It Is Important To Seek A Copy Of The Bylaws For Determining Whether You Can Live Within Them

Category: Finance, Real Estate.

It could be that you have contemplated buying condos in the hot Alberta real estate market of the day. However, regardless of whether the Realtor provides you with all the necessary help and guidance and informs you about the quintessential things about condominiums you can proceed to verify from the condo board the following important things- - The percentage of units that are owner- occupied and tenant- occupied- Getting ascertained about the respective percentages of owner- occupied units and tenant- occupied units helps.

You need to approach a Realtor for helping you out in your endeavor. Usually, the units will be more marketable if there are a greater percentage of owner- occupied units. In case of purchase of an investment property the condo board may be more sympathetic towards investor issues if there is a higher tenant ratio. - The covenants, bylaws and restrictions governing the property and the grandfather clauses in place- There can be the legal provision that buyers who purchase a property after a certain date cannot rent out their units while those who have bought at some date prior to that can do so. However, the marketability is dependent on the purpose of the condo. It is important to seek a copy of the bylaws for determining whether you can live within them. Now, for finding out whether the assessment is reasonable the rates are to be compared to others in the area. - Whether the assessment covers common area maintenance, trash collection, recreational facilities, snow removal etc. - The special assessments that have been mandated in the past five years and to what extent were each owner responsible for them. - The amount of turnover occurring in the building. - Whether the project is in litigation and for what reason. - The reputation of the developer. - Whether multiple associations are involved in the property. The attorney can on your behalf review the property documents including the master deed. - The amount that the association keeps in reserve and the manner in which that money is utilized and whether there is any reserve fund study carried out. - Whether the associations assessments are keeping pace with the annual rate of inflation- The boards that are capable enough raise assessments by a certain percentage every year for building up reserves to fund future repairs.

By getting to know about these you will be in a position to determine how responsive and organized the board members are. You will be helped thus in taking a wise decision regarding the purchase of the condo.

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I Immediately Put The House On The Market

Category: Finance, Real Estate.

Early in my career as a real estate investor, I got a call from a really nice family about to lose their home to foreclosure. On the inside, the house was, though very unusual.

Located in the suburbs, the house looked pretty much like every other house in the middle- income neighborhood on the outside. You see, the husband and wife were theater majors in college and they remodeled the lower level of their home to look like the set of a movie. The playroom looked like the set of Home Alone. The home gym looked like the set of Million Dollar Baby. And the home theater( with seating for six and a big screen TV) was painted entirely black, walls, floor, and ceiling. The two- car garage was fully carpeted because the youngest children liked to play there during the day. The parents home- schooled all four children, so the lower level also housed a study room with computers and desks.

The house was a full time home, gym and theater, school for this family. But sadly, they missed a couple of mortgage payments and found it impossible to catch up. The parents thought they would live there forever- or at least until the last of their children moved away. They called me in hopes of selling their house fast so they could save their credit. Close to the public schools, it was a quiet neighborhood with lots of green space. When I did my due diligence, I learned that homes in this neighborhood did not stay on the market long.

Add to that: the neighborhood homeowners association often held potluck dinners and street parties and were the envy of the surrounding community. I thought. What could be better? A great one- of- a- kind house in a great neighborhood at a great price. I immediately put the house on the market. I bought the house with about 20% equity, no money out of my pocket, and cash back at closing. At the time I thought the uniqueness of the property would be a great selling point.

Boy, was I wrong. I thought it would stand out as" one of a kind" and families would fight to live there. Most people who looked at the house thought the unique features of the lower level were just plain weird. But no one else seemed to see the beauty of it. I marketed the house specifically to families with children who I thought would love the spacious gym, the home theater, the play room, and the study rooms as much as the family who had put so much of their personal stamp on them. Only the strangeness of it. I watched my profit dwindle drastically over six months while paying holding costs, and lawn care, utilities.

The house sat on the market five months without a decent offer. Then I made a hard decision. I watched even more of my profit evaporate. I hired a remodeler to transform the lower level into an ordinary looking basement with smooth white walls, dropped ceilings and beige carpet. But I quickly found a buyer. Everyone can imagine living in an ordinary house. Lesson to be learned: Three bedroom, bread, two bath- and- butter houses are the best investment properties for a reason.

Not everyone can see themselves living in a really unique one.