Real Estate Blog – Condotron

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07 Feb

Condo Living: Understanding the Fees you need to shoulder

Posted in Condos on 07.02.13

condoIf you are planning to buy a condo unit, you might was well learn the monthly fees that your building admin will charge. Think how these fees plus your mortgage payments and property taxes can cause a big dent on your monthly budget.

Maintenance Fee

The maintenance fees are actually your share of maintaining the building. This will not be profitable for the management since most of the buildings are registered as non-profit corporations. Most of the fees will help cover for the cost of window cleaning, garden maintenance, house cleaning, snow shoveling, among others.

Your fees will be calculated depending on the size of your unit and will be recalculated every year depending on the operating budget of the building.

Contingency Funds

A portion of the fees will also be allocated to a contingency fund that will cover for other major building maintenance such as for plumbing, roof, or heating system repairs. If you will compare condo fees to townhouse fees, the latter is easier to handle considering their utilities are metered separately.

Some condos may ask for higher fees as they have concierge services, beefed-up security, pool, gym with available trainers, or underground parking.

Special Assessments

These are fees that will cover for other major repairs that may not be covered by the contingency fees. Once they are collected, you might see a significant drop in your monthly maintenance fees.

You need to make sure that you are aware of the monthly fees that you need to pay before purchasing a condo. This will allow you to compare your choices and determine which features and amenities will you really need and whether your budget can handle these fees or not.

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20 Sep

Things to consider when buying a condo

Posted in Buying an Apartment, Condos on 20.09.12

condominiumA lot of condominiums offer a host of attractive benefits to prospect buyers. Here are some good reasons why you should buy a condo:

Amenities

Developers of condominiums often give access to certain amenities that in normal conditions will not be affordable to the buyers. You might have access to golf courses, clubhouses, swimming pools, fitness facilities, and other things made affordable to a group of owners who share the costs.

Desirable location

Single homes along the beach front or in a ski town might be out of reach in terms of price but owning a condominium in these locations is a feasible alternative.

Tax advantages and building equity

Condo ownership gives several benefits over just renting a unit. You will have the opportunity to accumulate some equity and be able to take advantage of tax deductions for property taxes and mortgage interest. If you will be paying almost the same amount to rent a condo unit as to buying, then purchase the property to take full advantage.

Investment

A lot of buyers also get condo units as a form of investment. Some foresee that the properties in the area will have higher prices in the future or they want to have it as a rental property. Condos appreciate in value slower than single homes so a lot of owners tend to put it up for rent to recoup their expenses over time.

Maintenance

Owners of condominiums are not directly responsible for doing maintenance on the building, grounds, or its common areas. This is a very desirable perk especially for the busy ones. There are fees that cover these tasks.

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11 Jul

Green Homes Are Going Faster!

Posted in Condos, Property, Real Estate on 11.07.09

green-homes-1_7071Did you know that green homes are flying off the market in this day and age?  To be honest, eco-friendly activists are constantly trying to get the real estate market in shape and if you are trying to sell your home … just adding in a few eco-friendly touches can really make all of the difference.  Now, you are probably wondering exactly what you can do to make your home more sellable to the eco-friendly and green couple.

One thing that you can do is adding in eco-friendly bamboo flooring.  While bamboo flooring is slightly more in the money field, it is something that you can do that really adds a lot of charm to the home and truly does make it eco-friendly.  Another great addition is solar panels and energy-efficient appliances.  These two things are huge for the home buyer and it is something that a lot of home buyers are looking for.

Making your home a little greener will definitely make it sell faster and should really make it all around more appealing!

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06 Jun

Condos: The Low Down on Them!

Posted in Condos, Real Estate, Renting on 06.06.09

http://urbandallasrealestate.com/images/Properties/Condos/Sept/condo_for_sale_dallas_3.jpg

When you are buying a home, it can be extremely difficult to not only commit to one house but to find one that is going to suit all of your needs.  This is especially true if you have a very limited budget and while most of the time nowadays, a low budget is not going to be a problem, if you do not want to commit to a house, you should honestly make sure that you check into living in a condo!

If all you have ever lived in is an apartment, moving into a home can honestly be a shocker.  There are so many different things that you need to think about when a house is involved – everything from all of the improvements to yard work and let me tell you, yard work is hard!

Living in a condo, you do not have any of that!  Condos are definitely ideal for an older couple, a younger couple or even just a single person.  There is no maintenance that needs to be done yet you can paint the walls and such because you own the condo – however, unlike a house you do not have to keep it up!

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