Real Estate Blog – Condotron

Condos – Properties – Real Estate – Mortgages

09 Mar

Home insurance tips for condominium owners

Posted in Home Insurance on 09.03.12

When you own a single home, the home insurance you will get covers for the structure as well as personal belongings inside the house such as computers, clothes, furniture among others. The scenario is different when you have a condo, the insurance policy only covers the structure and not what is inside your condo unit.

If you are purchasing a condo, make sure you also get an insurance policy that will protect your personal properties inside your home. These insurance policies which protects the content of your condo are not expensive coverages and can prevent loss of your possessions.

Typically you need a content insurance which is about one fifth of the value of your condo. Say your condo unit is worth $400,000 then you need a content insurance of around $80,000. There might be a need for some liability policy to come with the coverage.

Know the requirements

You need to coordinate with your condo association if they require certain policies for owners. Depending on their bylaws, condo associations might impose a certain amount of coverage for individual condo owners. This may apply for other insurance policies they may require as well. Before purchasing an insurance, make sure you or your lawyer checks with the condo board because you need to abide by them.

Flood Zone

If you are in a flood zone, you also need a flood insurance. There are certain states though that require every homeowner to have a flood insurance regardless if they are in a low or high risk area.

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03 Apr

The Purpose Of Home Inspections: 2

Posted in Property on 03.04.10

home-inspectionsNow that we have talked a little bit about why home inspections are very important, the next step is going to be is making sure that you choose a home inspector that knows exactly what they are doing.  This is where your research is going to have to come in, for you are going to have to research the home inspector before you choose one.

You want someone that is going to be extremely qualified, experienced and of course professional.  You want to make sure that the home inspector does have testimonials from other clients that they have serviced, that way you know that you are getting a good inspector.

Finding the right home inspector can be difficult, however it is definitely necessary and certainly something that you should take caution whenever you are choosing!

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20 Mar

What To Watch Out When You Are Buying A Home: 2

Posted in Real Estate on 20.03.10

bank-ownedNow that we have touched on why buying a bank-owned home might not be the best idea in the world, let’s move onto another reason why and that is the down payment.  Typically, when you purchase a home, that is something that you can talk about and it is typically like 5 to 10% down, however if you are buying a bank-owned home it is usually 20-25% down.

This is money right off the bat for a home that you do not know if it needs repairs.  Is it worth it?  To me, it is not.  Only because I think that there are is a lot of other options and I think that home owners are flexible with their price and if you give them a fair price they will give you a fair deal.

Keep this in mind whenever you are out looking for a home – I can promise that if you rush into the decision you will regret it.

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19 Mar

What To Watch Out When You Are Buying A Home: 1

Posted in Real Estate on 19.03.10

bend-oregon-bank-foreclosuresPurchasing a home is a very, very big decision and it is one that should never be rushed into and never taken lightly.  However, that seems to be exactly what is happening to a lot of people, they are actually rushing to get the very best rates and the lowest mortgages, however it is not exactly the best plan.

In the next couple blogs, we are going to talk about why you do not want to take advantage of the prices that bank-owned homes are giving off.  For one, you never know exactly what you are going to be getting, as you can usually just see the home from the outside as you are bidding on it.

Stay tuned for some other reasons, you might be extremely surprised!

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24 Oct

Facing foreclosure? Don’t pack just yet: 2

Posted in Mortgages on 24.10.09

ForeclosureHouseNow that we have talked about making sure that you know that you are not alone, let’s go ahead and dive right into foreclosure.  If you are considering just leaving before the bank really owns your home, there are some problems that you might run into that you need to know about.

Firstly, the foreclosure can actually be resurrected and the owner of your mortgage can return later and restart the foreclosure if the property value rises up in a few years.  Did you know that your mortgage can also be sold?  Just as many credit-card companies sell deadbeat accounts to aggressive debt collectors for pennies on the dollar owed.

Another problem is that the city can actually throw you out – which is something that I had no idea about!  These are just a few problems that you might run into if you plan on leaving your home.

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23 Oct

Facing foreclosure? Don’t pack just yet

Posted in Mortgages, Real Estate on 23.10.09

Facing foreclosure? Don't pack just yet Across the country, we all know that banks are starting to foreclose on many homes and homeowners are left without a word of explanation.  The banks seem to be taking the homes without so much as a warning and it is happening everywhere – form Ohio all the way to NY and from NY all the way to Florida.  It seems that foreclosures have become increasingly popular and there is no way around it.

If you are a homeowner that is faced with foreclosure – there are a ton of things that you can do, you just need to know exactly what to do and what they are.  The first thing you need to realize is that you are not alone.  There are so many people out there that have faced foreclosure and have gotten through it and you can too.

In the next blog, we are going to talk about some more ways that you can handle foreclosure if you are faced with it.

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11 Sep

Dealing With Real Estate Scams: 1

Posted in Investing, Money on 11.09.09

Real Estate Scams

Falling into a real estate scam is something that many, many people do not think about.  With all of the get-rich-quick scams out there, it is no wonder that people are constantly getting themselves into debt.  Have you ever seen the infomercials at night boasting that you get make millions with no investment at all?  Well, I am here to tell you a little bit about those.

One thing that you should know is that these infomercials can do a lot of harm to you in beginning.  In the beginning stages of investing, you really do not know what works and what doesn’t yet – however you will end up wasting hundreds of dollars on old information.

To be honest … this usually discourages people from investing and they miss out on real estate that truly can make them a lot of money.  Let me help and walk you through these scams!

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02 Sep

Remodeling Your Home: It’s A Great Way To Attract Buyers!

Posted in Property on 02.09.09

remodeling

So you have finally decided to get yourself a cheaper and smaller home and you need to sell your home right?  Well, it is not as easy as just putting your home on the market anymore and expecting people to come buy it. 

Real estate agents are having a very, very hard time selling homes right now and if you have a home that you are trying to sell, you are going to need to do a lot of work on it to ensure that it is the best product for the buyer.

Buyers right now have the option to be picky and if your home is not up to the greatest condition, you could be in trouble of being stuck with that mortgage payment.  That is why you need to remodel.  In the next blog, we are going to talk about the remodeling process!

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12 Aug

Landscaping Your Home To Gain Buyers!

Posted in Neighborhood, Real Estate on 12.08.09

landscaping-imageNow that we have talked about the paint color for the inside and out, we now need to consider the landscaping portion of your home.  This is where you truly can get creative and I can promise that any prospects are going to definitely appreciate it.  People want to have an interesting backyard and when you provide them with a landscaped backyard, I can assure you that they are going to appreciate everything that it is about.

One thing that you need to know about landscaping is the fact that after about six to eight years, it needs to be changed on around.  This will not only enhance the home, but you will be able to get rid of anything that is outdated or overgrown – so that is going to be your first step.  Come up with a plan for your backyard and how you want it to look like.

After that, go ahead and trim and remove any dead or excessive plants, that way you can truly get a feel for what you have!

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08 Aug

Single Family Home Vs. Condominium: What’s Better?

Posted in Property, Real Estate on 08.08.09

Single Family HomeNothing in the world is as important as your first home – owning your own place is something to be proud of and I know that when I first got my home, it was so exciting!  Now the question on every first time home buyer’s mind seems to be whether they should get a single family home or a condo.  Condos – while fantastic, have some disadvantages and homes have some advantages – it is all about what you need.

One of the first things that you need to do is make sure that you take a look at the costs.  One thing that a condo has over a home is that it is usually a lot cheaper than purchasing a house – simply because you are in a building just like an apartment.  However – if you do not want to be stacked up like you are in an apartment, a home might be a better idea.

Another thing that you need to consider is going to be location and convenience – a home is very convenient most of the time as you can do anything you want to is, while a condo, you do not ever truly own it.

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