Condominium 101

Image Source: www.bfhomes.net
If you learn how to flip condos successfully there is a lot of money to be made. One of the main reasons for this is that flipping condos is not as popular as other options such as single family homes. People that carve their niche in flipping condos have a great chance of moving to the top of the industry in a short amount of time. Before you can start flipping condos you need to know what this entails. Many people think that flipping condos is the same as single family homes, or commercial real estate. And in some areas flipping condos is the same as other options. But at the same time, flipping condos also has several details that are different as well. You will need to know these details in order to ensure that you get off to the right start when dealing with flipping condos.  The easiest way to get into flipping condos is to learn as much as you can about the industry. Some people make the mistake of skipping over the research process, and then end up regretting it in the end.

Are Condos Just “Boxes of Air”?

One disadvantage in condo living is that you don’t really own the land you live on. While a house and lot would give you a real piece and parcel of real estate, a condominium is essentailly a “box of air” where your space is. You do not own the land beneath it. You simply share a space on it–between the walls of your unit. All the other areas are common and shared with the other owners.

However, given this, you should be happy with the location of your condo unit, because most good condos are located downtown, where land is at a premium. Imagine having to pay through the nose tjust to get that prime piece of land near your workplace and near everywhere important. If you want to live at the center of the city, then a condo is a good choice.

Is High Rise Condo Living Right for You? (Part 1)

Read This Information Before Buying!

Urban Luxury High Rise Condominiums offer the ultimate lifestyle! From the virtually no maintenace living to the luxury amenities such as a 24/7 concierge, luxury high rise condo living can be a very attractive choice when you are considering your next home purchase. However, below are some things to take into consideration before you are sold on high rise condo living and put in that purchase offer.

Storage: Luxury high rise condo living may not be for those of you who can’t seem to throw away anything you’ve ever owned since childhood! Storage space is precious and costly when it comes to condo living. Consider yourself lucky if the condo you are considering purchasing has a decent size storage closet inside the unit. In most buildings, extra storage is available for lease or purchase. Generally the extra storage is in the underground parking area near your assigned parking space(s). Keep in mind though that limited storage can be a good thing as it will leave you no choice but to rid yourself of all those boxes of ‘stuff’ and allow you to live ‘light’!

Source: scottsdale-az-condos.com

Green Living in a Condo?

Yep, there is a standard that defines a structure that conforms and is certified to meet environmental standards set by the industry and government. Known as the Leadership in Energy and Environmental Design (LEED), certain developments are taking the cause of dealing with and incorporating environmental factors into their work as part of the structure itself. Power saving, water saving and other environmentally friendly options that will cost more but ensures that the structure is kind to mother earth in the long run. Some buildings maximize the use of natural light with sun scoops and solar heaters for pools and some have optional solar panels that are used to generate power for their tenants. The use of environmentally sound materials is also on the rise, non-polluting and totally recyclable materials that are not only natural but cheaper and pollutes less. Other structures get to take part in alternative energy developments such as wind farms and similar technologies that take advantage of the available natural resources, tapping them for power and other needs. Buildings are some of the most environment impacting structures around and it is just prudent for industry to develop and use newer and greener methods and technologies to lessen the impact of development.

The Condo Owner’s Association

If you are purchasing from an existing development, then there would surely be an association and meetings that are scheduled at regular intervals that discusses issues with he facilities and other tenant concerns. Try to get hold of their past minutes to see just how much control the unit owners have over the building management. Check on the general upkeep and try to get a tour of the facilities and amenities before you purchase. Remember that once you sign your contract, that it is binding and any problems you might have overlooked is part of the whole deal. The association which adjusts funds due to needs is quite responsive to the needs of the general occupant and a well maintained facility is sign of a good working association that addresses tenant needs promptly and shows a tight-knit community.

Amenities

There are a lot of varying amenities condos and developers offer for their buildings such as reserved parking, tennis courts, swimming pools, round the clock security and other and they vary from developer to developer. These amenities may have more or less depending on the market that developer seeks to capture, the less they offer, the less you have to pay for. All the upkeep and maintenance of these facilities are paid for by all the tenants or unit owners with the costs shared in between them. If you are purchasing a structure to be, or the building and facilities are still to be constructed, then time to completion would be a factor for some projects do experience failures in the construction stage. There are also instances when condos are transformed into rental facilities rather than sold so be sure you get refunds if the developer happens to decide on such a move. Builders like you and me do get into ruts and fewer buyers may have them rethinking their strategies. The move to selling rather than renting happens quite rarely but it is a possibility. Research the developer for past projects to see their success rates and possible litigation history.

The Neighborhood and Grounds

For people who love convenience and do not want to be hassled by daily commutes, condos are a great investment and environment. Condo maintenance and upkeep is simpler than having to worry about re-seeding the lawn every year and having to mow the grass every week plus the tons of money you spend in landscaping, watering and weeding your lawns. That doesn’t say that these types of housing facilities do not have them, for most developments have some form of open space, and you get to pay for them in your dues that you pay monthly along with security and other maintenance costs. The general environment of your condo should also be a factor to consider when scouting out for a prospective housing unit for the better the neighborhood (whole picture including crime, safety and other factors). Location is the key and having everything within easy reach is better than having to spend hours on the freeway just to get a car load of groceries or that jar of pickles you happened to forget and the miss’s needs for lunch. If the condo you are purchasing has new developments all around it, then keep in mind that it may take time for the surrounding areas to develop and become an established community. If the development is in an already established area, then the prices would be higher but the atmosphere of community would be there all the time so no worry.

Finances, don’t forget your finances!?

Most people tend to see condo purchases as a very expensive endeavor yet many fail to see the benefits of long term condo-living such as all the additional amenities you cannot afford in your previous home. Before you go on the trail to your perfect condo, scout a round and get to see the available options you have. You might be surprised to find that the installments you may have to pay for a mortgage on a condo would be considerably lower than a single family home for they would consider the monthly dues you’d have to pay for the duration of your mortgage. If you have applied for a mortgage for a single house the amount you would be getting approved for would be lower for there is a lot of discounts for metro developments.

Condos as an Investment

Not many can afford to purchase condos for investments or vacation purposes but there are a select few who do have the luxury and do so with gusto as prices continue to fall. Investment/vacation condos can be quite tricky for you’ll have to either be content with having a white elephant of an investment or consider renting the property to somebody else so it remains occupied and maintained when you don’t use it. Be sure to check with the developer who is selling regarding sub-leasing your units for some would not allow it yet some do. Some buyers consider multiple-ownership where several people own the condo itself and agree to use it during different times of the year that shifts to give everybody the chance do experience the full range of offerings in the condo and environment. Check the surrounding areas for developments for they may be sign of the future for your investment.

Privacy over Convenience

Homeowners love privacy and they treasure the ability to do almost anything in on their property they want to at any time of the day. Not so in condos for you have to deal with all the building association by-laws and the management rules and regulations. After you get over all those fine print and other formalities you’re on your way to a culture shock from the differences living environments. Condos are most of all convenient for they are mostly located within the metropolitan areas with everything within reach either by walking or a short commute. Demographics used to be a factor but today’s unstable house markets, coupled with high gas prices and a pending recession may see a decline in purchases of such housing units but they truly are cheaper that single housing units.