Getting Financed For The Condo You Want

Avoid looking at condominiums you really can’t afford. There is no reason to set yourself up to fall in love with a place and then you can’t get the money for it. You also have to be careful about getting financed but knowing you realistically can’t stick with such a payment month after month. Don’t put yourself in that type of position where foreclosure is possible.

Finding a Lender

Take your time to find a lender with plenty of experience so you can get the condominiums with the best choice for your needs. Ask your friends, family, and people you work with who they have talked to. Chances are you know someone who has purchased a condo I in the last year. You can also evaluate lenders online and set up appointments to talk to them.

Ask them questions about their experience because you want a lender that is easy to work with. They should be friendly and communicate well. They should return calls timely and answer ay questions you may have. They can walk you through the application process. Make sure you fill it out accurately and don’t skip any of the sections. Talk to them if you aren’t sure what to put.

Never lie or omit details when it comes to your application for one of the condominiums. Be honest and let them tell you what documents they need to get the processing done. The verification they request can include tax returns, verification of income, a photo ID, and consent to complete a credit report. Profit and loss reports are required for self-employment.

Evaluate the Loan Offer

Once they get the loan completed, they can share with you what can be offered towards one of the condominiums. This includes the maximum amount of the loan, the interest rate, and what your monthly payment will be if you borrow that amount of money. If you can find a condo you want for less, this means your monthly payment will be lower and that is always good news.

If you don’t understand the offer, ask plenty of questions. Don’t be in a rush to accept the offer until you know what it entails. You are making a long-term commitment when you buy one of the condominiums so don’t leave anything to chance with this part of the process. Once you are happy with the offer, it is time to find your place!

The Market

There are plenty of people interested in buying condos in this area. You are going to have more buying power though if you are already approved for the money. This means a great deal in the eyes of the seller. They will be more willing to negotiate the price with you than holding out for more from any other offer they may get down the road.

Compare prices in different locations too because a condo in one neighbourhood can cost you considerably more than one just a few miles away. If you need to stretch the money you will get with the loan, take that into consideration. It may be worth it to have more space and a slightly longer commute than the other way around.

Getting Yourself Into An Upscale Condo

Ask questions so you know exactly what you will be committing to if you buy such a condo. You need to know what your responsibilities will be, the perks offered, and more. You can be sure buying such a great place to live it a wise investment.

Lovely and Convenient Location

The majority of the luxury condos are located in a very lovey and convenient location. They are close to Windsor Park and the University of Alberta. The area is surrounded by beautiful trees and green grasses. You will enjoy the view from your new residence! The convenient location makes it very fast and easy to get to a variety of great places.

Your residence is where you can relax and unwind. You want it to be lovely inside and out. You want it to be appealing as you come home at the end of the day. You should have plenty of space for all of your personal items. It can be fun to decorate luxury condos to fit your personal sense of style.

Spend some time looking at the various styles of such upgraded condos in the area. You are sure to find those that really appeal to you the most. You may be interested in a traditional look or you may want something that offers all the newest design elements. It can be fun to shop around and compare them.

Things to see and Do

You won’t have to go far to find plenty of things to see and do. There are so many in the proximity. It will be fun to explore and to identify your favorite places you will go to again and again in the future.

There are plenty of recreational areas her for you to enjoy sports and exercise. There are trails for walking and jogging. The parks offer a relaxing place to have a picnic, view the water, and even to enjoy a concert now and then. There are art galleries and museums in the area to spend time leisurely exploring.

You will appreciate close access from luxury condos to educational facilities. There are many health care options in the area so you can feel good about getting what you need at any time. There is no shortage of great places to dine or to go shopping. All of it adds up to an exceptional value for you day after day in this area.

Getting Approved

Don’t assume luxury condos are out of your price range. It may surprise you to see how far your money will go. Check out the various price ranges and you will be happy to explore the financing. It is a good idea to go through the approval process before you start looking at the real estate. This will help you to know the price range you can afford.

It makes the entire buying process much easier. It also gives you some leverage when you make an offer on any of the luxury condos has to offer. The sellers will be impressed by the fact that you already have your funding in place. They are more willing to accept an offer lower than their asking price when it is a sure deal.

Thinking of Buying a Condo Hotel? Here Are 20 Things You Need to Know!

1. What is a condo hotel or condotel?

Think of a condo hotel (also sometimes called a condotel or hotel condo) as buying a condominium, although one that is part of a four-star caliber hotel. Therefore, as an owner, when you are on vacation, you’ll get the benefit of more four-star services and amenities than you’d get in a typical condominium.

2. What types of services and amenities are found in condo hotels?

If you can imagine the niceties you’d find in an upscale hotel, then you can picture a condo hotel. Among the features are often resort-style pools, full-service spas, state-of-the-art fitness centers, fine dining restaurants, concierge services and room service.

In some locations, like Las Vegas, you’ll find condo hotels with their own casinos, retail areas, and entertainment venues. In places like Orlando, you’ll find condo hotels with their own water parks and convention facilities.

3. What is the difference between a condo hotel and a traditional condominium?

The big difference between a hotel and a condo hotel is that a hotel typically has one owner, either individual or corporate, but a condo hotel is sold off unit by unit. Therefore, a 300-room condo hotel could have as many as 300 unit owners.

4. Is it evident to hotel guests whether they’re staying in a condo hotel or a traditional hotel?

A hotel guest will likely never know that the hotel has multiple owners because the property is operated just like a traditional hotel and often under the management of a well-known hotel company like Hilton, Hyatt, Starwood, Trump or W. Also, each of the individual condo hotel units will look identical in design and décor to every other, just as they would in a traditional hotel.

5. Who typically buys condo hotels?

They’re primarily sold to people who want a vacation home but do not want to deal with the hassles typically associated with second home ownership such as maintaining the property or finding renters in the off season.

6. What is the demographic of the typical condo hotel buyer?

The spectrum of condo hotel buyers is pretty broad. There are families that want a second home in a vacation destination. There are baby boomers who are at or nearing retirement and want somewhere they can “winter.” There are also plenty of investors who purchase a condo hotel unit with little intention of ever using it; they’re in it for the potential appreciation of the real estate.

7. Can you live in a condo hotel?

Condo hotels are not typically offered as primary residences. In fact, many of them limit the unit owner’s usage of the condo hotel unit (typically 30-60 days per year) because the unit is expected and needed in the hotel’s nightly rental program where it can be offered to guests and generate revenue.

8. Who gets the money when your condo hotel is rented out?

The hotel management company splits the rental revenue with the individual condo hotel owner. While the exact percentages vary from property to property, the typical rental split is in the 50%-50% range.

9. Who finds hotel guests and then cleans and maintains the condo hotel units?

The hotel management company markets the property and books hotel guests. It also maintains the unit and ensures the smooth operation of all of the hotel’s services and amenities.

10. What are the advantages / disadvantages of purchasing a condotel over purchasing typical rental properties?

Advantages include:

· Hassle-free ownership; no landlord issues

· Rental revenue to offset some or maybe all ownership expenses

· A fantastic vacation home available for use whenever you want

· A real estate investment at a time when other investments may seem less attractive

· Strong likelihood of appreciation

· Pride of ownership –“I own a piece of a Trump”

Disadvantages include:

· Annual cash flow could be equal to or less than annual ownership costs

· Pets are usually not welcome.

· An owner’s condo hotel unit may be rented when the owner wants to it, so advance reservations are required to guarantee availability.

· The condo hotel unit is subject to the same dips in the market that affect all hotels in the competitive market set: hurricanes, terrorist threats, warm winters up north, price of gas, etc., all of which can affect a unit’s occupancy rate and the amount of revenue it generates.

11. Are condo hotel units difficult to finance?

Not at all, but they do take 20% down typically, whereas condos can be purchased with less cash down. It’s also important to make sure you use a mortgage broker who has had success in getting condo hotel financing deals done. Many banks still do not do them, but more and more are getting involved as condo hotels become more widely available.

12. How long have condo hotels been around and where are they located?

Condo hotels have been around for several decades, but the huge surge of four-star and five-star condo hotels that have been making their way across the country, started around year 2000 in the Miami area. The Miami-Fort Lauderdale area still has the most condo hotels, but areas like Orlando and Las Vegas are developing condo hotel properties at an even faster rate and will likely surpass South Florida soon. Other up-and-coming areas are places like the Bahamas, Panama, Dominican Republic, Mexico, Canada and Dubai.

13. How much do condo hotel units cost?

That’s like asking how much a car costs. There are different quality condo hotels. Some require greater amounts of money than others, obviously.

There are inexpensive condo hotels out there for as little as $100,000. These are typically found in properties that have converted their use from an existing hotel. They are hotel room-sized, lack kitchen facilities, luxury franchises, and other first-class amenities.

Then there are the four-star or greater properties that may start in the $300,000 to $400,000 range, but can go all the way up to $800,000 just for a studio unit. One- and two-bedroom units cost substantially more than a studio. Of course, the studios do come fully furnished and finished, and will be significantly larger in size than a typical hotel room, and may attract guests because of its name like St. Regis, Ritz or W.

14. What are typical maintenance costs?

On average about $1.00 to $1.50 per sq. ft., but the range can exceed $2.00 sq. ft. in the most luxurious properties.

15. Do you buy condo hotel units after they have been built, or can you purchase condo hotels in pre-construction?

Unless you are in a hurry to get started vacationing or you need to complete a 1031 exchange, it’s best to buy condo hotels in pre-construction as early as possible. That’s when prices are lowest and unit selection is greatest. You will likely wait two years or longer before closing on and taking possession of your condo hotel unit, but you will have locked in the price and will get the benefit of maximum appreciation.

16. Is there anything else investors should want to know about condotels?

There is more to buying this type of real estate than the old phrase, “location, location, location.” While most condo hotels are located in desirable resort and business area locations, what is most important is a good franchise with a strong reservation system.

Also, do not be fooled by an aggressive rental split. One way or the other, the developer of the property will have to staff, maintain and operate the hotel and its services like the restaurants, bars, spas and pools from his share of the proceeds. If he’s giving you a very favorable share of the rental, he’s also more likely to be charging you a higher monthly maintenance fee. Of course, this goes both ways. If the maintenance split that is offered is closer to 50-50, then your maintenance should be more reasonable too.

17. Any suggestions to investors in choosing which condo hotel to buy?

Get good advice. That means you don’t want to rely only on the pitch provided by an onsite salesperson at a condo hotel. You want to talk with a broker who specializes in condo hotels and who knows and understands the entire condo hotel market, not just the facts pertaining to a single property. He or she will listen to your wants and needs and then offer recommendations as to which properties best match your requirements. You’ll have an opportunity to comparison shop and consider the pros and cons of each available property.

A good broker can be the difference between your buying a condo hotel that will be problematic and not live up to your expectations or one that will provide you with years of great vacations, good annual revenue and a substantial profit when you sell.

18. Does it cost more to use a real estate broker to purchase a condo hotel than buying a unit on one’s own?

No. With new condo hotel properties, the prices are always set by the developer and are exactly the same whether you buy directly from an onsite salesperson at the property or using a broker.

The broker’s commission is always paid by the developer and is already built into the price regardless of whether an outside broker participates in the sale or not. Since a broker’s representation is free to buyers, it does make sense to enlist their aid and get the benefit of their advice before making a purchase.

19. How can prospective buyers find a good condo hotel broker?

Ask friends for broker recommendations or search online for “condo hotel broker.” Visit condo hotel broker websites and see if the information they provide seems comprehensive and unbiased. If their website seems to focus on selling homes or office space, and the condo hotel information appears to be an afterthought, steer clear. Your best bet is to work with a condo hotel broker who specializes.

20. How can buyers learn about new condo hotel properties coming on the market?

Condo hotel brokers can be good information sources as they often learn about properties prior to their release to the general public. Another option is for them to subscribe to a condo hotel newsletter such as the one we publish called Condo Hotel Property Alert. We offer it for free on our website http://www.CondoHotelCenter.com and it features a different condo hotel property coming on the market each edition.

Making an Offer on a Beautiful Condo

Evaluate Property Values

To help you decide on the amount of money to offer, find out what the property values are in a given area. There are plenty of locations where you can purchase condo sales. The prices can vary depending on the neighbourhood, square footage, and overall location. Those closest to the downtown area where there are shops and restaurants cost more.

As you compare the property values, you can get a ballpark figure of what they are selling for. You don’t want to offer too little or your request will likely be denied. You don’t want to offer too much though or you can pay more than you really had to. It is always a good idea to try to negotiate with the seller. You don’t have to give them their asking price.

If they decline your offer, you can decide to increase it or not. Think about your budget and stick to what you can afford. Don’t get into a competition where you have to have it for emotional reasons. You need to look for condo sales opportunities you will be able to afford month after month.

Financing

Getting the money to buy one doesn’t have to be complicated. It is a good idea to look into financing early on though. Make sure your credit report has accurate details so you aren’t blindsided in this department. Focus on paying down debt and avoiding incurring any new debt as you go through the condo sales process.

If you incur new debt, it can lower your credit score and make it harder for you to get a good loan. You need the amount to be reasonable so you can buy the condo you really want. You also want the interest rate to be as low as possible. This is going to influence your monthly payment. With high interest, you also pay considerably more over the life of the loan.

What is Available?

You have several options when it comes to condo sales. You may have to fill out an application to get approved for one based on a background check too. Look online for listings including photos and videos of the property. Look for signs about them for sale and even locations where they are still being built. It is possible to buy before it is completed!

You can work with a qualified real estate agent too. They stay on top of the various condo sales in the area. They can help you to find the location, price range, and set up you really want. They can also help you to navigate thought the price offering stages and all of the final paper work once you secure the deal! This is a much better option than trying to figure it out.

The reputation of the real estate agency should be very important to you. This information can help you to get your hands on what you want before someone else does. Due to the high demand for condos in this area, you can’t drag your feet. You need to be on top of the new listings as they become available.

Why You Should Sell Your Condo Today

Are you thinking about selling your condo? Now might be the right market-but does that mean it’s the right time for you to sell?

If you bought a condo in Toronto between four and five years ago, you may be thinking it’s a good time to sell. Toronto condo prices, according to the Condos.ca PSF Index, are on the rise: since February of 2017, the average 800-square-foot condo has appreciated by approximately $78,000, and condos that were purchased in 2012 have increased in value by close to $130,000. But does this increasing market mean condo owners should wait until prices climb even higher or sell now?

To Sell or Not to Sell…

As the PSF Index indicates, it’s a good time to sell. The increase in value of your condo means that, if you sell now, you can invest those higher profits into purchasing a new property, allowing you to continue to grow your equity. If that’s your plan, then selling now is smart because it will allow you to enjoy the climbing value of your new property as well. A lot of condo owners are hesitating to sell right now because those values do continue to rise-they could earn a higher resale value by waiting another year to sell-however, it’s important to remember that the rest of the condo market is appreciating in value, too. A year from now, you’ll be facing higher asking prices than you’d be facing today, and that may make your investment less profitable in the long run.

Then, of course, there are those looming price corrections. If the real estate market is experiencing tremendous growth now, is that simply leading to a drop? Price drops are difficult to predict; however, it is also important to remember that high growth leading up to a decrease softens the impact of the decrease (if you earn 15 per cent in market increases leading up to a 10 per cent decrease, you’re still up 5%), which means that, based on Toronto’s high rate of condo market growth (particularly in Toronto’s core), it isn’t very likely for prices to fall below what you initially pay.

The Pros and Cons of Choosing a New Condo

We’ve established that now is a good time to buy, but that doesn’t help you figure out what you should buy. New condo or resale condominium-which is the better investment for you? Here are a few pros and cons of each option.

Pros of Buying a New Condominium:

· Lower purchase price (depending upon market conditions).

· Better choice of locations within the building (if applicable).

· Broader range of options and/or upgrades.

· Less risk of having to undergo costly and intrusive repairs and renovations.

· New home warranty protection.

Cons of Buying a New Condominium:

· You may have to rely on artist sketches and floor plans to get an idea of the finished product before you buy. If this is the case, make sure the unit’s boundaries, location, finishes, materials, chattels, etc. are clearly specified in the purchase agreement.

· You pay your deposit before you move in, which means it may be tied up throughout the duration of construction.

· It may be harder to get a mortgage from a financial institution for an unregistered condominium.

· Construction delays could mean your unit doesn’t get finished on time, leaving you scrambling for short-term lodging.

· If your unit is finished first, you may move in while construction continues in other units, exposing you to noise and disruption.

Buy Before You Sell and Grow Your Investments

It’s important to remember that, just because it’s a good time to sell a condo right now, it doesn’t mean you have to or necessarily should sell. It’s a good opportunity if it’s something you’ve been thinking of doing already, but you also shouldn’t feel like you need to rush to sell your condo in Toronto. In fact, if you are thinking of selling, today’s market provides you with a good opportunity to grow your equity and investments by buying a new property before you sell your old one.

Why is it a good idea to buy before you sell right now? Because today’s market is a strong seller’s market: the low inventory and high demand combine to make selling times quick. For instance, for a condo valued at between $500,000 and $1 million, the average number of days it’ll sit on the market before it sells is 29-and most don’t last that long. All you need to do is use your current property equity to open a line of credit and secure the down payment and purchasing costs into a new mortgage. Once you secure your new purchase, you can easily sell your old condo.

If you buy before you sell, you can take advantage of the increasing condo values by buying your new condo at a lower price and selling your old condo at a higher price. The difference could make an impact on your ability to grow your equity.

What does it mean to grow your equity? It means investing in a higher-value property, so your investment can continue to grow. If you are currently in a one-bedroom condo, look for a larger unit or a two-bedroom for your next investment. You don’t want to move laterally through the condo market, even if the increase in condo value makes it look like a good investment, since the land transfer tax, REALTOR® fees, and legal fees may cut into those profits. Climb the condo market by investing in something with more value to make your investment work harder and more effectively for you.

Alternatively, you could grow your investment by keeping your old unit and renting it out: the current average rental price in most neighbourhoods in Toronto can actually cover the monthly costs of ownership, including your mortgage payment, maintenance fees, and property tax, often with a small margin of profit (which you want to keep to a minimum to minimize taxable income anyways).

Conclusion

In short, it’s a good time to own a condo right now, especially if you are looking to invest in financial growth, whether you are hoping to grow your equity by selling or by renting your current unit.

Why Do You Have To Pay More For A Downtown Condo?

Location Matters

There is no question condos for sale downtown are in the prime location where everyone wants to be. Anyone involved with real estate will tell you location means everything. It can give the buyer the mindset of a prestigious condo. They are going to be proud to call this area home.

From a seller’s point of view, there is a perceived value that condos for sale downtown are going to bring in more money. They are confident they can get a buyer paying a very good price for it. You can’t blame them for trying to get the most money they can for the property they are going to sell.

Convenience

Being very close to parks, public transportation, places to eat, and fun activities offers condos for sale downtown a way to be very convenient. If you like to be able to access everything around you in very little time, this could work well for you. Think about how you will get to work, where you like to hang out, and other factors.

The ability to have so much right there for you in no time at all may be well worth the extra price to you. Of course, you have to think about the constant amount of people and the noise all around you. Are you willing to trade off some peace and quiet for that convenience?

Newer Condos

Being able to invest in one of the newer condos makes sense. It is wise to buy a place that hasn’t been lived in long by others. This often means it is in better condition, has newer technology, and it is less likely anything is going to need fixed or replaced soon. Some of the condos for sale downtown are recently built and some of them are sold before they are even finished.

You can actually buy one before they have gotten the materials on site to complete the construction. With such a purchase, you often get to select the colours for the interior and other design elements. It can be fun to live in a place no one else has before. It is also exciting to get to pick certain features you know you will love to have in it.

Perks and Space

There may be certain elements you want with your condo so make sure you use filters when you search. It doesn’t make sense to settle for less than you really want and then regret it daily when you see the place. Make sure you it has enough space too so you don’t feel cramped. Think about your needs now as well as what you may need for space a few years down the road.

Investment Return

There is no reason to think you can’t resell one of the condos for sale downtown either in the future. In fact, it is this forecast return on the investment than make prompt you to buy one right now. This area continues to be one where people are interested in living. There is no reason to think that is going to change in the future either.

Being able to enjoy the condo now is very important and so is being able to afford it. However, knowing when you are ready to move to a new place you won’t have trouble selling this one due to where it is at should be very encouraging.

5 Factors to Consider When Choosing A Condo Unit

Due to the rapid urbanization, a lot of countries and states have developed and maximized the use of their lands to accommodate not only the need for infrastructure development to support its economy but also to supply its’ population with decent and quality housing. Since there are small countries which cannot afford to give their people with their own individual lands to build their houses, high-rise developments such as condominiums, hotels, apartments and real estate became the answer. There can be several factors to take into consideration when choosing a condominium.

Location

Choosing a condo is akin to starting a business. Location is very important whether you are single or you have a family. The place should be, as much as possible, strategically located. The proximity of the place from where you work should be given consideration. Remember that one of the reasons why you are buying your own place. And that is all because you want convenience. Should it be accessible through major roads and thoroughfares? Is it near schools, hospitals and other major business establishments? Its nearness to major public amenities does not only satisfy your physical needs but also determines the true value of the assets you are acquiring. When you are buying a condominium you are not just buying a place to live in, you are buying an investment!

Type of Unit

You are buying a real estate property that should conform to your personal need, capacity and character. There are several real estate companies that offer a variety of units in a single development. You can get a unit in a condominium that has 1, 2, 3 or even 4 rooms depending on your need. If you thrive in class and luxury, you can get a penthouse which is located in the highest part of the condo building. The important thing is that you get a unit that will make you feel happy and satisfied.

Amenities

City living is all about convenience. You want to buy a place that will give you not only what you want but will also make your life easier. We are not talking here of standard facilities like elevators, laundry rooms and the likes. We mean the extras like recreational and sporting facilities. Sometimes when you get home after a hard day’s work and you feel like doing something else outside your unit, it would be nice if you can do it without leaving the building. If you are a fitness buff, then a condominium with a gym will be a suitable choice. If you are tired and you don’t want to cook, then a place that has restaurants or cafes would be perfect. Condo buildings that offer little extras like these make them great choices.

Developer

Getting to know the developer is very vital in choosing a condominium property. Generally, units in a condominium building are pre-sold, that is, they sell the units while the construction is in progress. If you are buying a unit that is not yet finished, make a study on the track record and reputation of the developer. It is always best to consider companies that have excellent previous records in condominium development. You wouldn’t want to be left out in the cold trying to get your money back in case the building construction comes into a halt. There are associations of real estate companies which can help you check the track record of a developer of a condominium.

Cost

Cost covers everything that has to do with the money that you will spend in your condominium. The buying price of the unit should be reasonable enough and within your capacity. Check out for other charges not stated in the price showed to you by the developer. Be sure that the company is straight with you about the price of the unit you intend to buy. Get to know other expenses that may come up when you decide to start living in your condo. Inquire about association dues and other pertinent information regarding the maintenance costs.

New Real Estate – The Garage Condo And Storage Condo

There is currently an evolution going on in real estate. In the same way that residential condominiums grew from the traditional apartment, garage condominiums have evolved from the traditional multi-bay rental storage facilities. Storage space can now be an investment.

A garage condo, or storage condo (the terms are synonymous), is your own personal warehouse located on common property. They are quite different from a storage rental because they are a real estate purchase. They are a real estate purchase that will build equity. Just like any other real estate investment, at closing you receive title insurance and a deed.

The garage condo concept is taking off especially quick in metropolitan areas where real estate space is at a premium. A garage condo seems perfect for those who reside in housing developments with tight CC&R regulations, who reside in apartments or residential condos, or who just don’t have space to expand at their current location. Garage condo owners now have a space for their hobbies, projects and even businesses.

While I don’t own a garage condo, nor do I own stock in a condo development, I can’t help but get a little excited about the prospect of these. If you own a business, you can use the space to store records, inventory, stock and so forth. With this, you gain business equity from ownership, and don’t have the costs associated with a rented “storefront.” Internet businesses, especially those that carry and ship inventory, can store inventory and ship directly from, the condo is they desired.

As with a residential condo, a garage condo can be available in many qualities, configurations and prices. Some garage condo facilities offer a clubhouse, swimming pool and other common amenities. Your garage condo can be customized almost any way you want.

I have seen customizations that consist of nothing but simple shelves. I have also seen customizations that include a custom lounge, entertainment center (it’s pretty cool to watch Sunday’s NFL games sitting next to your project car), a wet bar, security systems, hydraulic lifts, custom cabinetry and epoxy floors. In reality, you can pretty much do what you want with it (as long as it falls into your CC&Rs, and doesn’t affect structural integrity). An owner can potentially recoup the costs of these upgrades when they sell.

USA Garage Condo has a pretty informative chart on the benefits of owning a garage condo versus renting a storage unit. The chart is based on a 10 year period. The details are on the website, but the 10 year results boil down to this:

  • Renting: $154,911.77 paid out in rent (you OWN nothing in ten years)
  • Owning: $139,619.54 (you OWE nothing in ten years – and own the real estate, which you can recoup if you sell)

Score another victory for owning over renting. Yes, we all know the benefits, but what most probably did not know was that we now have the option to own when it comes to storage space.

For more information, visit USA Garage Condo, the website for a garage condo development in Tempe, Arizona. This website has further information on investment potential, uses and amenities.

Urban Living – The Condo Advantage

The rise in urban living has paved the way for the increase in the number of condos or apartments that are within walking distance to many shops, restaurants and other sites. As more and more people become busy with their lives, the thought of buying a condo instead of a traditional house or apartment is an attractive option that many are considering. If this is the first time that you are thinking of purchasing a condo or are still deciding on whether a traditional home is more attractive than a condo, then here are some advantages that condominiums have that you should think about. Hopefully, this would give you information that would help you make an informed decision later on.

Security

One of the best things with living in a condo is the fact that there are security measures in place in the building so you and your family are safe and secured. Some units are also pre-installed with security features such as locks, floor pass and other security concerns which make it safer for you and your loved ones. Floor passes or key cards also prevent someone from entering your floor and CCTV cameras are now the norms so any suspicious individuals are apprehended by the building security or staff.

Maintenance

Having a traditional home or house would require one to maintain the exterior as well as the interior part of the structure. If one has a lawn for example, one needs to trim down the grasses or water it to prevent the lawn from drying up. When one is living in a unit, one no longer needs to do this as more often than not, the building maintenance would do it for them. Thinking of a leaking roof and having to fix it by oneself can be daunting and life threatening especially if one has no idea how to do it. Maintenance personnel can fix it and if there are any plumbing or electricity issues, they are likewise able to do it for the tenant(s).

Mortgage Fees

Traditional homes can be expensive depending on the current market value of the place where it is situated. Traditional homes can be great for bigger families as they have more spaces; however, once those kids go and live on their own, maintaining a big home is impractical especially if one still has some mortgages to pay. For those who want a smaller place, a condo is one excellent option. The living space requires little maintenance and one can save a lot in utility bills.

Although there are some disadvantages to living in a condo such as having to pay association fees or having to seek approvals from several homeowners for certain activities, the benefits far outweigh the cons.

Get The Word Out You Are Searching For A Great Condo

They go Fast
You don't want to drag your feet though when it comes to new condos in for sale. The demand is there and many of them are sold in very little time. You need to get the message out that you are looking. This will help you to get information on the new listings as soon as they come out. When you are among the first to see them, you can pick what you want.

You don't want to rush though and pick just anything because you worry if you don't you will end up with something worse. The key to making it work is to take action so you know what is offered out there and how to get it.

Find an Agency
You don't have to do it all on your own though. You can learn about the new condos in as soon as they are available. An excellent agency can help you to find what you want in the right location and price range. If there are specific perks you want such as a number of bedrooms or bathrooms, let them know. They will use these filters to help narrow down options.

They are only going to notify you when there are new condos in that fit your requests. This will save you time sifting through all of them on the market. When you first reach out to an agency, make sure you ask questions and spend time talking with an agent. You need to find someone you can really rely on to help you get information quickly.

Sign up Online
You can also learn about new condos in by signing up online at various sites. You can use their filters to look at the options currently available that fit your needs. Keep in mind the more you filter, the fewer results you are going to get. However, you do want to make sure you all the perks you want with your purchase choice.

Once you create the account, you can view what is currently out there. This is a fast way to find out about locations, pricing, and much more. You can even ask questions to schedule an appointment to see various new condos in that have captured your interest. As new options are available, you can set up email alerts so you learn about them as soon as they are offered.

Buy before it is Built
Don't overlook the option to buy one before it is even built. Many of the condos out there are being promoted this way. You get to see the layout and you can even pick colors for your carpet or other features. You will be able to move in as soon as the building is done. You will be the first person to live in it and that is really exciting.

The down side to this option though is you can't move in right away. Depending on what phase the building is in, the wait could be several months or even a year. Yet that may fit your time frame very well. It is certainly an option worth exploring as it could save you money and get you the condo you have always dreamed of!