs are increases in condo HOA fees. Normally, these fees are already assessed when you buy a condo within a certain association or group. As insurance and building staff salaries increase, however, owner fees increase as well. To protect yourself and your investment, you should always ask about the average annual increases. This will help you secure the finances necessary without the hassle of surprise price hikes in your membership fees.

Assessment Fees

Special assessment fees are also assessed by condominium coops or HOA. These are in addition to the monthly fees, and are utilized to subsidize major property repairs and overhauls. If the HOA does not have sufficient funds saved in its reserves, these fees are simply passed on to condo owners. Major repairs and property adjustments can include new roofs, along with new window installations and exterior repairs. Special assessment fees can also range from a few thousand per property to tens of thousands. This also depends on when the repairs are needed, along with home much is already saved in the condo HOA reserves.

Other Hidden Increases

In addition to the increases mentioned above, there are times when other fees are assessed as well. This includes unforeseen repairs, along with increases to property and escrow taxes. While these are frustrating to say the least, they are part of condo ownerships and cannot be contested. Unless these fees are simply outrageous in nature and do not fall into the scope of past increases, you will have to abide by them as part of the condo agreement. Once again, you should closely look over all documents and fees before signing on the dotted line. This will protect your investments, while ensuring the fees you pay are circulated back into the community for repairs and things of that nature. Another great option is to get all the fee increases in writing for your personal records.

For more information on condo purchases and available units, simply contact your local realtor. With years of extensive industry experience, condo specialists can help you find the right units that will meet your needs within time and budget. You should also stay abreast of all the latest trends and developments by checking the Web and trade publications as well.