Benefits to Buying a Condo

One of the many benefits you will find when you choose condos for sale over other properties is that you don’t have to worry about any exterior maintenance. When buying family home, you need to keep a budget aside for those unexpected external emergencies, such as a damaged roof, a tree that falls down in your garden or even your exterior walls being damaged. When buying a condo, because it is a complex, the Homeowners Association will be responsible for handling all exterior work, so you can enjoy your home now and in the future with complete confidence.

Another major benefit to condos for sale is security. These days you want to keep your home and your family safe and secure. Having added security is a major benefit to provide you with complete peace of mind, which provides you with the convenience of a lock up and go property. You can lock your front door and head off for a week or two knowing that everything will remain safe indoors and you don’t have to worry that someone may try break in while you are away.

Of course condominiums come with the added benefit of a host of amenities and facilities. The majority of these complexes will offer you the convenience of a lock up and go property with a communal swimming pool and maybe even a fitness center, depending on the complex. Some will come with laundry. With these added amenities you can enjoy all the conveniences of a home while having your own space which is modern, luxurious and finished to the highest quality.

Condos for sale are in the affordable price range. They are more expensive than an apartment, but they are usually on a par with a single family home, depending on where you buy and the area. Of course location is essential and if you are looking for luxury and convenience in a prestigious area, then you will find that condos for sale work out cheaper than the homes in the surrounding area. This helps you get your foot onto the property ladder in an exclusive area, offering you a good return on your investment in the long run.

Outside spaces will be cleaned for you, the pool will be maintained and the equipment in the fitness center will be up and operational at all times. If the building has an elevator, that will be regularly serviced. These are all things you don’t need to worry about, you can furnish your condo, move in and start enjoying condo life without delay.

Of course when there are benefits, there are always a few disadvantages and the same applies to all condos for sale. This is why if you are looking for property to purchase and you are considering a condominium, you may want to weigh up the pros and cons of all the property options within your budget to identify if this is the right choice for you moving forward.

One of the disadvantages to buying a condo for sale is that you have strict rules to abide by. The Homeowners Association will put rules in place that all the units must follow. The reason for this is to make living in the complex more enjoyable for everyone.

The second disadvantage is that you will have to pay Homeowners Association fees, which are in place to pay for all the exterior and daily maintenance of the complex, so your condo is always somewhere enjoyable to live now and in the future.

Common Mistakes From Home Buyers Make

Are you getting ready to purchase your first home? This can be exciting but grueling and challenging at time. Not to mention the fear that comes along with it. Renting a place is much different, you have less responsibility and worries but when you purchase a home, many things come into factor. For most people it may seem easy, they find a house that they love at a reasonable price but it is not that simple. Many of those people make common mistakes that hurt them in the long run. This article provides you with some of the common tips that most first time home buyers make when purchasing a home.

1. Not Knowing What You Can Afford

One of the first things that you need to know is how much can you afford for a mortgage. If you are a first time home buyer in your early 30’s, maybe save your money for future investing because this is your first home but it will certainly not be your last. We suggest that you keep track of your monthly expenses and plan for any upcoming expenditures that may arise such as homeowners insurance, realtor fees, and loan payments. Keeping track of your current expenses is the key to figuring out how much you can afford.

2. Skipping Mortgage Qualification

Another big mistake that first time home buyers tend to make is to skip their mortgage qualification. Make sure to get pre-approved for a loan before placing an offer on the house of your dreams. This is especially true if you have little to no credit or an unstable income.

3. Not Considering Further Expenses

Upon being a homeowner, you will encounter expenses on top of your monthly mortgage payments. Unlike renting, you’ll be now responsible for paying property taxes, home insurance and making any repairs the house needs.

4. Neglecting to Inspect

Before going into Escrow and close on the sale, you have to know what kind of shape the house is in. Just like buying a used car, you must give it a thorough inspection in order to know the car is fully functioning. This will allow you to avoid unexpected repairs that cause headaches to say the least.

5. Not Choosing to Hire an Agent or Using the Seller’s Agent

Walking into an open house without a qualifies real estate agent is one of the worst mistakes on can make. Real Estate Agents are held responsible to act on both the seller’ and buyers’ best interest so we suggest that you contract an agent of your own so that you two build a mutual relationship that is long lasting.

Choose The Perfect Time For Selling or Buy Home

The real estate market is very cyclic. The average prices of houses and other homes vary periodically in every country and community. In some communities this variation is downright bizarre, so that the prices climb 400% or so in a period of a few years, and then suddenly crack 300% or more in a much shorter time.

A period of rising prices can be rather long, for example 5-9 year, but nearly always with small intervening periods of fall. When the prices fall, it often take a lot shorter time, for example 0.5-1 year.

If you buy a home for the first time, it is a good strategy to buy when the prices are at such a cyclic bottom. The down periods will usually also be best to take the action if you shall sell your home and immediately buy a greater, more expensive one.

If you shall sell a property and not buy another, the best period to sell will of course be at the top.

The top will usually also be the best time to take action if you plan to sell your home and buy a cheaper one, or can wait a period before buying a new home.

Whatever you plan to do, it is useful to recognize when the prices have reached the bottom and when the price climbing has ceased and the time is due for a price decline or downright crack. The bottoms, the climbing periods, the tops and the falling periods nearly always follow other cyclic changes in the society, and this can help you to predict the development of home prices in the time to come.

CHARACTERISTICS OF THE BOTTOM STAGE OF HOME PRICES

The bottom stages typically occur after a period with a substantial fall. The fall has usually been nearly as big as the prize climb in the period a while before. Also the society tend to be in a depressive economical state, where companies earn little, many are unemployed, wages are low, stock quotes are at a bottom, and many companies get broke.

But you will at the same time see beginning improvements in all these parameters. This deeply miserable state, but with beginning improvements will often signal the very bottom of a home price cycle.

WHAT ARE THE PROPERTIES OF A PERIOD WITH CLIMBING HOME PRICES

When you have recognized a bottom stage, you can be fairly certain that the home prices will begin to soar again, but usually it takes some time. In the stage of soaring home prices you will long have a strong improvement in the economy of society. The companies are increasing their profit, the unemployment rate goes down, the stock market rises, wages go up, and there is a growing optimism in the society.

But the home prices tend to rise some time also when the general economy in the society has begun to decline again, and during this beginning law conjuncture, the optimism, price rise and activity in the real estate marked tend to be intense.

Thus an overheated real estate market together with a distinct beginning deterioration in the general economy of society, signals that the home prices soon will stop to climb.

HOW CAN YOU RECOGNIZE THE TOP POINT OF HOME PRICES

At the top, the general economy of society has already been deteriorating for some time, with decreasing company profits, increasing unemployment, stocks going down and increasing number of bankruptcies.

At the top the average citizen has typically accumulated a steadily more heavy dept level, due to purchase of grossly overpriced real estate objects, and a historically high number of people do not manage paying interests and mortgage.

You can often recognize that home prices do not soar any more, but they may fluctuate somewhat up and down without any specific direction for quite a while. But this does not happen always. Sometimes the real estate market shifts right down into a crack, from a psychotic state of activity with increasing optimism about eternal price climb.

You can also get a hint by looking at historical data from past periods of climbs and falls. When the prizes have climbed as many percent as in the last period of climb, you may be at the top, or the top is approaching.

CHARACTERISTICS OF A FALLING HOME PRICE PERIOD

The falling period tends to have an initial face with rapid fall in home prices, in some societies regular cracks of more than 50% over a few weeks is the norm. After this rapid fall, the prices tend to soar for a short time, but then a new fall occurs to an even lower level. There can be several small faces with regaining prices followed with periods with even greater price decline until the bottom level is reached.

The economical situation in the society tend to deteriorate rapidly during this period and the falling home prices accelerate the decline of the economy.

To assess when the fall is over, it is useful to look at charts depicting home prices for several decades in the particular society. The percentual fall tends to be much the same each time.

Why Buyers Should Consult A Professional Home Inspector

Unless someone is purchasing a house, with the objective of knocking it down, and building another, home buyers should seriously consider hiring a recommended, quality, professional Home Inspector/ Engineer, to inspect, examine and report, on the condition of the potential purchase! While many mortgage lenders will do some sort of inspection/ review, their reasons and purposes are often considerably different, from yours! They are looking to be certain the value of the property is sufficient, to warrant a specific amount of loan, while you should be checking, to be certain, there are no surprises, etc! Lets review 6 reasons/ areas, hiring a professional, to provide a qualified opinion, is the sensible approach. In fact, in my more than a decade as a Licensed Salesperson in New York State, I have always recommended that any offer, be subject to a satisfactory inspection.

1. Overall physical integrity of a house: This is the bottom line! After reviewing individual components and systems, such as heating, HVAC, appliances, electric, plumbing, etc, is it a good house to buy? There are always some issues, but evaluate whether, these are minor, or deal – breakers!

2. Electrical system: Home inspectors should check every outlet, light switch, etc, for safety, and if they are in proper working condition. In addition, he looks into the electrical box, and inspects its quality, safety, etc. No one wants to purchase a house, which might be a potential risk, because of faulty electrical condition! Also, what is the amount of voltage/ wattage, being provided to the box, 100 or 220?

3. Plumbing: Every faucet should be inspected, to be certain there are no leaks, and there is sufficient flow. If there is an outside sprinkler system, this must be checked, to inspect its integrity. How is the drainage? Every toilet should be flushed, and this should else be done, while a shower is being run, to see if there is sufficient hot water. Is there a hot water tank, and, if so, how old is it?

4. Roof, windows and doors: Are there any leaks? What is the age of the roof, and what rating does it have (20 year, 25, 30, etc)? What is the roof’s condition? Are there any missing shingles, or flashing? Are the windows old, or newer, replacement ones? If they are replacement windows, what type and condition are they in? Are there any major air – leaks? What is the condition of exterior doors? Are they hung properly, in terms of alignment, air – tightness, etc?

5. Foundation; basement: Inspectors spend a good amount of time in the basement, because it often provides many clues, as to the overall condition. Is the foundation sturdy, and free of cracks? Have there been any leaks, and is there any evidence of water or water damage, and if so, where does it come from? Check the heating system, in terms of age, function, condition, etc.

6. Termites/ pest inspections: In many areas, especially when there is a lot of sand, etc, there are many incidences of termites. Has this been addressed, and is there a Termite Contract, in place, with a reputable, licensed professional? What has been, and is done, to address this situation, proactively? Is there any evidence of any other pests, etc, and what might be the cause and treatment?

It only makes sense to consult a professional, before purchasing, what for most people, is there largest, single asset! Doesn’t that make sense?

Reason Why Potential Home Buyers Must Address Credit

You’ve made the decision, it’s time to buy and own a house! You realize you will need a down – payment, and additional funds for closing expenses, etc. You figure your credit is fine, because you’ve checked your credit score, and have often been accepted for credit cards, auto loans, etc. However, quite often, potential home buyers, fail to recognize and/ or realize, it is necessary to examine whether they qualify for a mortgage, because there are other factors, which go into consideration, in this application process. Items such as percentage of debt to income, amount of unused credit lines, etc, may have some impact. Therefore, it might make sense, for you to sit down, in advance, with a qualified, professional mortgage broker or banker, and ask to be pre – approved, and not merely pre – qualified. The difference is that everyone who might be qualified, may not, upon further review, be approved! Here are 6 preliminary steps/ points to look at.

1. Request and review a full copy of your credit report: Look closely for what it says on your credit report, and not merely at your credit score. Are there any mistakes, or questionable items, which may cause you difficulty? You are entitled to a free copy, once per year.

2. Check for accuracy and correct: Review this report clearly, fully and completely. Are there any inaccuracies, etc? Immediately, in writing, question and/ or ask for an explanation of anything you consider possibly negative, especially if it appears inaccurate.

3. Address negative and/ or questionable items: You might have had to contest something in the past, or never received an invoice, and it was turned over to collections, and even though, you thought you corrected it, and/ or cleared it up at the time, it might still be lingering on your credit report. Immediately, in writing, address anything which might, even appear, negative!

4. Reduce/ pay down debt: The less debt of any sort, the better you will qualify for your mortgage! Reduce or pay it down, and avoid taking out any additional debt or lines of credit, no matter how good a deal it seems. Don’t buy a new car and finance it, immediately before you seek a mortgage loan! Even interest – free offers for items, such as appliances, computers or furniture, might have a negative impact!

5. Save for down – payment, closing costs, fees: Know how much you will need for a down – payment, and closing costs, as well as any related fees. Create a reserve equal to at least six months mortgage payments. be prepared!

6. Do it yourself; or hire someone: You can undergo this, by yourself, or you can hire a mortgage banker or broker, to advise you, and help you prepare properly, to optimize your chances for getting the loan, you seek. But, do it!

Know your credit, the process, and how it might affect, you getting your mortgage! Don’t wait for the last moment!