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December 2007
More and more people are deciding to bypass purchasing a home in favor of buying a condo instead. Although condo living is becoming increasingly popular, many people still fail to realize the advantages of living in a condo and still do not fully understand what they can expect from condo living.
Mutual Ownership
One fact that you need to understand when you own a condo is that you will be sharing the building with other condo owners. Although you will own the actual unit in which you live, you do not own the building in which the unit is located. Rather, you and all of the other people that live in the condo are joint owners of the building.
Since you are joint owners of the building, you are also jointly responsible for taking care of the building. As such, you will need to pay fees that will go toward maintaining the building and its yards. In addition, you will need to help pay for insurance coverage for the building while also maintaining separate coverage for your unit.
Enjoying Amenities
One of the great benefits of condo living is the fact that you get to enjoy a number of different amenities. Common amenities that are included with condos include swimming pools, workout rooms, tennis courts, and more. Buying a condo makes it possible to enjoy these amenities because you share the expense of having them in place and maintaining them rather than paying for them on your own.
Being Part of a Community
Since living in a condo requires living in a building with other condo owners, you will need to be prepared to become part of a close knit community. Condo owners typically spend a great deal of time with one another and enjoy each other’s company. If you are looking to live somewhere that will provide you with solitude, condo living may not be right for you. If you like to socialize and you are looking for a way to meet new people, condo living is a great option to consider.
Taking Advantage of a Great Location
Condos are typically located in a great location that makes it easy to reach public transportation or to get back and forth from work. Many are also located near to great shopping and dining opportunities as well. In fact, condos are commonly found in cities where traditional homes are rarely found. Therefore, if you are interested in city living but want to enjoy the pride of ownership, purchasing a condo is a better choice than renting an apartment.
Making Decisions Together
Since you share the building in which your unit is located, you should also be prepared to make decisions with the other residents. In other words, you will not be able to make decisions completely on your own as you would with a house. Since your decisions will affect the other residents of the building, many of your decisions will be made jointly. In fact, you will be frequently called upon to vote on certain decisions. Be prepared to be outvoted by the other residents of the condo, though you can certainly take steps to let your opinion be heard before any decisions are made.
Condo living has a number of advantages, but you need to be fully aware of what to expect before you invest in this type of real estate. By being fully informed, however, you will be more likely to be thrilled with your decision and to love living your life in your condo.
Eric Bramlett is the broker & co-owner of One Source Realty in Austin, Texas. Eric currently manages his downtown Austin condos website, his Austin Condo company's website, & his Austin condos website.
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When it comes to selling your condo, it is always a good idea to enlist in the help of a Realtor. With the help of a Realtor, you will be able to reach a broader number of potential buyers and the Realtor can help to make sure all of the paperwork is in proper order for the sale to be complete. Whether you use a Realtor or attempt to sell your condo on your own, however, there are a few steps you should take.
Make Lists
The first step you should take when trying to sell your condo is to make a list of everything your condo has to offer. What separates your condo from other condos that are on the market? What makes your condo special? What amenities does your condo have to offer to its residents? Make a list of everything that residency in the condo building has to offer as well as your specific unit and be certain to share this information with the Realtor if you choose to work with one.
In addition the amenities of the condo building and your unit, consider the location of your condo as well. For example, if your condo listed near to public transportation, is centrally located within a city, is close to a business district, or is near to great shopping and restaurants, you want to be certain to advertise this information as well.
Start Advertising
If you are going to attempt to sell your condo on your own, you will need to start taking steps to market your condo on your own. To do this, create ads on 3 by 5 cards that highlight the best features your condo has to offer. Then, get permission to post these in office complexes, transit stations, and anywhere else where you might be able to reach potential buyers. You should also try to consider catchy phrases that will help draw attention to your ads, such as “Walk to Work” or “Minutes from Public Transportation.”
If you are utilizing the services of a Realtor, he or she will work on the marketing aspect for you. Although you can attempt to do this on your own, handing the job over to a Realtor will make your life far easier. In addition, since a Realtor has a great deal of experience in this area, he or she will likely be able to create more effective marketing methods and will be able to reach a larger number of potential buyers.
Network
Since you have decided to sell the condo, you can start to spread the word among your neighbors, friends, and family. Even if you have a Realtor helping you out throughout the process, you can still help with spreading the word. In addition, residents of condos often have friends that are interested in moving into the building. Therefore, letting those around you know that you are interested in selling can go a long way toward getting your condo sold in a short period of time at the price you are asking for.
Keep in mind that selling a condo is about more than selling a place to live – it is also about selling a lifestyle. Therefore, you should be certain to target those that would be most interested in owning property without dealing with the headaches of maintaining a yard or other problems that are commonly associated with home ownership.
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If you are getting ready to sign an apartment lease, you might want to make sure to read the lease agreement once more and determine if there are any points that you would like to negotiate. Remember, if there are any aspects of the lease that you do not agree with, you will be forced to accept them throughout the duration of the lease unless you successfully get those parts of the lease changed. Therefore, in order to successfully negotiate better terms for your apartment lease, you should try to implement these simple tips.
Know Your Landlord
Knowing your landlord will give you a better idea of what to expect when you get ready to negotiate your apartment lease. If the apartment is owned by a company that owns thousands of apartments, negotiating a lower rate may not be that big of a deal to them. On the other hand, if you are renting from someone that is renting out the upstairs of his or her home, a reduction may be out of the question. By understanding your landlord and what he or she is likely to be able to do for you, you will be able to better plan out your negotiations and to determine what you should ask for.
Choose the Right Time
Some people attempt to negotiate the apartment lease before they have actually been selected for the apartment. Although you might think it is a good idea to establish your needs beforehand, you will actually lose your bargaining chip by negotiating too early. Rather, the best time to negotiate is when it comes time to sign the lease. This way, you know you have something the landlord wants: your business.
Build Trust
You can begin to build trust with the landlord by asking plenty of questions about the landlord’s rules and regulations. This will help to demonstrate that you are responsible and that you wish to abide by the rules that the landlord has established.
After asking questions and reading your lease, you can then ask for certain aspects to be changed. Be sure to let the landlord know that you are asking for these changes for your own safety. Furthermore, if the landlord seems resistant, remind him or her that you are a reliable tenant. Now is the time to bring up the fact that you have good credit, that you have a history of paying your rent on time, and that you will not cause damage or disturbances at the apartment. In addition, be certain to provide the landlord with reasons for your requests to change the lease.
Get it in Writing
Once you have agreed upon the changes to the lease agreement, make sure you get all of the changes in writing. If you are making changes to the lease, these changes need to be made to the actual document before you sign it. Or, you might need to create a rider to go along with the lease that overrides the previous lease. Similarly, if you have negotiated repairs, be certain these repairs are also put in writing and that a deadline for these repairs to be done is established and written as well.
By following these simple tips, you will greatly increase your chances of enjoying a great apartment lease that is fair to both you and to the landlord.
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You may not realize it, but helping you find a great home is often a joint venture between your Realtor and a number of other professionals. In fact, it is through your Realtor’s willingness to work with other professionals that you can more quickly find a great place to live at a price you can afford.
Working Together in the Office
Although some Realtors work on their own, many have a few other people working in the office with them. Often, these offices will contain one broker and several real estate agents. The broker serves as the supervisor of the other agents, though they can all show you homes and help you close a deal with the buyer.
If you work with a Realtor that has other agents in the office, you will still spend most of your time working with just one agent. While that agent will serve as your main point of contact, you can rest assured that your agent will work with the other agent’s in the office in order to search through the available listings and find the perfect home for you.
Looking Beyond the Office
Since every home on the market is not listed with your Realtor, he or she will also look beyond the office in order to try to find the home you are searching for. By contacting other agents in the area, your Realtor can find out about other homes that are not being actively marketed. Although your Realtor will still be your point of contact, he or she will use this professional relationship to help expand upon the number of homes you have to choose from – and all at no extra cost to you.
Remember, it is your Realtor’s job to do the searching for you and to find the house that will best meet your needs. Therefore, doing this type of investigation and working cooperatively with other real estate agents is all a part of the job.
Working with Other Professionals
After working with other agents in order to find a great home that will suit your needs, your Realtor will work with other professionals in order to guarantee your home is perfect for you. For example, you Realtor can help you find a professional to conduct an inspection of your home. While you can obtain an inspector on your own, your agent can help recommend inspectors and point you in the direction of those that are available. By having your home inspected, you can make sure it is sound and that there are no problems that you will have to deal with down the road.
If there are issues with the home you are considering buying, your Realtor can help you to renegotiate a new price. In addition, he or she can help you find a contractor that can make the necessary repairs if you are still interested in moving forward with the purchase.
By working cooperatively with all of these professionals, you can be certain to find the home that is absolutely perfect for you!
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You might be surprised to know that that there is a difference between being a Realtor and a real estate agent. Although the two terms are commonly used interchangeably, becoming a Realtor takes much more work, dedication, and education than becoming a real estate agent. In addition, becoming a Realtor and maintaining this type of certification requires adhering to certain high standards that are not required to become a real estate agent.
Becoming a Real Estate Agent
Becoming a real estate agent is not necessarily an easy task. After all, in order to legally work as a real estate agent, one has to complete several weeks of schooling and then successfully pass an examination. In order to successfully pass the examination, you have to have a solid understanding of real estate laws and practices. At the same time, successful completing of the coursework and passing the test really only tests the person’s knowledge but does nothing to test the person’s code of ethics. This is what differentiates a Realtor from a real estate agent.
Becoming a Realtor
In order to become a Realtor, a person must first successfully complete the requirements to become a real estate agent. Then, the agent must complete certain steps in order to become a member of the National Association of Realtors. It is only at this time that the agent can properly be referred to as a Realtor.
For an agent to achieve this special designation, he or she must commit to treating all of the people involved with the purchase with fairness, which includes both the buyer and the seller. In addition, members of the Association must adhere to a strict code of ethics. This code includes agreeing to never mislead the buyer about the value of the home in order to secure a listing , to maintain confidentiality, and more.
Members of the National Association of Realtors are also more dedicated to education. In fact, in order to maintain their membership, members of the Association are expected to maintain a greater knowledge of the selling and buying process than those that are not members. Therefore, you can rest assured that the professional you work with will be highly knowledgeable about the buying and selling process as well as how to properly care for you and your needs.
Recognizing a Realtor
The easiest way to recognize whether or not a real estate agent is also a Realtor is to look for the Realtor logo, which is simple the capital R with a circle around it. This logo will be displayed on the Realtor’s sales literature, business card, and other marketing materials.
Aside from the logo, however, you will be able to recognize a Realtor by the exceptional level of service and knowledge that these agents bring with them. Since most home purchases today exceed $100,000, you certainly want to have a professional on your side that you can trust to look out for your best interest throughout the home buying experience.
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If you are like most first time homebuyers, you do not already have the money saved up to purchase the home you have selected. As such, you will need to borrow money from a lending institution in order to help you finance your purchase.
Before you enlist in the services of a Realtor to help you find a great home, you should consider the various financing options that are available to you in order to determine which one is right for you. By having a good idea of the pros and cons of each as well as which options you qualify for, you will have a better idea of how much you can afford to pay for a home as well as whether or not you are truly ready for the responsibilities of home ownership.
There are ten main forms of financing that you can select from. These include:
• Fixed rate mortgages
• 10/1 year adjustable rate mortgages
• 7/23 mortgages
• 7/1 year adjustable rate mortgages
• 7 year balloon mortgage
• 5/25 mortgages
• 5/5 and 5/1 year adjustable rate mortgages
• 5 year balloon mortgages
• 3/3 and 3/1 year adjustable rate mortgages
• 1 year adjustable rate mortgages
Fixed rate mortgages can be created to be spaced out over 10, 15, 20, or 30 years. With this financing option, the interest rate that you pay and the amount of your monthly payment will remain the same throughout the lifetime of the loan. This type of loan is best if you plan to live at least ten years at the properly and if you prefer having the same payment each month, which is easier when it comes to monthly budgeting.
With the 10/1 year adjustable rate mortgage, on the other hand, your interest rate and your monthly payments will remain the same for the first ten years, but will b adjusted every year after that. This type of loan is ideal if you plan to live in the property for ten years or more and only need stability in your loan payments for a short period of time. On the other hand, it is also good if you plan to move within ten years but want the loan to remain in place for longer in case your plans change.
The concept is the same with the 7/1 year, 5/1, and 3/1 adjustable rate mortgage. The 5/5 and the 3/3 are similar, though the interest rate is addressed every fiver or three years after the first five or three years are completed.
With the 7/23 mortgage, which is also referred to as 2-Step, your interest rate and your payments will remain the same for the first seven years and will then be adjusted according to the interest rates at the time. The new payment amount will remain in effect for the remainder of the loan. The same is true with the 5/25 loan, though the change will take place after the first five years are completed. These types of loans are best if you plan to live on the property for more than then years and if you can tolerate having an adjustment made to your payment amount one time. Or, if you plan to move in seven or five years, depending on which type you select, this type of loan can be a good choice.
The seven year balloon mortgage maintains the same interest rate and payment amount for the first seven years. After this period of time, the loan is due in full. This means the borrower needs to refinance a new loan. The same concept is true with the 5 year balloon mortgage. This plan is good if you plan to live at the property for longer than the number of allotted years and are willing to refinance or if you plan to move when the payment becomes due.
Finally, you could choose to obtain the one year adjustable rate mortgage. With this mortgage, the interest rate is adjusted every year. This means the payments can change each month, though it can help you take advantage of lower rates when they occur. If you are willing to accept frequent rate changes, this might be a good option for you.
Although he or she cannot actually process the loan for you, you can provide your Realtor with some basic information in order to help you select a lender and the type of loan that is right for you. Let your Realtor know how much you have in savings, how much your current debt is, what your income is, and the type of loan you want to acquire and he or she should be able to point you in the right direction so you can get the ball rolling and finally purchase that home of your dreams.
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Selling your home is a big moment in your life. After all, you are likely selling your home because you have decided to move to a new town or state. Or, perhaps you need to move into a larger home in order to accommodate your family or into a smaller home because the kids have left the nest. Regardless of your reasoning, you want to make sure you get the best price possible while also selling the home as quickly as possible. In order to make this happen, it is a good idea to follow these simple, quick, Realtor-recommended improvement tips that will help get your home sold.
Realtor Recommended Tip #1: Paint – Both Inside and Out
You would be amazed by the improvement that can be made with a simple paint job. By applying a fresh layer of coat to the outside and the inside of the home, the property will look much cleaner, newer, and more attractive. In addition, if you have unusual colors in or out of your home, applying a more neutral color will help to make the property more appealing to a broader market of buyers. Loud colors or colors that are selected to meet a very particular taste can make a home a tough sale.
Realtor Recommended Tip #2: Plant Flowers
Any Realtor can tell you that attractive landscaping is a major draw to potential buyers. In addition, adding just a few simple flowers here and there can be accomplished at a low cost while making the home appear more inviting and lively. In fact, you don’t have to permanently plant flowers on the property. Simply hanging a few flower baskets can do the trick and you can take them with you when you move.
Realtor Recommended Tip #3: Remove Clutter and Personal Effects
If you are still living in the home as you try to sell it, make sure it is clutter free as it is being shown to potential buyers. Nothing can make a sale more difficult on a Realtor than trying to walk past a mess or trying to help a buyer visualize living in a home that is highly personalized to the buyer.
Remember, your main goal is to help the potential buyer see him or herself living in the home. If your home is filled with personal memorabilia, such as family photos or collectibles, it becomes more difficult for the buyer to envision what he or she can do with the home. The less clutter and personal items left in the home the easier it will be for the Realtor to make this happen.
Realtor Recommended Tip #4: Maintain the Lawn
If you aren’t living in the home anymore, you might find it difficult to maintain the lawn properly. Remember, the first impression the buyer has of the home will go a long way toward determining whether or not a sale will be made. Therefore, if you cannot tend to the lawn yourself, look into hiring someone to take care of it for you. It will be an investment that is well worth the cost.
By following these four Realtor recommended home improvement tips, you will be able to sell your home for a fair price while also allowing you to move on and enjoy your new home rather than worrying about your old one.
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When it comes to real estate investing, making money off of foreclosed homes is a highly specialized area that can become aggressive as well. This is because investing in foreclosed real estate is a specific market and those that are involved in this form of investment tend to be highly educated when it comes to making money in this manner. Therefore, before you get involved in real estate investment, it is important that you become as educated as possible about buying and selling this type of real estate for the most profit.
Understanding Foreclosure
When many people think about foreclosed properties, they envision homes that are falling apart or that are infested with termites or covered in mold. The reality is that foreclosed homes can be mansions or pieces of commercial property that are worth millions of dollars as well. Remember, properties are not necessarily foreclosed upon because they are condemned or because they were not properly cared for. Rather, the previous owner simply failed to make payments on the property. When this happens, the lender takes the property back and sells it in an attempt to regain the money that has been invested into that particular piece of real estate.
Choosing Your Niche
When you decide to become involved in real estate investment by specializing in foreclosed properties, you will need to first determine your niche. In other words, you should start off by targeting one type of property. Perhaps you will focus on “fixer uppers” that you will repair and then sell. Or, maybe you will specialize on commercial properties.
Whatever you decide to specialize in, the chances are that you will have plenty of properties to select from. In fact, the number of foreclosure properties available each year in the United States is topping half a million and those numbers continue to grow.
Picking the Right Stage of Foreclosure
As you explore the possibility of purchasing foreclosed real estate, you will need to learn more about the three major stages of foreclosure. These stages are pre-foreclosure, auction/trustee sale, and real estate owned. There are pros and cons to completing your purchase during each of these stages, so you might find that you prefer to close the deal at a particular stage. This is entirely up to your personal preference.
During the pre-foreclosure stage, the homeowner has received a certified letter stating that the home will be foreclosed upon if payments are not made current by a certain date. You can approach a real estate owner at this time and offer to purchase the property before the foreclosure occurs. There is little risk involved with purchasing property during this stage and you can also enjoy the satisfaction of helping someone get out of a bind, though you need to make sure there are no judgments or liens on the property before you finalize the deal.
During the auction stage, the property has been put up for auction or put up for what is referred to as a trustee sale. This step occurs when the owner fails to bring the payments up to date in accordance with what was stated in the letter that was received in the previous stage. During this stage, you can purchase the property by paying the lender so it does not have to take the property back. As a result, you can often receive a discounted price. To buy the real estate at this time, however you will need to have the cash needed for the purchase. You also have to purchase the property “as is,” which can be a risk if there are problems with the property.
If no one purchases the property at auction, the lender had to buy it back. It is at this point that it is considered Real Estate Owned. At this stage, the lender may attempt to make a profit from the property. Nonetheless, you can typically get a good discount at this stage. In addition, waiting until this stage provides you with more time to do research on the property ahead of time.
Real estate investment can be an excellent way to make extra money and to plan for your future. At the same time, you need to take the time to learn about this type of business and to understand the pros and cons of investing at the various stages in order to make sure you minimize your risks and maximize your profits.
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After you have found the home that seems to be the one that you want to purchase, it is time to get a home inspection completed. You can enlist in the services of your Realtor to help you find a great inspector, but you should not rely entirely upon your Realtor to tell you which inspector you should use. After all, the home you will be purchasing will be your property and, if you choose a poor real estate agent, you might actually be referred to an inspector that performs a poor inspection. Therefore, you should keep a few things in mind when selecting a professional to conduct the home inspection.
Why Have a Home Inspection in the First Place?
Having a home inspection performed is an important component of the buying process. In essence, the home inspection helps to ensure that you are purchasing what you think you are buying. In other words, the inspection can help to uncover any hidden problems that you may not have noticed when you looked at the home.
If the report the inspector provides shows that there are problems, you should then use this information in order to go back to the drawing board with your Realtor and with the seller. If there are problems with the home, you may be able to negotiate a lower price or you may be able to insist that the seller make the necessary repairs before the deal is closed.
Checking the Inspector’s Licensure
When you begin the process of selecting an inspector, you should first look into the various inspectors’ licensures. Depending upon the state in which you live, there may an established standard of practice or educational requirements set in place. If this is the case, request a copy of the state standards from the inspector and make sure he or she is properly licensed.
In addition to the state requirements, it is also a good idea to select a professional that is a member of one of two different professional standards organizations: the American Society of Home Inspectors (ASHI) and the National Association of Home Inspectors (NAHI). Both of these organizations are reputable and insist that their members meet certain standards of excellence. It is even more important to look for an inspector belonging to one of these organizations if your state does not have established licensing standards.
Getting Properly Educated
The level of education of the inspector is another factor that you should consider. Ideally, the inspector should have at least a bachelor’s degree. In this way, you can take comfort in knowing that the person has the necessary critical thinking skills to analyze potential problems and safety hazards within the home.
If the inspector is a member of ASHI or NAHI, you can be certain that he or she has attained a certain amount of education. In fact, members of these organizations will have passed a national test that is administered by the Examination Board of Professional Home Inspectors. In addition, members of these organizations have to complete continuing education requirements in order to maintain their memberships.
By looking for an inspector with these characteristics, as well as finding one that is properly insured with Errors and Omissions Insurance, you will be able to tell your Realtor to finalize the deal with confidence that you are making a good decision.
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When it comes time to purchase a home, it is easy to get swept away by the excitement. This is particularly true if this is your first time purchasing a home, which is always a thrilling moment.
While you may be anxious to close the deal and to finally move into your dream home, there are many legal issues you to contend with before you finalize your purchase. With the help of a Realtor guiding you through the process, however, you can be certain that you will be properly informed and protected when making your new home purchase.
Getting a Realtor for You
One of the first things you need to realize is that not all real estate agents are looking out for your best interest. In fact, if the agent represents the person that is selling the home, that agent is looking out for that person’s best interest instead. For this reason, it is a good idea to have your own Realtor that will make sure you are completing the proper steps during your home buying experience.
Negotiating a Deal
While it is possible to enter into negotiations with the seller without the help of a Realtor, having one of these professionals on your side can make the process smoother. Remember, the Realtor has a great deal of experience when it comes to negotiations, so it is in your best interest to put these skills to use.
In addition to negotiating the price of the property, the Realtor can also negotiate factors such as:
• The type of financing terms used to purchase the home
• When you can take possession of the home
• What repairs will and will not be made to the home before closing the deal
• What furnishings or equipment will be left in the home and included in the negotiated price
After these negotiations are complete, a purchase agreement can be created and you can move on to the next step of the buying process.
Getting Inspected
Before your deal is finalized, you will also need to have the home inspected. Although the lender will require an appraisal of the home to be completed, this is not the same as an inspection. An inspection will tell you about any current problems or potential problems the property faces. If the inspection determines that there are problems with the property, your Realtor may need to return to the negotiations in order to determine who will pay for the necessary repairs.
Although your Realtor does not complete the inspection, he or she can recommend a reputable inspector that will truly look out for your best interest. In addition, the Realtor may work closely with the inspector in order to make sure all information regarding the property is accurate and complete.
Once you are satisfied with the condition of the home and the terms of your purchase agreement, you can notify your Realtor that you are ready to move forward with the purchasing process. With financing approved and in place, it won’t take long before you are ready to move into your new home!
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