There are many different types of buyers and sellers of real estate with very different motives. Some potential buyers want to find a dwelling, are first time buyers or want to downsize and find an adult community. Others may be investors intent on renting the property. Sellers also have a variety of reasons. They may also plan to downsize, become tenants or have financial difficulties requiring them to sell. Tips on buying or selling condos & townhomes can be helpful.
Condominiums owners buy individual units and own common areas collectively. They may have neighbors above and below their units.They differ from attached homes by not owning the land under their units. Townhomes are joined units with similar physical characteristics. Neighbors are only on the sides, not above or below.
Condominiums may be single level or a multilevel buildings with a common entrance. Many high rise type condominiums have elevators or lifts. Other common features include a doorbell phone system, security guards at the entrance and a handyman. Entertainment rooms, swimming pools, gymnasiums and tennis facilities are common. Laundry rooms are often shared.
Attached homes normally have two or three floors. These houses have there own entrances and may have an exterior deck or patio. Some have one or two attached garages or assigned parking spaces in front of the home. Due to the attached nature many side walls are windowless.
Homeowner associations are common to both attached home and condominium communities. They may be administered by an elected board of homeowners from the community or a specialized management company . They are responsible for ensuring full compliance by all owners with stated rules and regulations. Association fees due at regular intervals are used to provide landscaping maintenance, snow removal, swimming pool and fitness center services, water and sewer and the disposing of trash. Central heating systems and air condition services can also be covered.
Making sure the homeowner association is well funded are important considerations. An underfunded association can raise the fees paid by existing owners. All dues, what they cover and any special assessments should be understood. Any concerns about the community can be identified by asking owners and reading the association's recent minutes from meetings. Policies on renters, pets and parking should be checked. The fifty five plus communities have similar associations with rules and regulations. These communities have a more socially based focus.
The advantages of attached homes and condominiums can be used by sellers to market their properties. They are more affordable and require little maintenance by homeowners. Many attractive social amenities are available and included in the homeowners association fees.
More affordable, less need for maintenance, the swimming pool and exercise amenities are positives. For those over the age of fifty five, who may want one level properties or first time buyers could be the sellers' target market. The financial well being of the homeowner association should be checked carefully. These points hopefully can be helpful as tips for buying or selling condos & townhomes.
Condominiums owners buy individual units and own common areas collectively. They may have neighbors above and below their units.They differ from attached homes by not owning the land under their units. Townhomes are joined units with similar physical characteristics. Neighbors are only on the sides, not above or below.
Condominiums may be single level or a multilevel buildings with a common entrance. Many high rise type condominiums have elevators or lifts. Other common features include a doorbell phone system, security guards at the entrance and a handyman. Entertainment rooms, swimming pools, gymnasiums and tennis facilities are common. Laundry rooms are often shared.
Attached homes normally have two or three floors. These houses have there own entrances and may have an exterior deck or patio. Some have one or two attached garages or assigned parking spaces in front of the home. Due to the attached nature many side walls are windowless.
Homeowner associations are common to both attached home and condominium communities. They may be administered by an elected board of homeowners from the community or a specialized management company . They are responsible for ensuring full compliance by all owners with stated rules and regulations. Association fees due at regular intervals are used to provide landscaping maintenance, snow removal, swimming pool and fitness center services, water and sewer and the disposing of trash. Central heating systems and air condition services can also be covered.
Making sure the homeowner association is well funded are important considerations. An underfunded association can raise the fees paid by existing owners. All dues, what they cover and any special assessments should be understood. Any concerns about the community can be identified by asking owners and reading the association's recent minutes from meetings. Policies on renters, pets and parking should be checked. The fifty five plus communities have similar associations with rules and regulations. These communities have a more socially based focus.
The advantages of attached homes and condominiums can be used by sellers to market their properties. They are more affordable and require little maintenance by homeowners. Many attractive social amenities are available and included in the homeowners association fees.
More affordable, less need for maintenance, the swimming pool and exercise amenities are positives. For those over the age of fifty five, who may want one level properties or first time buyers could be the sellers' target market. The financial well being of the homeowner association should be checked carefully. These points hopefully can be helpful as tips for buying or selling condos & townhomes.
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