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Posts tagged condo

Avoiding (Home) Buyer’s Remorse

Mar16
2010
Leave a Comment Written by Carrie

You’ve found the perfect home, or so you think.

Imagine searching endlessly for that one place where you feel warm and comfortable. After weeks, months, years even, you fall in love with a beautiful house and sign your name on the dotted line. However, a few months go by and you’re feeling empty and unsure of your decision. You’re feeling home buyer’s remorse.

Buying a home is a big commitment. In many cases, it is a lifelong commitment. And just as you would with any life-changing decision, when it comes to buying real estate, you need to weigh the pros and cons and consider all of your wants and needs before agreeing to any contracts. Otherwise, you may find yourself stuck in a house you don’t even like.

You may be thinking, “Where do I begin?” Whether you are thinking of buying a condo, a townhome or a single-family home, we’re here to get you started with two easy-to-follow checklists:

  • Home Buying Checklist: Condo/Townhome
  • Home Buying Checklist: Single-Family Home

Feel free to customize them to your own personality, adding or subtracting anything you may or may not need. Buying a home should not be a rash decision. Take your time, do your research and figure out what you truly want before you make any commitments.

Once you’ve found the home of your dreams, there are a few extra measures you should take to ensure you won’t regret your decision:

Be absolutely sure you can afford it. Do you have enough for a down payment? Have you been pre-approved for a loan? Does your monthly payment fit into your budget? Answer all these questions before making an offer. Analyze your financial situation carefully so you know what you can and cannot afford.

Ask questions during closing. After you’ve had a home inspection, if any problems arise, ask the seller the necessary questions before closing the deal. Will they make any repairs? Will they give you an allowance to fix things yourself? If you’re unsure about anything, speak up before you finalize the purchase.

Stand by your choice. Just because someone else has an opinion on the selling price, the location or the current condition of your home, it doesn’t mean they are right. Perhaps they don’t know the market of the neighborhood you’re in, and maybe they live in an area where houses cost less (or more).

Don’t look at other houses. Once you’ve purchased your dream home, stop looking. You may come across another property that you like a lot more, but you will have already made a commitment to your current property. Be happy with your choice and embrace your new home.

Posted in Buying Tips, Tips and Ideas - Tagged avoiding home buyer's remorse, Buying Tips, checklist, closing costs, contract, home inspection, single-family home, townhome
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Selling Your Home under Chapter 13

Oct26
2009
Leave a Comment Written by Carrie

papers

There are many reasons why people choose to file for Chapter 13 Bankruptcy instead of Chapter 7. For one, if you had already filed for Chapter 7, you may not do so again for another eight years. Also, if you want to make up missed payments on a mortgage, you may only do so via Chapter 13. Whatever the reason, many homeowners that file for bankruptcy find themselves concerned with how they will make enough money to pay their debts over time. Moving to a smaller home/condo or renting an apartment might be a great plan for the budget, but the ultimate question most people find themselves asking is, “Can I sell my home while I’m under Chapter 13?”

Simple Answer: YES!
However, there are a few factors that go into play before you may sell your property:

  1. Both the court and the creditors must be informed of the home’s sale price and given written proof of the value of the property.
  2. Your attorney must notify all of your creditors before the property is sold.
  3. You must inform the court and the creditors how you plan to distribute all the proceeds from the sale.
  4. The final step is getting an approval from the bankruptcy court.

Before you consider anything (i.e. putting your house on the market), you should first consult with your lawyer. You need to make sure you have plenty of time to get an approval from the courts, as there is quite a bit of paperwork involved. You should also tell all prospective buyers about the bankruptcy situation. If you don’t, once it is revealed in the midst of negotiations, the buyer might get scared and back out of the deal.

It may take up to a month to receive an approval from the judge, so give yourself plenty of time to close the deal. If the proceeds cover all of your debts, your case will be discharged. However, if you need some of the money in order to purchase your new home, you and the judge must come to an agreement on the amount of money allocated to the bankruptcy trustee.

Posted in Selling Tips, Tips and Ideas - Tagged Chapter 13 Bankruptcy, Chapter 7, home, Selling Tips
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Top 10 Considerations before Buying a Condo

Feb03
2009
9 Comments Written by Carrie

Buying-a-Condo

Why rent a tiny apartment when you can own a spacious condo? If you have never lived inside of a condo complex before, there are many factors to consider before you purchase one.

Here are the Top 10 Things to Consider Before Buying a Condo, brought to you by Buy Owner®:

1. Floor location: This depends on the location of the condo! In one scenario, a first-floor condo may be ideal. If there is no elevator, who really wants to move all of their belongings up a few flights of stairs? However, if you are going to live in a big city, condos on the higher floors may be more desirable so you get breathtaking views of the waterfront or the city skyline.

2. Location of the condo within the building: Corner units are often preferred for several reasons. You may only have one neighbor, you get more windows (sunlight) and you get better city views!

3. H.O.A. fees: Most subdivisions require residents to pay a small fee in order to gain access to certain amenities (pools, sport fields, workout rooms), to have trash picked up, to have the lawn cared for, to use water/cable/electricity and more. Fees vary, and so do the amenities.

4. Amenities: Many communities offer residents access to plenty of amenities. You may move into a neighborhood that boasts a swimming pool, a dining facility, an 18-hole golf course and more! You need to find a condo community that suits your needs. If you are very active, you will want to look for tennis courts, a workout room, etc. If you would rather participate in community events, you may want to look for a place that has a huge clubhouse!

5. Maintenance of the grounds and facilities: Take a stroll around the neighborhood. Are the communal grounds nicely landscaped and well-kept? Is the equipment in the workout room in good condition? If the maintenance of the land and the facilities are included in the Association dues, and they are very unkept, you may want to consider searching for a condo in a different community.

6. Architecture: Older condos will feature straight-walled, four-sided rooms, possible plant shelves and standard ceilings. Newer ones will showcase angled walls, decorative wall cut-outs and cathedral/vaulted ceilings. It is up to you whether you want a more traditional or more modern looking home.

7. Construction: Not all of the buildings inside a condo community may have been built at the same time. There will most likely be a higher demand for condos inside the newer complexes. But keep in mind, the older condos could be upgraded to suit your own styles and needs!

8. Upgrades: Has the condo been updated? If you want a move-in-ready home, look for recently renovated condos that boast newer flooring, upgraded appliances and fresh paint. If you would rather do most of the redecorating yourself, you may want to look for a condo that comes with an allowance for upgrading. Lots of sellers are offering buyer incentives such as new carpeting or a painting allowance upon closing.

9. Rules and Regulations: Before you move into your new condo, you need to know all of the rules and regulations of the community. Do they allow pets? Is there a stipulation on outdoor furniture and decorations? Can you have a barbecue grill? Before you incur a fine, make sure you know all of the rules!

10. Buy Using BUY OWNER: While searching for a condo through the Buy Owner website, you can choose several features to be included in the search! For example, let’s say you would like a two-bedroom condo in Chicago that is nestled on the waterfront and offers access to a pool. All you do is check a few boxes and pick a price range. With Buy Owner, finding your dream home is just a few mouse clicks away!

Posted in Buying Tips, Tips and Ideas - Tagged buying a condo, home ownership, location, owning a home, top 10, top ten
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The Benefits of Condo/Townhome Living

Jun11
2008
Leave a Comment Written by Becky

FL CondoDo you hate the cost and work it takes to maintain your lawn? Does the thought of making a huge down payment on a house stress you out?

If so, maybe you should consider living in a condo or a townhome.

Condos and townhomes provide an ideal living arrangement for anyone who doesn’t want the commitment that comes with owning a traditional home. The biggest advantage of living in a condo or a townhome is that it’s a lot cheaper than owning a house. You can move in right away, and you instantly become part of a community that may offer amenities you might not be able to afford otherwise, like a pool, a fitness center and/or 24-hour security. Some condominium complexes even feature grocery stores and restaurants right inside the building, so you can benefit from all modern conveniences without ever having to leave home!

Townhomes and condos each have their own advantages. It’s really just about finding what suits your needs.

Why Choose a Townhome?

You might prefer living in a townhome if you are looking for more independence, as there are probably not as many rules and restrictions as a condo complex might have. Plus, townhomes aren’t usually as noisy because there aren’t as many common walls between neighbors. You enter your home through your own front door, as opposed to a condo entrance that opens to the main lobby. You will most likely have your own parking space or maybe even a garage, so you won’t have to search for a spot in the lot. And townhomes usually feature front and back yards, although they are smaller than those you would find at a traditional home.

Why Choose a Condo?

While townhomes are more appealing to some people, condos are not without their advantages. For one thing, the exterior is completely maintenance-free, so you won’t have to worry about taking care of an expensive lawn. The social aspect is enticing as well, as residents immediately become part of a special kind of community when they move into a condo complex. Plus, condos often boast more attractive locations in thriving downtown areas, and many of them provide breathtaking views that you wouldn’t get at a townhome or a traditional home.

Posted in Buying Tips, General Information, Tips and Ideas - Tagged buying a condo, condos for sale by owner, florida, fsbo condos, fsbo townhomes, living in a condo, own your own condo, townhome, townhome living
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Founded in 1984, BuyOwner.com® is the leading provider of real estate marketing services. We pioneered the "For Sale by Owner" (FSBO) market, which today represents over 20 percent of all residential real estate transactions.

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