Real Estate

Real Estate

Finding Out Hidden Fees in Condos

Condos are widely known for being cheaper options in terms of how much you are going to be paying for each square foot that you are living in because of the fact that they don’t waste space in the same manner that a lot of houses and the like that you might go to would often end up doing in a wide variety of ways. Condos are cheaper, this much is true, at least when you compare them to houses, but one thing that you are going to have to realize is that the money that you will be spending on your mobilio condo will be more than you initially expect it to be.

This is still not going to make your condo more expensive than a house or something else that is in this particular vein, but the fact of the matter is that if you are trying to buy a high quality condo there is a lot that you will have to look into so covering all of your bases is definitely not going to be a bad thing at all and would instead be recommended by anyone that you might ask for some advice on the matter at hand all in all.

One way in which you would end up spending money on a condo that you have already bought is through association fees. Condos are not built like separate houses, they are meant to be part of a community that you are going to be living in with a lot of other people that would be alongside you, and this means that you are going to be charged for the amenities on a yearly, quarterly or sometimes even monthly basis which is something that you should know beforehand.

March 2, 2019

A Look at Condo Assignments

Some people buy a condo with the builder during the pre-construction period, so before the condo is even built. The interested buyer will have to sign a pre-construction purchase contract. Once the condo has been built, the buyer will go through an interim occupancy stage where they will simply move into the condo unit and will end up paying the builder an estimated amount which is supposed to include condo fees, taxes, and mortgage. Now, the buyer does not own the condo yet because they are still paying the fees.

However, once the condominium has gone through the necessary legal work, inspections and is officially registered and recognized, then the ownership finally moves to the buyers, and the mortgage payment is established. This entire time period can be stretched out from a few months to a few years, and if during this waiting period till the official closing, the buyer is no longer interested in buying their property and instead want to sell their condo either because they can no longer afford it or because of any other reason, then they will have to opt for selling it, and this is where assignment condos come in.

Since the initial buyer still does not own the property, they are actually selling their pre-purchase contract rather than the property, so this is where the concept of assignment comes in. So, they will have to find someone else that is willing to take on the pre-purchase contract and is willing to consent to all of the details in the contract including the pricing without any form of negotiation, so there is no wiggle room for renegotiation when you are buying an assignment. This is why it is important that you thoroughly go over all of the contract details before agreeing to buy an assignment.

January 13, 2019

Buying an Old House? Get It Checked For Asbestos

It is not easy to buy a house, if anything, it is a complicated process, and it can get really expensive. This is why a lot of people nowadays and buying older houses and then getting them renovated so that they do not have to pay large mortgage payments every month. Older houses tend to have their own charm, however, because they are old, it is important that you get them inspected first.

This includes hiring a contractor or a home inspector so that they can check the structural integrity of the house and make sure the foundation or any other area of the house might not be damaged. You can then get the wiring and the plumbing checked as well because no one really wants to buy a house only to later discover that it requires a lot of fixing. Now, if you happen to be considering buying a house that was constructed before the 1980s, then you might want to asbestos testing done as well.

Asbestos is a common mineral/substance that was used in houses before the 80s as a fire retardant and insulator. However, given the health risks that were later discovered and found to be associated with asbestos, they were then banned by the government. A lot of houses and buildings did get them removed, however, a lot of home and building owners at the time did not comply with these instructions. So, as a safety precaution, you should get the house tested for asbestos, and in case asbestos has been discovered in the building, you then have to make sure that you get it properly removed from your house/building. This is not something you should overlook, so make sure to follow this step in case you happen to find yourself in such a situation.