Posted on January 22, 2012
If you're considering moving to that great looking condo across town that's in the perfect neighbourhood, you might be excited to finalize the deal as soon as possible. However, before you sign any papers and commit yourself to a long-term mortgage on the property, there five essential questions that you must ask the building owners. Within this article, we'll examine these four key questions and outline their importance in terms of the purchase process.
1) What Do the Building Maintenance Fees Include?
You'll likely have completed your research when considering the financing for your new condo, so you should have a full understanding as your monthly maintenance fees. But the first question you should be asking to the condo building owners is "What does my building maintenance fee cover?"
In some buildings, your building maintenance fee will pay directly for items such as your electricity and water. You'll want to know precisely what the maintenance fee for the building covers to allow yourself to create a structured budget that takes into account each of your monthly expenses. Another key question to ask at this juncture is "When were the building maintenance fees last increased?"
If there has been a fee increase for an extended period of time, that might mean that one is coming shortly, therefore you should take that into account when reviewing your condo building of choice.
2) What is the Building Maintenance Schedule?
When speaking with the condo owner, find out how often they conduct building inspections and maintenance. Clean, well maintained buildings will often have a monthly inspection routine that ensures everything is running smoothly within the property.
You may find that some buildings don't have a current schedule for maintenance. If that's the case, you should find out if they're conducting regular reviews of the property, and if so, what the results of these reviews have been in the previous year. If the building owners are not conducting regular checks, this is a big red flag that the property could possibly be in a state of despair.
3) Is their Extra Storage Space Available?
For those who have personal belongings such as exercise equipment and spare furniture that they're not currently using, it's important to find out how much storage space is available within the condo unit. Ask the condo owner about the security of the storage area. Do they have cameras watching the space? Is there an insurance policy that covers any property that is taken from the storage area? These are two key additional questions that you may wish to ask concerning your distinct storage requirements.
4) Are There Any Restrictions in Terms of Pet Ownership?
While you may not currently own a pet, in the future this might be an option that you would like to consider. When reviewing properties, ask the condo building owner about their pet ownership policies - are they open to allowing you to own a dog or a cat? Or would they only allow smaller, quieter animals in the building?
This question could be of additional importance to those who dislike pets, as an open policy towards tenant pet ownership could have a detrimental effect on the environment within the building due to odour and loud animal noises during the night and day.
Posted on January 12, 2012
As you search for a new place to live, you may want to consider that the property you buy is more than a home for you and your family - it is an investment of money that will hopefully appreciate over time. The location of your house or condo, the condition in which you keep the property, and the improvements you make to the exterior and rooms all play important roles in the increasing value. Condominiums in particular provide terrific opportunities for investors, so whether you're looking for a place to live or a way to see a good return on a payment, here's why you should consider a condo.
- Condominiums may be easier to maintain than houses. When you buy a condo, you will be responsible for the upkeep of where you live, yet there are some things you need not worry about. Landscaping and general contracting typically fall to caretakers hired by the condo board, and things like exterior painting, garbage disposal, and even water and gas may be covered in your condo fees. It's important to find out exactly what you're paying for when you write those monthly checks.
- Condominium complexes are typically built in ideal locations. Ever dream of a condo on the beach, or overlooking a gorgeous view of the mountains? Condo developers usually seek out prime land for building their communities, so if you want to live in a nice area of town you may find what you need in a condo.
- Condos make for great rental opportunities. If you plan to move away, you may want to consider renting out your condo rather than selling it. Renting out your property could bring in as many as four figures a month, which could go toward the mortgage on your next home or as a nice supplemental income. Depending on where the condo is located, it may rent nicely as a vacation condo over the summer or winter. You may need to check with the community with regards to regulations on renting property, however.
- Condos may be generally safer than other types of property. This is not to say that people don't break into condos, but if yours is located in a gated community with security you will find your property is probably more desirable to a potential buyer or renter.
As a real estate investment, a condo can provide you with many opportunities for income. Before you sell, consider your other options.
Posted on December 31, 2011
Turnberry Towers Aventura is a thirty story stucco concrete condo whose residents enjoy fantastic intracoastal, ocean and city views. It is one of the older condos built in Aventura; it was built in 1981. Prices for units range from $225,00 to $1,145,000.
All of the units come with central cooling and heating, five appliances, an en-suite full size washer and dryer and walk-in closets. All residents also have full access to the exercise room. All of the units have balconies and the corner units have huge wrap around terraces that offer panoramic views. All of the windows have built-in hurricane shutters.
Location is what Turnberry is all about. It is located within walking or a two minute drive to Chinese restaurants, steak and seafood restaurants, grocery stores, shopping malls, banks, bars and movie theaters. The shuttle buses in Aventura run frequently and will take you anywhere including to the Aventura mall that boasts world class shopping. It is also next to Turnberry's world class PGA golf course, beautiful public beaches and casinos.
Turnberry Towers Aventura is also within walking distance of local boating slips and docks. On site residents enjoy a huge communal terrace with a pool and hot tub that is not disturbed by the noise of RV style living or houseboats.
This resort style condo is also conveniently located between Miami and Fort Lauderdale airports and exciting sporting and cultural venues such as the American Airlines Arena are just an hour or less drive away.