keys to your houseIn this day and age of fluctuating economic times if you’re like me you know that one real estate question does seem to have a consistency to it which does not sway back and forth in any regard when it comes to your future.

Where are my family and I going to spend the rest of our years?

As we scroll through newspaper after trade publication our brains are soaked with stories surrounding real estate negotiations that go on which are geared toward satisfying the dreams of thousands of families everyday! The term “Houses for sale” can knock you senseless worse than swallowing a can of Red Bull before your usual hour-long visit to the sauna (don’t ask how I know that!!:)

“Well, if it were the 1950’s the answer would be pretty clear wouldn’t it? At least ideally right? Get a house!

But is it still that way today?…I think think there are more options to consider.

To be totally honest about it, I don’t really think the eternal question surrounding where to settle down is that different nowadays , I just truly believe that what people may see as an honorable environment might have changed across the board in our nation. In this world where the term “fast-paced” is now becoming a thing that does not solely belong to the “young,” anymore, we’ve gone from 55 pound computer screens to laptops about the size of your average Chihuahua, we’ve shrunk the giant rotary phone to communication devices barely filling the palm on the hand of your average 4th grader! It only stands to reason that since everything from paying bills to grocery shopping (and delivery for that matter) is now literally only a touch away on your phone app, people’s perception of the kind of space one needs to live in has also become cozier to many.

Therein lies the beauty of a condominium!!

I know, I know, I can hear thousands of people adorned in white belts and matching sneakers out there screaming “that’s nothing more than a glorified apartment!!!” but please, let’s put down the mah jong tiles for just a second and let’s look at the up sides to the magic of condo ownership!

Costs

When it comes to real estate contracts your average condominium generally costs less than a similarly located and sized single-family home. Truth!! Why? Because the overall cost is lower, both the monthly mortgage payment and the property taxes will be lower. Even with the HOA fees, which are used for things like any maintenance you may need of shared features like landscaping, your total monthly carry costs might actually be lower than if you owned a home and had to tackle the same issues!

Plus!

If you do not like the responsibility of keeping up the grounds around your home but enjoy lush landscaping, the HOA yard maintenance will be a feature you like. If your condo complex has a pool or other amenities you enjoy but could not afford for yourself in a single-family home, a condo may work for you. You won’t have to clean the pool or check the hot tub chemicals. It will all be done for you. C’mon! that’s maintenance free living my friends!!

On a more practical side:

Mortgage Requirements

Lenders will actually take the time to help you understand whether or not a complex you want to buy into has a what would be considered a stable financial environment or not. They will look at the HOA reserve fund and the percentage of units occupied by the people that own the buildings as opposed to tenants. They will also look at the insurance coverage to see if it is maintained by the HOA and not individual condo owners. If should any one of these areas not be up to their standards–usually requiring a reserve fund consistent with the HOA rules, more than 50 percent owner occupancy and insurance that will at minimum repay all unit mortgages, THEY WILL NOT LEND FOR A UNIT THERE ANYWAYS!!! This is a good thing. It will help ensure that when you do buy a condo, it will be in complex that is economically comfortable for you!

If you want an even more in depth set of points you should visit http://www.openoffer.com/condos for even more helpful insights on finding one that may tickle your nouvea fancies…

If you’re a person who seeks to be a home owner and always has this article is probably not leaning you in any other direction but you have to admit even just these couple of arguments makes it at least sensible doesn’t it?

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This is filed under Rent Vs Buy.


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