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For starters, it’s important to understand the concept of “acquisition debt” versus “home equity debt.” Acquisition debt is a loan to buy, build, or improve a primary or second home and is secured by the home. That phrase “buy, build, or improve” is key. Most original […]
By Sandy Flores. Investment property is real estate property that has been purchased with the intention of earning a return on the investment, either through rental income, the future resale of the property or both. An investment property can be a long-term endeavor or an […]
By Sandy Flores. When buying or selling a property in California it is required to comply with guidelines and regulations for a hassle free transaction. It’s important that funds and documents are transferred from one party to the other in a neutral, safe and legal way. That’s why […]
There is so much information readily available online, and the big question is…Why should we hire a REALTOR® ? A REALTOR® is a Client Advocate. Only members of the National Association of Realtors can call themselves REALTORS® REALTORS® are Real Estate Specialists. REALTORS® Lower Your Risk. When you have […]
By, Sandy Flores Broker, If you think hiring an agent when trying out a home sale or purchase is old news. it’s not, 88% of home buyers still purchase homes via real estate agents. True, the existence of home buying and selling websites, 1% commission […]
By Sandy Flores Broker In the past three years, prices of homes in Los Angeles have soared by 30 percent. In many areas, you’ll find a seller’s market. Only a three months’ supply of home available with 5,538 properties (single family homes and condos) […]
By, Sandy Flores Broker Making that leap from renting to owning a home comes with many strings attached both financially and emotionally. And even though home ownership comes with great responsibility, you might be surprised how achievable it can be. You can make the Dream […]
All property owners in California must pay taxes that are based on the value of their homes or commercial property. Property taxes are paid in two installments. The fiscal year’s first property tax bills are mailed out on October 1st; the first installment is due […]
Successfully home buying is tough when you’re competing against multiple offers, but it’s also very likely that your offer could stand out to win if you have the right strategy. Here are some tips: Make a strong offer In a multiple offer situation, don’t low […]
By Sandy Flores There are many reasons to consider buying a condo instead of a house. Many of the reasons for buying a condo instead of a house usually include the price. The condos are cheaper than a house, and therefore this is reflected in the […]
For starters, it’s important to understand the concept of “acquisition debt” versus “home equity debt.” Acquisition debt is a loan to buy, build, or improve a primary or second home and is secured by the home. That phrase “buy, build, or improve” is key. Most original […]
With lessened supply, home prices have been steadily increasing the past several years. Less supply affects everything from your offer to your negotiation ability, making it increasingly important to work with an agent. It’s not good or bad time to get in the market, just […]
By Sandy Flores. California’s biggest housing markets figure to be among the losers according to two analyses of local market data. In some of the nation’s largest coastal cities, the impact could be significant. In the San Jose, Calif., for example metropolitan area, 75% of […]
By Sandy Flores. When buying or selling a property in California it is required to comply with guidelines and regulations for a hassle free transaction. It’s important that funds and documents are transferred from one party to the other in a neutral, safe and legal way. That’s why […]
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By Sandy Flores
There are many reasons to consider buying a condo instead of a house.
Many of the reasons for buying a condo instead of a house usually include the price. The condos are cheaper than a house, and therefore this is reflected in the monthly payments. Another significant factor is the advantage that the exterior maintenance is the responsibility in most cases the homeowners association, not the owner directly as it is when you are a homeowner.
In relation to the benefits in property taxes, these are similar to those of a house, which go hand in hand with the advantage of owning a property. We must also consider the potential gains from the resale. If the appreciation in the real estate market increases, it will be reflected in the value of your condo when you decide to sell.
Furthermore there are some additional points, such as payment for monthly membership fees in respect of the homeowners association, compliance with the rules of the association including the rules by which they must govern owners and which are recorded in a list that is known by its acronym as CC & R’s (Covenants, Conditions & Restrictions). The possibility exists that unexpected increases occur in these monthly fees and special charges for additional maintenance costs.
Ask all the questions needed to make a smart purchase. You can ask questions about the financial condition of the association. If you are considering buying a condo premiere, to attract buyers builders probably set the monthly condo fees very low, please check.
If you are considering purchasing a condo resale inquire about reservations. Depending on the age and anticipated replacements of the building, if reserves are inadequate a large special assessment can be imposed on each owner when an unexpected expense arises. Review the minutes of the board meetings the past six months if given the chance to do to determine if they are discussing and meeting all agreed, and make sure there is no pending litigation that could affect your investment .
Finding the percentage of people who are renting at the resort where you will acquire your condo is a good thing to do. Mortgage lenders know that the risk of default foreclosure in condominium complexes with people who rent by more than 20 percent to 30 percent is very high. Many lenders consider risky finance units in such complexes, offering interest rates in some cases above normal. Condominium complexes with rules against income are considered very desirable for owner-tenant and often bring higher resale prices.
As with any property purchase professional inspection is recommended in addition to the report provided by the seller of the property.
Become familiar with the neighborhood, is elementary. Most condo owners are friendly and do not mind sharing their good and bad experiences. Try talking to several residents to make sure that you will receive unbiased information.
As is always good to consider advice from a real agent and specialize in these types of properties for this task less complicated, more enjoyable, and informative for you roots.
