Shopping for Condos? Here’s 5 Things to Look for Before You Buy

Whether you’re looking to purchase your first home or simply want to leave the burden of owning a house behind you, condos can be a great way to own a low maintenance home. There are, however, a few trade-offs associated with owning a condominium, so before you take the leap, ask these five questions.

1. Is the Building Insured?

One of the most important things to find out is whether your condo’s insurance coverage is adequate. Insufficient coverage can cause serious financial burdens later on or may even make it impossible to get financing. Make sure the board has maintained adequate coverage on the building and verify the amount of coverage through your own insurance agent.

2. How Many Investors Are There?

If you plan to finance your purchase, your bank may find the building an unsafe investment due to the number of investors and deny your loan. If there are too many investors, this will make it more difficult to find banks willing to offer mortgages, which can have an effect on the resale value of your home, as well. As a good rule of thumb, make sure investors own less than 30 percent of the building.

3. Will This Fit Your Lifestyle?

Condos are a great way to own a home without having to personally deal with maintenance costs, as these are usually bundled into your monthly fees and taken care of by professionals. Remember that living in a condominium also means being part of a community, so make sure you’re comfortable with the amount of activity and noise you’ll be dealing with in your building.

4. What Are the Condo Fees?

While it may feel like you’re saving by purchasing a condo instead of a house, remember that the ongoing fees must be taken into account. Find out ahead of time how much you’ll be on the hook for each month, and factor additional fees into your budget before signing on the dotted line.

5. What Are the Reserves Like?

While it may be difficult to get this information from the board before you buy, many sellers will openly offer information about the property’s reserve funds. Seeing how much a building has in its reserve funds can help determine how well the board handles the finances of the building. The reserve is also used for unforeseen costs, like broken pipes or new roofs. If the reserve cannot cover these costs, you may have to pay part of the bill.

Owning condos instead of houses can be a smart purchase because they’re a great way to get the best of home ownership without the extra work. If you ask these five questions before your next purchase, you’ll be sure to find the perfect. Welcome home!

Luxury Condominiums Are Even Better Than You Thought – Here’s Why

Vacations are the greatest thing to happen ever, and yes, we’re aware of all of the amazing things that have been accomplished by mankind. Vacations just happen to be the cherry on top of a life sundae, and now the ante has been upped with the rise of luxury condominiums.

The idea of making anything about a vacation luxurious seems completely at odds with what we picture as a standard vacation. This is mostly due to the portrayals of the family getaway in movies and on television. Beyond these “station-waggoned” marches to the grave we think of as vacations, getting away from things for a short time has become big business, and families have certainly come up on the right end of things. Getaway lodgings now include luxury condominiums, serving as the new “it” thing in the travel industry. Hotels, motels, and other standard lodgings are on notice, and even though they’re trying to make a dent in the trend, luxe condos are here to stay.

Still, you might be asking yourself, “Can my family afford a luxury condo?” Simply put, yes. Yes, you can. This is perhaps the greatest part of this new trend is that it’s fairly inclusive, and there are options for everyone. But you still may be unsure as to whether they’re all that and a bag of chips.

Well, here’s a few things that may sway you to Team Luxury Condominium:

You’re Right Near the Action – One place travelers fail to realize that costs them money is having to use some mode of transportation to move around. By being closer to the sights and sounds of your destination, you’re actually able to save a little scratch.

Privacy Isn’t A Suggestion – Luxury condominiums offer more spacious living quarters that allow family members to better able to get some privacy. This is hard to do when the T.V. & a second bed is right next to you in a hotel room.

A Home Away From Home… Seriously – The layout of many these places is much like a home, complete with kitchen area, as well as separate living, and sleeping, quarters. You really do feel like you’re coming home after a long day.

Personalization To Meet Your Needs – You may be traveling with your spouse, your kids, taking a multi-generational trip, or even having a weekend with friends. Either way, you can find the right place to stay that suits your party’s needs.

Luxury condominiums have grown in popularity for the last few years, and with so many travelers around the world jumping on the bandwagon, it’s hard not to believe that things will only get better. The key to finding the right place to stay for you and your family (if that’s how you’re traveling) is knowing what you need out of your lodging. While the hotel avenue is filled with a massive amount of customization to meet your needs, you just might need something more like coming home, and it’s here where luxury condominiums excel.