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11 Steps Away From Buying Your Dream Home
There is no doubt that the market for houses has been on fire recently. More and more people are taking advantage of low interest rates and easy mortgage loan terms to go from being renters to being home owners. With so many people entering the...
Negotiating The Real Estate Contract
Negotiation is the process of communication back and forth in order to reach a joint agreement. There is no "one size fits all" strategy of negotiating a real estate contract. Many of our clients have been very experienced negotiators, and we have...
Protective Covenants – Buying A Home
In addition to zoning, some properties have covenants recorded at the courthouse that "run with the land." These "protective covenants" can put a serious pinch in your plans for a piece of property.
Protective Covenants
A protective covenant...
Top 5 Emerging Property Markets In Eastern Europe
While the rest of the western world wonders whether domestic real estate investment remains a sensible consideration now that yields and equity growth rates are tumbling and the fast moving property sector slows and even stagnates in certain...
Why Choose a Home Improvement Loan?
If you are looking to increase the value of your property by adding an extension, or double glazing, new conservatory, patio, heating system, or new kitchen a home improvement loan could be the easiest and cheapest way to make those improvements...
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Condominiums – Disadvantages Of Ownership
Purchasing a new residence involves many issues and condos may be on your radar. Before you buy, keep in mind there are disadvantages to condominium ownership.
Condominiums – Disadvantages
Condominiums are simply a collection of units in a structure or structures. All property on the interior of the unit is yours with few limitations. Everything outside of the unit, however, is considered to be in the common areas and subject to administration by the homeowners association for condominium communities. As with any bureaucracy, this can lead to problems.
1. Parking – One of the biggest pet peeves with condominiums is parking. While this may sound petty, it becomes a big issue over time if a particular situation occurs. One would think a condominium comes with assigned parking. In many developments, however, this simply isn’t the case. Instead, parking is on a first come, first serve basis. Over time, this situation can become extremely aggravating. With guests in the neighborhood, you may eventually find it difficult to getting parking!
2. Restriction – Condominiums are all about uniformity. If you prefer to express your individuality, the rules of a condominium may drive you insane. Since people live close to each other in condos, there has to be a number of rules to keep the peace. Many condominium associations, however, seem to go overboard with rules and one can often feel like a prisoner. You may be restricted from having pets, particular types of material
in your units, renting to others, making noise outside during certain times and so on. Before taking the plunge on a condominium unit, you absolutely must read the rules and regulations for the association.
3. Association Fees – Homeowners’ associations need money to keep the gardening up and so on. As a unit owner, you are responsible for paying monthly homeowners’ association fees. Before taking the plunge, you need to make sure you understand the current fees. You should also look back in time to see how much the fee has risen over time. Paying an extra hundred bucks or so a month probably will not kill you, but what if the monthly fee is five hundred dollars?
The decision to purchase a condominium can be a complex one. While there are distinct advantages, the devil is in the details. Make sure you understand what you are getting into before taking the plunge.
About the Author: Raynor James is with the FSBO site - http://www.fsboamerica.org - FSBO homes for sale by owner. Visit our home buying page - http://www.fsboamerica.org/buyer.cfm - to view and buy homes, houses, condos, land and real estate.
Source: www.isnare.com
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