Tagged under: Cheap Florida Condo, Condo, This apartment purchase
Things to Consider when Purchasing a Condo
Condos have become a popular form of real estate ownership in Toronto especially among first time home buyers. Not only do condos tend to be the most affordable option for home ownership in central Toronto but they also offer a low maintenance lifestyle.
What is a Condo anyways and what should be considered when purchasing one?
The term condo actually refers to a type of home ownership and not the style of building as many people think. This type of ownership allows the owner to own a specific unit in a building as well as owning a share of the common property, such as the lobby, hallways, gym, recreational facility etc.
Condos offer home owners many advantages over a free hold property, such as affordability and a low maintenance lifestyle. A monthly fee, known as a maintenance fee is paid to the condo corporation each month to cover building costs such as ground maintenance and sometimes even your unit utility bills. Each month a portion of this maintenance fee is contributed to the condo's reserve fund. A reserve fund is set aside to pay for any large repairs that may need addressing in the future, such as fixing the roof or pool.
Deciding to purchase a condo, especially for a first time buyer can be a stressful and unfamiliar process. Let's take a look at what you should consider when purchasing a condo unit in Toronto.
1) Price - How much can you afford and what is included in the price of the condo unit? Are utilities extra? Does the condo unit come with a parking spot or a locker and if so is there an extra cost to them?
2) Down Payment - Consider how much you can afford to put down on the condo. Anything less than 20% of the purchase price must get mortgage insurance. The larger your down payment, the less interest you pay over the life of your mortgage.
3) Location - Is the condo located in a convenient are for your lifestyle? Is it near your place of employment, the gym, public transit, shops, highway etc?
4) Suite and Floor plan- Is the unit layout practical and will it be easy to arrange furniture? Where on the floor is it located? Next to a noisy garbage shoot or across from high traffic elevators?
5) Common Areas and Building amenities- Does the condo building have the amenities you are looking for such as a gym, a recreation room, guest suites, a pool etc?
6) Future value - Is the condo building and location a good investment? Is the area up and coming?
7) Reserve Fund and Condo Corporation - Your lawyer will review the status certificate to see if there is any upcoming cost or increase in maintenance fees scheduled.
Condos are a great alternative to freehold living if you are looking for an affordable and convenient lifestyle. When searching for your perfect condo, take the above into consideration. Happy condo hunting.
Credit : http://www.articlesbase.com
Tagged under: Condo
Condos with Low Maintenance Fees
Buying a condo essentially means buying into a low maintenance way of living. Condos can be an affordable and stress free way to live as each month the owner pays a maintenance fee to cover certain common costs of the building. While having a low maintenance fee is ideal there are other factors to consider such as what is included in the monthly maintenance fee and the financial health of the buildings condo corporation.
Maintenance fees are paid to the condo corporation each month to cover common expenses in the building such as pool maintenance, security guards, grounds maintenance, etc. Maintenance fees are usually based on the size of the condo unit (square feet) therefore the larger the unit, the more the owner is contributing towards paying the common building expenses. Each year maintenance fees usually increase, as features of the building begin to wear out and need to be replaced and service contracts increase. This is why older condo buildings usually have a higher maintenance fee than newer ones. In addition, the more amenities a condo building offers its residents, such as a swimming pool, also contributes to a higher maintenance fee.
Many times I have buyer clients asking me to find them a condo with low maintenance fees. It's not so black and white. You have to ask yourself a few other questions like what expenses do the monthly maintenance fee include? Does it include Heat, Hydro, Water, central air and building insurance? Each condo is different so make sure to find out exactly what is included. One condo may offer a low maintenance fee but utilities are not included whereas another condo may have a higher fee but you don't have to worry about added utility bills.
Another thing to consider is the financial health of the condo building. Check with the property management to see if the monthly maintenance fees have been increased lately or if there is an increase scheduled for the near future. Special assessments are also important to take into account. Large repairs such as replacing the roof, are big ticket items. Depending on the situation of the condo corporation, they may choose to bill each unit owner their portion of the cost of the repair. The owner maybe required to pay in one lump sum or may be able to pay for it monthly for a certain time period. This cost is in addition to the monthly maintenance fee.
So next time you are looking for a condo with low maintenance fees make sure you take these other factors into consideration. Have your lawyer review the financial situation of the condo and only then you can decide if the maintenance fees are truly ideal.
Tagged under: Condo
Toronto Condos: Swimming in Fees?
Many people choose the condo lifestyle because of its convenience and simplicity. A monthly maintenance fee covers the upkeep cost of the building and its amenities such as a pool, gym, tennis court, party room, etc. Depending on the condo building, there may be a full sized pool, a lap pool, a current pool or no pool at all in the building.
Although a pool may be convenient, there are a lot of mixed views and feelings regarding the benefits of having swimming pools in condominiums in Toronto. Prospective buyers can easily observe the benefits of having a pool in their condo building, but they fail to see the one disadvantage that can end up costing condo purchasers more than they bargained for.
In Toronto, there are many condo buildings which have a full sized swimming pool, a lap pool or a current pool. One condo building well known for its full sized pool is located at the Bentley condo building in the St. Lawrence Market area. This building boasts an absolutely stunning outdoor pool that is nestled amongst a beautifully landscaped patio.
In the summer many residents enjoy the use of the pool as well as the roof top terrace for barbecuing and entertaining. On the other hand, one of the newer trends in condos is to have a "lap pool" or "current pool" which are smaller types of pools. A lap pool allows swimmers to actually do laps and a current pool, which are also typically small pools, have a strong current allowing the swimmer to essentially swim in place, similar to how a treadmill works.
Although the idea of having a pool in your condo building is appealing, you must also consider the disadvantage of having this luxury. In short, pools are expensive to maintain and to operate. Most Toronto condos that have pools also have higher maintenance fees than condos that do not. This is a cost that all the condo owners of the building have to absorb, even if they do not take advantage of the pool. This additional cost is reflected in the owner's maintenance fees. It is for this reason that many new home builders are not building swimming pools in new condominium projects.
There are however still new buildings that are going up in the city with pools such as Fashion House on King Street as there are a lot of individuals that desire a pool in their place of residence and are willing to pay for the luxury through their maintenance fees. As long as the buyer of the condo unit is informed of the potential costs that can be incurred by having a swimming pool in their condo building, there is no problem. Many condo buyers do not mind paying the extra monthly costs as the benefit of being able to use the pool whenever one pleases far outweighs the cost.
Tagged under: Condo
War in the parking lot of the Toronto Condo
Everybody knows that parking in the City of Toronto has proven to be more of a challenge over the last couple of years. With the population of Toronto increasing dramatically each year, parking is simply becoming more of a concern for both commuters and condominium buyers. In a city where parking lots are being purchased everyday by real estate developers to build yet another Toronto condo, acquiring a parking space and purchasing in a condo building with ample visitor parking is becoming more and more valuable.
If you are in the market to purchase a Toronto Condo, an important issue to consider is purchasing a parking spot. With parking in the city becoming more and more scarce, and with developers realizing more and more the value of parking, capitalization of this precious piece of land has begun. It is for this reason that purchasers should always attempt to purchase a Toronto condo with a parking spot as it dramatically increases the investment value of the unit when it comes time to resell it. Even if you do not own a car there are always ample opportunities to rent out your spot. Rental rates of parking spots in Toronto can vary anywhere from $100 to $200 a month. It is to the purchaser's benefit to buy a condo that has exclusive use to a parking spot or even better a deeded parking spot as the spot can be sold if necessary.
Most Toronto condos located in high traffic areas such as the entertainment district offer visitor parking but depending on the number of spots, they have a tendency to fill up quickly especially on weekends. In terms of new condo developments in the downtown core, because of the lack of space, condo builders have already either started to totally eliminate parking for visitors or if it is offered, often there is an hourly parking fee. Some older condo buildings such as 25 The Esplanade located in the heart of the St. Lawrence Market, have devoted certain levels of the parking garage exclusively for visitors, however visitors must pay per hour. This can prove to be extremely frustrating for condo owners who have frequent visitors or those who accommodate out of town guests and family.
Some Toronto condos have an abundance of visitor parking while other condos do not which is why it's important to ask your Realtor about it. A lot of condo buyers forget to ask this question with the assumption that all buildings have free visitor parking. If you enjoy entertaining guests in your condo, be sure to find out how many visitor spots are offered in the condo before you sign on the dotted line.
Tagged under: Before Buying a Condo, Condo
18 arguments in buying a condo for living or investment
Several years ago Condo prices rise too strong and income grow to catch up Should use the money from his physical buying condo wisely I propose ideas from direct experience In buying a condo at worth living or invest in Bangkok price 1.5-2.5 million
1. Starting from checking the money first Should have enough money to pay the first transfer for pay book, money contract. The down payment, and costs, the rest during transfer to pay by cash Or if the bank loan should earn per month enough recovery through If the income is not enough to use the way to recover The bank is also considering the history of credit and debt payment back in The previous existing consists of
2. For new or old choice Each model has advantages and disadvantages of different Most new condo to Ross has been finished for 1-3 years Price per sqm. More expensive than the old condo, but new hand is the interest rate on loan from bank The older condos completed saw the real don't have to wait, the price per sqm. Cheaper, but second hand, interest rate loan is often more expensive than new condo
3. Regret than regret Before you buy should study information in different places Project selection and target visit more good To see the location to compare the condo? By the enough to not hesitate to buy Don't have to be a big project of famous brand
4. Do good victory over half Starting from the selected zone to buy, which should have the potential to grow Then find a condo in each district, and the price is in the budget set I like the house on the main road through the drive through it The traffic is very convenient, go out Isolated danger and surrounding the project must not crowded too
5. It platinum have to see is in the city, and convenient transportation There are facilities around the project Away from the train a few meters Away from the highway a few kilometres, with public through the condo. If all of this is very expensive, if you had to choose should take no more than 300 meters near the train best
6. For to view from near the office and school No matter who want to work closer to home, because the time and travel expenses If you have a wish you a good school near their home Have to admit that the center almost everything in the heart of Bangkok
7. It money to view from near shopping, I like go shopping stop for a walk Tak air buy into the house, followed by's convenience stores and markets A choice of shopping for each period Condo surrounding shopping is happy again
8. Confidence in the brand Have to admit that the reputation of enterprises affect the decision to buy quite a bit, because indicate confidence taste experience The construction standards and after-sales service But keep in mind that the work in the past cannot guarantee the future always
9. For more highly expensive because of limited to build high-rise buildings with urban planning The construction of the building at the more expensive High angle view see remote The price should be increased, about 500-1 000 per m2. I, which selected high, middle class or below is a personal preference
10. In the view are more expensive. The popular view: view river bridge across the river view View Park view important place, and pool view The view is not popular, including cemetery crematory encircled the price each room very different even in the same project
11. People often avoid the West Because of the hot sun afternoon and hot But it can be solved with cling film curtain it UV thick or thin beam project sticking out above the windows help shade Normal West cheaper than the other direction Also, people often avoid the room on the lift and garbage Because worry about the sound and smell disturbance I see the design and maintenance is reduced to this concern
12... If a bigger room more comfortable To reduce the limitations in the selection of furniture, sofa, wardrobe, refrigerator, large down Important for the things will be more passive. I like the room with more than 30 sqm up for 2 people And design must feel airy ceilings ceiling too high to 2.6 meters makes is comfortable
13. Number of units on the center A fee per unit. ม.ท to pay every month will be cheaper unit less But must see that the global fair? Such as elevators, pool, fitness, garden and parking space, also should consider is unit too much peace less but it depends on the rules jointly established
14. Parking lots have enough Bangkok also has train reached the very area Many area taxi is difficult, especially when the shift or when it rains Bangkok also requires the use of private cars I see that there should be at least 50% parking of a number of units
15. Be expensive look at, the price per sq m is not a sale price During the period after some projects to reduce the size The room only 21 sqm. So price inexpensive but the price per sqm. Look out very expensive I choose a condo in the same location In the same grade price per sqm. Cheaper Because the money the rest to decorating the room
16. Put the book down and not lose interest Very suitable to people to buy a hand and also don't live or buy investment Each project set down are not equal Put too much the buyer money risk sink if completed late or lost money, if not, create and not pay the money back The money will be less than speculators in many trading price not leaving because of undercut The buyer the opportunity cost price in the future
17. EIA risks hard to avoid New condo mainly open sell without waiting for the passed the inspection about the impact on the environment Normally, the first or first pre-sale pre-sale price often is the cheapest To try to analyze what a chance to pass EIA much, especially in high in the alley Condo near the place is important The condo problem this because is built
18. Change to sold out, but take no matter for sale sale sale before the transfer or sale after transfer. Do it all, but takes a long time, if not, it's cool Often seen selling at cost or loss can't sell I said before deciding to buy must ensure that this condo for us. Don't hesitate to buy
Arguments not delve deep into the principles of investment house If have the opportunity, I will write next time We are writing about the next most interested friends is 18 arguments, saving, simple everyday life ^ ^
My first post: 18 arguments for salarymen to financial freedom
Tagged under: Before Buying a Condo, Condo
HOA and Condo Management: How to Hire a Condo Manager
A company that has training and experience managing association-governed communities should perform HOA management and condo management. If your neighborhood needs to hire a new management company, there is a process for ensuring that a management provider is a good fit for the community. Below is a basic outline of the process for hiring an HOA management and condo management company.
Develop a List of Candidates
After the board knows what type of provider the community needs, it should develop a list of candidates for the job. Many boards will already have preliminary information about HOA management and condo management providers in the area. Prior to submitting requests for proposals, additional information can be gathered through cold calling.
Determine What Type of Provider Is Needed
Step one is determining
what the board wishes to find in an HOA management and condo management
provider, particularly concerning the needs of the community, the style
of management that is provided, how a provider communicates with the
board, and what type of physical presence it has in the community.
Submit Requests for Proposals
When requesting a price quote for a company's services, be sure to specify exactly what services your community needs. This information should be generated in the first step of the hiring process: determining what type of provider is needed. The more information a provider has about the needs of the community, the more accurately it can quote a price.
Hold Interviews
During the interview process, the Board can ask questions about a candidate's business model, how it would handle certain types of problems, how much time it devotes to unseen services such as financial management, and other important issues that may not be addressed in a candidate's proposal.
Create a Written Contract
After a candidate is selected for the job, the board should create a written contract for the company to sign. Before the contract is finalized, the board should ensure that it contains the following information: credentials of the contractor, start and end dates for the contract, cost and payment terms, a description of work to be performed, a provision for termination, a provision for warranty, proof of insurance, and a provision for indemnification for the community.
Conclusion
Hiring an HOA management and condo management provider isn't difficult, but the hiring process requires attention to detail from start to finish. By following the process above, your community can find a reputable provider of HOA management and condo management services that meets its needs, and then some.
RealManage is a property management company, with over 25 years of experience, that specializes in HOA Management and Condo Management in the US. Our HOA Management and Condo Management services portfolio includes homeowner associations (HOAs), condominium associations, cooperatives, municipal utility districts, luxury high-rises and large master-planned communities.
Article Source: http://EzineArticles.com
Tagged under: Before Buying a Condo, Condo, How To Get The Most Out Of Your Condo Amenities
How To Get The Most Out Of Your Condo Amenities.
Most people do not have access to a pool or workout room in their house. Nor do they have a basketball or tennis court in their backyard. Indeed, there are some amenities that those people who live in condos have easy access to, while their friends who live in single-family homes would have to join a gym to enjoy the same. Other amenities, including garages, laundry rooms and wood floors, for example, can be found in both condos and single-family homes.
If you live in a condo, the first step to getting the most out of the amenities provided is to choose a building with exactly what you want.
People who live active lifestyles may be especially drawn to condo buildings that have basketball courts, fitness rooms, hot tubs, swimming pools or tennis courts. People who are more concerned about their individual unit may be drawn to those with high-end appliances, in-unit laundry facilities, granite countertops or wood floors. Those who want a sense of community may be drawn to buildings with large public spaces where people can gather, places where they can grill or have a picnic, or places that routinely have social gatherings.
In short, there are a whole host of amenities available in condo buildings, but it is your responsibility to choose that building that best suits your life. And doing so should not be too difficult, as the amenities are both easy to see when you walk through the building, and often are among the key selling points.
So how to get the most of the available amenities? It depends on what you are looking for. If you are a basketball nut and your building includes a court, you can recruit your neighbors and get a game going. Better yet, start a league and play on regular days and at regular times. If you love to grill, buy meat, vegetables or other items you enjoy grilling and make a meal. If the grill is in a common area, bring a beverage with you while you make your food and hang out by the grill. One of your neighbors probably will come and join you. If you love your wood floor, decorate around it and do not cover it up with a bunch of furniture or rugs. And make sure to put pads on the bottom of the furniture so you do not scratch the floor when you move it.
People choose to live in condos for a wide variety of reasons, but primarily because they suit their lifestyles. While the shelter and warmth a condo provides are probably the most important aspects of them, it is the amenities, and making the most of them, that truly makes condo living an enjoyable experience.
Andy Asbury is a Twin Cities based REALTOR® specializing in Minneapolis condos and helping others discover the joy of urban living. To get the latest on information on Minneapolis condominiums visit www.MinnesotaLoftsandCondos.com today!
Article Source: EzineArticles.com
