Are Condominium Association Fees Worth the Purchase

Posted by admin on Sep 1st, 2010 | 0 comments

Purchasing a home is without a doubt the most exciting thing that can happen to anyone. It is the single largest purchase you will make in your life. Many people chose to purchase homes because they are tired of paying someone else’s mortgage by paying rent each month.

There are a lot of people who want to take the plunge and purchase a home but they are afraid of what it entails. They may feel like they are biting off more then they can chew. Along with the mortgage payments, there will be repair bills, on top of the monthly bills, upkeep on the home and property, and if you live in an area where there is inclement weather, there will be snow removal, and seasonal clean up. It is enough to scare anyone into staying a renter.

It does not have to be like that; many people choose to purchase a condominium as their first home to find out if it is really what they want. There are many benefits to purchasing a condo, the greatest being that you will not have to do any of the outside maintenance on the property.

When you purchase a condo, there will be a monthly fee to the condominium association. This fee is different from your mortgage; it is a fee that each community charges each condo owner.

You may think that the association fee is just an added charge that is not needed, however when you stop and think about what it covers, you may change your mind about the added expense.

Condo association fees cover every type of maintenance emergency that comes up. This can be very cost effective if a roof needs to be replaced. The owner does not incur any of the expense. This makes the association fees very reasonable.

The association fees also cover any snow removal and upkeep of the outside property, meaning that the owner does not have to shovel snow or rake leaves.

There are many benefits to purchasing a condo.

Starter home – condominiums make an excellent starter home. You are able to upgrade the inside to whatever you want, and when you make your payments on time, you are building your credit rating so when you are ready to sell, you will receive a better interest rate.

Amenities – They have great amenities, whether it is a pool, fitness center or both, you will spend countless hours with friends and family.

Parking – most properties offer off street parking, this is a great benefit if the area has limited or no parking at all.

Real Estate investing – Condos are an excellent real estate investment. Purchasing a condo and renovating it can turn a huge profit for investment companies.

Many regions of the United States offer excellent condo communities, however there are a few outstanding areas that are being sought after more and more. Morgantown West Virginia Real Estate Condos and Apartments is one of these communities. The incredible view and the diversity of the city make this community one of the most up and coming condo communities in the country today.

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Finding Rent to Own Homes

Posted by admin on Aug 29th, 2010 | 0 comments

Finding homes to rent are pretty easy.  And, of course, there is a huge selection of homes to buy right now.  However, finding homes that are rent to own can be very difficult.  We’ve gotten more questions about rent to own homes in the past 5 months than we have in the 5 years before that.  These are also sometimes called lease to purchase homes or lease with the option to purchase.  All of these names can be used interchangeably, since they are referring to the same kind of basic set up. 

In rent to own situations, the sellers are willing to lease the home for a certain amount of time.  When that rental time is up, the renter has the option to buy the home.  Usually the money spent on rent during that time is deducted from the purchase price of the home – a price which is usually negotiated when the rental time is up and market statistics are as up to date as possible.  But, if you’re interested in a lease to purchase, know that all of these factors are flexible and depend on the situation.  For example, in some cases the purchase price is negotiated well before the renter moves in.  So, no two cases will be exactly alike.

A lot of buyers look for rent to own homes in order to have time to get their credit in order.  Or, sometimes buyers find a home that they really like, but they’re simply not ready to buy yet.  So, renting with the option to purchase gives buyers a lot of flexibility and ensures that they will get the home they want if they decide to purchase it.  It’s similar to test driving a car.  But instead of trying it for a couple of days, you actually get to move your stuff in and stay for as many months as you can negotiate.  There are a lot of benefits for buyers in a rent to own situation.

For sellers, rent to owns can become sticky situations.  Because the renter/buyer has so much flexibility, the seller loses a lot of control in the process.  After all, there is no guarantee that the renter will buy the home after the specified time frame.  So, a seller may have taken his home off the market for nothing and may have lost other potential buyers (who are actually willing and able to buy real estate) in the mean time.  Depending on how the contract is written, the seller gets to keep all of the money from the rental period regardless of whether the renter buys.  Some sellers are willing to risk taking their home off the market for the chance of the sale, and they may view the money earned as income they would not have gotten if the home had sat vacant instead.  Sellers who are desperate and willing to try anything may want to consider listing their home as a rent to own – since some interest (even if it’s not serious interest) is better than no interest at all.

For buyers and sellers, finding a real estate agent who is willing to work with rent to own homes can be difficult.  So, if you’re considering a rent to own situation, be sure to tell your agent upfront.  If he or she is not able to work with you, find another agent who has experience with these transactions, since there are a lot of factors to take into consideration with rent to own properties.

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