A condominium is another real estate option other than a traditional stand-alone home. Usually condos are purchased with mortgage, but in difficult markets or selling situations they may be rented as apartments. Learn more here about condominium housing.
Variations May Be Necessary In New Construction
Typically, new construction contracts are written by the developer and for the developer. That means the contracts are heavily slanted to favor the developer in all situations, including the product specifications, delivery date, and variations in the lot and house configurations. This home buyer might not have a case against her builder for changing the specifications of her contract.
Consider Real Estate Market When Making Investment
When you're considering buying an investment property that is pre-construction you need to look at the deal carefully. Certain areas of the country are awash in real estate investment properties such as condominiums. What do you need to consider if you're buying investment property with hopes of flipping it?
Limited Common Element In Condominium
This condominium buyer wants to convert the basement to make it into a duplex. The basement will be considered a "limited common element" and the home owners will need to apply for permits. There are differences in the way you own a fee interest in a condominium and the way you own a limited common element of a condominium.
Buying And Selling Investment Condos
Investment property can be a profitable venture -- that is, unless the market changes dramatically and makes it difficult to sell. All real estate investors want to get their property sold without going bankrupt in the process. Selling your investment property in a down market might come down to savvy marketing.
Understanding Condominium Bylaws And Declaration
A member of a condominium board wants to educate his fellow board members. Bylaws and declaration hold the key to understanding the board's roles, responsibilities and procedures. The bylaws will tell you the process of electing members to the board of directors and officer duties and responsibilities, and the declaration will tell you what issues require a unanimous vote by owners of the condominium association.
Condominium Building Should Limit Rentals
A condominium association can permit any owner to rent out their unit, or place restrictions on renting a home. An owner would like to have this rule changed to cap rentals. Once you change the condominium declaration or the rules and regulations, you'll have to let everyone know about the new rule and then whether to grandfather in existing rental units or make people move when the lease ends. Ilyce explains the 70/30 rule for owner occupancy and why limiting rentals is good for the building.
Sound Specialist Answer For Noisy Condo Neighbor
A condo owner is having noise trouble with the neighbor who lives below her. The neighbor frequently complains to the condo board about the sound of walking in her home. A solution for both neighbors might be to call in a sound specialist.
On The Ilyce Glink Show This Morning
It seems as though everybody is thinking about the next house they're going to buy. Ellen is thinking about trading her condo for a brick single famil...
Condo Board Disallows Rentals
A reader owns and rents out a townhouse in Virginia. The board has proposed to completely disallow rentals, therefore disrupting her retirement income. Sam and Ilyce suggest looking for other successful litigation regarding changes in home assoication by-laws in Virginia.
Setting Up Condo Association
Normally, condominium associations are not-for-profit corporations, and each state has specific guidelines regulating them. One guideline is to have a registered agent for the condominium association. If the condominium association is involved in litigation, the registered agent is the person who will receive the legal notice of the suit.