Saturday, May 15, 2010

Con-Dos & Don'ts (Stupider)

Hi People.

Just a quick note of some of the good things and the pit falls that could come about when buying/ selling a condo.

Firstliest, a condominium is a shared ownership. The advantage is the sharing of expenses to keep things economical. The disadvantage is that you don't get to pick who you share with. In-breads? Nazis? Dodger fans?

2nd, since it is shared, there are rules that everyone has to abide by. The good thing is you don't have people painting their condo weird colors or parking their Pinto on the grass. The bad thing is you have rules. You are not the King, just a Congessman.

3, there are monthly (Usually) fees to support the community. The good thing is the shared expense thingy. The bad thing is that these funds are sometimes mis-managed. If you do not have enough money for a new roof you have to raise the fees, make an assessment of some kind or neglect the roof.

Quatro, Condos are less expensive. Good thing, less money to buy. Bad thing, you get less when you sell (Condos do appreciate but not usually at the rate a house does. Plus, you have little power to change a complex in order to get that sweat equity).

Some other things to consider before you buy:

Can the condo be purchased with a FHA or VA loan? Even if you are not using one of those loans it will effect your value when you go to sell.

What is the owner occupancy? The more home owners the better. "Pride of ownership" keeps places nicer and keeps the value up. Also, it is hard to get a loan on a condo if the owner occupancy is lower than 51%. That will really effect your value.

Have you looked at the condo's financial records? Their plans on maintenance? You want to make sure they have enough funds for future work and emergencies, and that they have a proper plan for on going maintenance.

Let me know if you have any condo questions, 619-507-7449.

Go Bless