Will Your Real Estate Taxes Rise?

March 26th, 2015

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When you convert an owner- occupied condo into a rental property, your real estate taxes may rise. Although rules vary by jurisdiction, here are two common reasons taxes increase:

First, some jurisdictions provide a “Homestead Exemption” for owner-occupied residential real estate. This benefit exempts a
portion of the property’s value from taxation. If you convert your condo to a rental, you normally lose this exemption.

Second, owner-occupied residential real estate is usually taxed at a lower rate than non-owner occupied residential real estate. That is because the non-owner occupied property is assumed to be held for investment purposes. Accordingly, it is taxed at a higher rate.

How will the tax assessor know when you converted your condo to rental status? You are going to furnish that information on your next federal and state tax return. You report your real estate rental income and expenses on Schedule E of Form 1040.

Going Japanese!

March 19th, 2015

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If you want to achieve a simple look in your condo design, then maybe you can do with a Japanese interior. Japanese interior calls for earthly colors such as beige and brown. They seldom (or never at all) use colors that attract attention (like candy apple red, apple green, powder blue or any pastel color for that fact) compared to other designs. They would like to retain simplicity in their interior and as you design your home, make sure you have symmetry when it comes to your things (buy two display earthen pots instead of two). Never ever forget their famous short table for your dining room! I’m sure your friends will love the new look!

Photo taken from http://pro.corbis.com

Condo Documents

March 12th, 2015

There are several documents involved in condominium ownership that you may want to review before purchase. These papers should be available from the condo’s board of directors or their representative. They include: Master deed, Bylaws, House rules, Covenants, conditions and restrictions: Private restrictions on the use of project property; usually created by the developer

Cheap Improvements that Help Sell Your Condo

March 5th, 2015

Selling a condo is a tad bit harder than selling a single unit home for there is not much external aesthetics that can be your selling point. So improvements on the inside can help a lot with increasing your chances of getting a buyer quick without costing an arm and a leg.

One of the cheapest ways to improve a condo for selling or just for a change is through a change of color. Yep, good old paint and the good thing is that you could do it on your own cheaply. Get hold of material that would help a lot such as magazines that show current trends and colors that would give your unit a much needed sprucing up. You’d be amazed at how much a change in character a condo unit can get after a re-paint. And who knows, the first buyer you may get in that door maybe your last, selling your condo before you know it.

Condo Living – Hard Times

February 26th, 2015

foreclosureMore and more people are opting to save money due to the recession and condo living people are feeling the pinch. not only are the ones living within them finding it difficult, the property owner who gets a vacant unit seldom gets a replacement in time to make all necessary payments.
The hard economic times has resulted in many losing jobs even from some of the world’s biggest companies who have been forced to trim down their workforce rather than face closure. The government is trying to alleviate some of the pressure but it might not be enough to hold of foreclosure on your mortgage. Time will tell if we can weather the storm that is in full force, hopefully not too many will be left out on the streets of the broken American Dream.

Next Big Thing

February 19th, 2015

a12.jpgWhen most people think of Macau, the first thing that comes to mind is gambling. Work hard, and play hard! With new casinos being built and old ones being remodeled, no wonder why condo units are everywhere. So after a long workweek, what other place to stay than at your luxury condo.

South Florida Condo Units

February 12th, 2015

4.jpgThroughout the past six years, South Florida has distorted from low-rise structures to high-rise condominiums which are believed to be hundreds of feet high. Except that as the building heights rise, so did the selling value. South Florida condo market has been saddened by foreseeable trade and industry realities. Worth of newly-built condos tumble by at least 30% at the time the market crash down. Consequently, lenders are guarded of financing condo construction, thus convincing developers across South Florida to call off, postpone or repair their individual projects. Analysts mark out condo problems to short-term investors, who purchased condos at low pre-construction prices.

Dog issues.

February 5th, 2015

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Ok, so you live in a house and you plan to relocate to a condominium. No problem, you can relocate anytime.

But what if you have a dog? Oh no. That’s going to be a big problem. Most condominiums don’t let you bring one. You have to sign a memorandum that you can’t bring any pet inside your unit for noise control purposes. The units in a condo are only separated by a think wall, but that doesn’t mean the other person next to you can’t hear the dog’s bark. The truth is, they can. And considering the fact that most hallways are empty, the bark of the dog tends to echo—and the person living at the corner can and will hear it.

Photo taken from http://orlandonest.files.wordpress.com

Mountable cabinet tips.

January 29th, 2015

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If you are having problems where to put your books and other important documents (I’m not referring to money! You can put that in a bank or a safe.), and it seems like all your vacant spaces are occupied, then why don’t you try those mountable high cabinets? You can put those on top of a middle rise cabinet and stuff your books and other folders there. It’s actually better if your choose something that has a lot of segregators so that you could actually put lots of different documents (portion 1 is for cook books, 2nd is for work folders etc.).

Photo taken from http://www.dawginc.com

Before buying a condo… (part V)

January 22nd, 2015

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Last tip to make sure you are getting your penny’s worth is to take a peek at the condo’s owner’s association. They are the ones who are making the rules of the condo, so you should familiarize yourself with the ones on top. A condo’s owner’s association will do its very best to maintain the exterior as well as the interior of the condo. Inspecting the condo’s ins and outs can be very helpful in determining how good the owner’s association is. The sight of a small crack at the corner of the hallway is not a good sign. You might want to look for another one.

Photo taken from http://www.sealtitebasements.com