Lauren Chaney's Blog
If you’re looking to buy a property in the near future, you may be considering a condominium as a part of your search criteria. There’s so much to consider when you are deciding on whether to buy a condo or a traditional home. Condos can be great for the right buyers. You just need to be sure that your needs will be met by purchasing a condo. Hopefully, laying out the pros and cons will help you to make an informed decision that’s right for you.
There’s many great pros to buying a condo. For people who seek security and easy upkeep living, buying a condo can be great for the following reasons:
Security: Many condominiums offer gated communities with security staff on duty. In this way, living in a condo gives you a special sort of safe community feel.
Amenities: Condos also offer many different kinds of perks for owners. These can include a pool, a clubhouse, or community events. You won’t get all of these unique benefits living in a traditional house.
Maintenance: You don’t have to worry about maintaining your home or the surrounding areas. In a condo, someone else takes care of it for you! When your heating unit fails, it will be taken care of. This is one of the great benefits to this style of home.
Accessible prices: Condos are much more affordable than homes in many places. Purchasing a condo can be a great first step to home ownership.
HOA Fees: All of the amenities that condos carry come at a price. You as the homeowner cover the costs of maintenance and security in the community. This fee is paid on top of your mortgage payment. In some cases, the association fees can vary widely, so plan your finances accordingly.
Privacy: Living in a condo is similar to living in an apartment. There’s a lack of privacy that exists when you’re sharing walls with your neighbors. You’ll hear people going up and down the halls and fellow owners will be around you 24 hours a day. If you enjoy your privacy and space, condo living may not be for you.
Selling: If you have seen one condo in a specific complex, you have seen them all. That’s what makes selling a condo difficult at times. If a building has more empty units than not, the condo may be more difficult to sell. Keep this in mind when you’re searching.
Condos Have Rules: Living in a condo means you’re living under the management’s rules. You may not to be able to install the technology that you want like solar panels and satellite TV under the community regulations, for example. A condominium's home owner association may limit things like what you can do in your yard or hang on your door.
The decision to buy a condo over a single family home is a big one. There’s many different things that need to be considered on an individual basis for your choice to be complete. Look at your decision from all angles. A condo could be a great pathway to home ownership for many people.
Purchasing a condo should be fast and easy. However, negotiations with a condo seller can quickly become stressful and may put your chances to acquire your dream condo in danger.
Lucky for you, we're here to help you simplify the process of negotiating with a condo seller to ensure you can purchase your ideal property.
Here are three tips to help you navigate tough negotiations with a condo seller.
1. Consider the Condo Seller's Perspective
Think about the condo seller's perspective and try to find common ground with this individual. By doing so, you and the condo seller may be able to agree to terms that meet the needs of both sides.
When you initially submit an offer on a condo, ensure your proposal accounts for the condo's condition and the current state of the real estate market. That way, you'll be able to avoid the risk of submitting a "lowball" offer that falls below a condo seller's expectations.
Also, maintain open lines of communication throughout the negotiation process. This will allow you to listen to a condo seller's concerns and respond accordingly.
2. Collect Plenty of Housing Market Data
If a condo seller believes you are unwilling to pay a sufficient price for his or her condo, it is always a good idea to present housing market data to back up your offer.
Explore the housing market closely to learn about the prices of comparable condos in nearby cities and towns. This will allow you to see how a particular condo stacks up against similar properties in terms of price and condition.
In addition, check out the prices of recently sold condos in your area to identify housing market patterns and trends. With this real estate market information at your disposal, you'll be able to make an informed decision about whether to continue to negotiate with a condo seller or consider other properties.
3. Collaborate with a Real Estate Agent
A real estate agent will negotiate with a condo seller on your behalf. Therefore, he or she will help you minimize the stress and anxiety that is commonly associated with condo negotiations.
Typically, a real estate agent will submit an offer on a condo and wait to hear back from a condo seller. If a condo seller decides to negotiate, a real estate agent will work with you throughout the negotiation process.
A real estate agent will listen to your condo buying concerns and questions and respond immediately. He or she also will provide honest, unbiased recommendations to help you make informed decisions during negotiations with a condo seller. This real estate professional will even share your concerns with a condo seller to help you get the best results possible.
When it comes to a negotiating with a condo seller, there is no need to worry. If you collaborate with a real estate agent, you can take the guesswork out of condo negotiations. And ultimately, you may be able to move one step closer to buying a condo that meets or exceeds your expectations.
Selling a condo may seem like a tall task, particularly for those who plan to list a property on the real estate market for the first time. However, condo sellers can take the guesswork out of listing a property and maximizing its value if they consider a few simple questions, such as:
1. How Much Is My Condo Worth?
The price that you paid for your condo initially is unlikely to match your property's worth today. As such, you'll want to conduct plenty of research into the real estate market to assess your condo's worth and price your property accordingly.
Hiring a home appraiser is ideal, as this professional will be able to evaluate your residence and establish a value for it. Plus, a home appraiser can help you identify any "red flags," i.e. problem areas that may prevent you from maximizing the value of your condo.
Don't forget to assess the prices of similar condos in your area too. By doing so, you can get a better idea about how much comparable residences are selling for in your city or town and set a competitive price for your residence.
2. What Sets My Condo Apart from Others That Are Available?
Before you add your condo to the real estate market, you'll want to consider features that may help your property stand out from others that are available.
For example, if you live in a condo community that offers access to a swimming pool and tennis courts, you'll want to include this information in your property listing. Or, if your condo provides a reserved parking spot for you and additional parking for guests, you'll want to provide condo buyers with these details as well.
As a condo seller, you'll want to do whatever you can to differentiate your property from others, regardless of whether you list your residence in a buyer's or seller's market. If you highlight features that help your condo stand out, you can stir up significant interest in your residence as soon as it becomes available.
3. How Can I Optimize the Value of My Condo?
Unfortunately, the real estate market can be unpredictable. And even if you perform ample housing market research, there is no guarantee that you'll be able to streamline the condo selling process and maximize the value of your residence. But if you hire a real estate agent, you can boost your chances of selling your condo.
A real estate agent may boast many years of condo selling experience and understand what it takes to generate interest in a property. He or she also will be able to provide valuable tips and guidance to ensure that you can list your property at the right price in any real estate market. In addition, if you ever have concerns or questions about selling your condo, your real estate agent will be able to respond to your queries without delay.
Employ a real estate agent to help you sell your condo, and you can move one step closer to maximizing the value of your property.
When it comes to finding a place for you and your family to live, there have never been more options available than today. Banks and property owners have made living arrangements available and accessible to people of any lifestyle; whether you plan on staying in a home for just six months, or for the rest of your life.
It isn’t always easy, though, to determine which option is best for you. In this article, we’ll break down the financial and lifestyle characteristics of the four most common living situations: condominiums, townhouses, apartments, or owning your own home.
Condominiums are a type of community living. But, they’re more than just an apartment that you own. Most condos are attached; meaning they’re not separated by yards and driveways. Some, however, are detached. One thing that is true for all condos, however, are the common areas throughout the development. This can include things like a park, yards, gyms, pools, or lounges and cafes. The best part about those amenities? You don’t have to worry about their upkeep.
So, since you own the condo, who pays for the common areas? Odds are, you’ll be paying a monthly fee or a homeowners association fee to upkeep the amenities your condo came with. Expect higher fees for better amenities and prime real estate location.
What about maintenance? Since you own the condo, you’re responsible for much of the interior maintenance, such as appliances. However, outdoor issues like roofing or siding are usually the responsibility of the homeowners association or property manager.
Condos are ideal for people who are somewhat committed to an area, and who want independence over their home without having to take care of all the landscaping.
Townhouses are in many ways the opposite of condos. They are often rented but they look like single family homes, complete with a driveway and front yard. There are also typically homeowners association fees for townhouses, but they can be significantly less since there are fewer amenities in a townhouse living environment.
Depending on your long-term plans, you can either rent or buy townhouses. Renting is usually a better choice for inhabitants who don’t plan on staying in the residence for more than a couple of years.
If what you truly seek in a home is independence and privacy then traditional homeownership might be the best option for you. If you own a home outright and don’t have to answer to a homeowners association, you get to choose what you do with your yard. There are of course, some limits to this, like getting additions approved by zoning boards, or trampolines signed off by your insurance company.
Financially, homes can be a good asset. They typically increase in value and allow you to build equity. You might also find them more financially dependable; rents can increase year after year, but your monthly mortgage payments typically won’t unless you choose to refinance.
Ultimately, buying a home is going to benefit you more the longer you stay there. So, if you plan on moving for work in the next few years, you might be better off renting.