Condo Living 101

Living In Comfort

andrea — Sat, 10 Jul 2010 14:14:40 +0000

Living and dining in a luxury place at the heart of the city is the trend these days. Standing at the window of a condominium unit is a fascinated scenery. That’s why the higher the unit floor, the cost is much expensive. Also, homeowners are now particular how well decorated the unit is. Some are even hiring interior decorator to transform the unit into a magical place. More than anything else, living in a condominium is more of a comfort rather than a lifestyle. The fact that you live in nearby establishments, you don’t need to worry about time and other things.

Condo Documents

Ryan — Mon, 28 Jun 2010 15:03:16 +0000

Master deed: The key document in a condo project, the master deed establishes the project as a condominium project. It gives residents the authority to form an operating association and gives the legal descriptions of all individual units and common areas.

Bylaws: The operating rules for the condo association. Among other things, they authorize a budget to be created, the assessment of fees, the hiring of professional management staff and other operating duties.

House rules: Govern what owners can do in common areas.

Covenants, conditions and restrictions: Private restrictions on the use of project property; usually created by the developer.

Amenities

Ryan — Mon, 24 May 2010 09:08:00 +0000

What are you looking for a condo living? Amenities, of course. Developers are eager to build condo buildings or units that has great facilities combined with good service. Some condominiums are even situated beside or inside the shopping malls. Other facilities includes swimming pools, gym, basketball and tennis courts, function halls, among others.

Will Your Real Estate Taxes Rise?

Ryan — Tue, 20 Apr 2010 14:43:53 +0000

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.

Things to Beware of Before Purchase.

Ryan — Mon, 15 Mar 2010 14:39:05 +0000

Take the time to check out the complex before you buy and look out for these red flags:

-If more than half or so of the units are rentals, think twice about the project. Upkeep may be poor and some lenders will not make a loan on a unit in the complex, which could reduce the long-term value of your investment.

-If the condo association doesn’t have a healthy reserve fund, beware. If there isn’t money to fix major items such as a new roof or plumbing, the members will be hit with a special assessment to pay the tab.

-Avoid a condo association in which the board of directors isn’t getting along. They will make poor decisions for everyone else in spite of one another.

-Steer clear of a condo project that is heavily involved in litigation. Lawsuits with builders and other homeowners can put a cloud over the project

Source: Mid South Condos

No.1: Convenience

Ryan — Sat, 13 Feb 2010 09:06:36 +0000

Condo living is a great convenience especially for people on the go. It is usually situated at the heart of a business district, that’s why it is very accessible to work place, shopping centers, schools, and even churches. You don’t need someone to guard your place since the building has it’s own security.
There are however some tradeoff’s to living in a condominium, like the fact that you’d have to live in close proximity to neighbors a wall away. and so much more. Not having the liberty to enjoy your own lawn, and even the frequent barbecues you used to have without having to go down to the poolside or recreation area where it is limited to.

Real Estate -Condos Are Becoming Single Family Vacation Homes

Ryan — Fri, 08 Jan 2010 14:36:21 +0000

Nationally condos have become almost as popular as single family homes for vacation properties. Many families consider their second home as a means of diversifying their portfolio. While the trend is picking up in Wisconsin, the appeal has always been toward cottages and cabins.

Buyers believe that owning homes in two entirely different markets increases the chance that their total equity will continue growing. They also have the advantage of more liquidity. If needed, they could sell one of the homes and live in the other.

Brokers in Wisconsin report the trends are picking up in the area. Buyers in this area are buying cottages and cabins for second homes. Approximately 42% fall in this category while approximately twenty percent buy condos.

The difference in the buying habits today is that buyers are looking for the appreciation in value of the property rather than looking to rent the property. Buyers are also not looking to repair or maintain their vacation property. The trend is leaning toward one of convenience. For these reasons, buyers are vying toward new construction.

Buyers don’t want to work. They are buying these properties to visit them and relax in a different environment. Currently Baby boomers are driving this trend. Since they have more disposable income than prior generations had, this trend could continue for some time.

Source: 7263.org

Condo Documents

Ryan — Thu, 03 Dec 2009 04:50:45 +0000

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

Convenience at its peak.

editor — Tue, 03 Nov 2009 21:36:50 +0000

If you really want minimum maintenance in your condo unit, you better consider taking away some of your frilly designed furniture and accessories. First, you can minimize your knick knacks without sacrificing design (maybe remove some that don’t add to the interior of your room). With this, you have fewer things to dust off. You can also remove your curtains and replace it with rolling blinds. Rolling blinds are a lot easier to handle. You can just wipe them off with a wet sponge (it’ll take only a few minutes) and continue doing other things afterwards. Removing the curtains can also minimize your laundry load.

Photo taken from http://images.craigslist.org

Going Japanese!

editor — Sun, 18 Oct 2009 20:53:06 +0000

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