Buyers

The Pros/Cons of Condo Living

December 17, 2013 in Buyers, Sellers, Tips - Leave a Comment
The Pros/Cons of Condo Living

Condo living can have its perks. However, when contemplating the purchase of a condo instead of a house, it’s important to weigh both the pros and cons. Here are some factors to consider.

Cons:

  1. Close quarters. If privacy is important to you, maybe condo living isn’t for you. Neighbors are often right across the hall or on the other side of a wall. Unlike a single-family dwelling that may offer trees and a perimeter fence for privacy, expect to share space with others.
  2. Association fees. A monthly fee, independent of your mortgage, goes towards the upkeep of the property. When considering a purchase, it is crucial to factor these fees into your overall budget.
  3. Resale value. When it comes time to move, if there are a lot of units available in your building, expect fierce competition.
  4. Rules and regulations. Unlike a home, condo owners are subject to rules and regulations, and suffer financial or legal consequences for violations. Frequently there are restrictions on renovations, noise and even the size of pets that are permitted.

Pros:

  1. Repairs. Any maintenance or repairs in your building are not your responsibility. Don’t worry about the torn shingles, leaking roof or broken furnace, your association fees will cover it.
  2. Security. Many condos offer extra security, such as a doorman and gated entries. Also, with so many neighbors, help is never far away.
  3. Added perks. Some complexes offer amenities that are out of reach to many homeowners, such as a clubhouse, fitness center or a community pool.

This information is courtesy of Century 21 life@home newsletter.

Negotiate your way into your dream home.

December 9, 2013 in Buyers, Uncategorized - Leave a Comment
Negotiate your way into your dream home.

Whether you are buying your first home or looking to downsize after retirement, negotiation skills are crucial in getting what you want. Here are some tips for homebuyers trying to negotiate with sellers.

  1. It is always advisable for buyers to get preapproved, not just prequalified. Pre-approved buyers have an edge over potential buyers who have only prequalified for a loan. Preapproval means the buyer has attained a conditional commitment in writing for an exact loan amount from a lender. This saves time and a quick closing may be appealing to a seller.
  2. Do your homework before you make an offer. Confer with your qualified real estate agent to decide how much a property is worth. After researching comparables, crime statistics, local schools and considering the length of time the property has been on the market-make an educated and realistic offer. If you come to negotiations with facts to back up your offer, the seller may be more willing to meet your price.
  3. Find out the seller’s motivation. Do your due diligence when it comes to finding out as much as you can about why the home is for sale. If a property is vacant, perhaps the owners are anxious to unload the property. It is important the sellers see a human face on the other end of the sale. This may work in your favor, though be careful not to over share with the sellers, exposing your motivation or finances.

Feel free to give us a call at 510.969.2848 if you have any questions about buying a home.

This information is courtesy of Century 21 life@home newsletter.