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Best Condominium and Condo Review and Buying Guide:I remember as a kid when my sister moved into a condo in Oakland and I thought it was the greatest thing in the world. Like most condominium complexes my sisters unit had a lot of cool amenities like a pool, workout room, spa, underground parking, and a fireplace. In certain cities like Los Angeles, Phoenix, Miami, and Austin many 1st time homebuyers look towards a condo purchase because it's more economical than buying a home. I used to live in Los Angeles from 1994-2003 and as we all remember that was a huge real estate boom period for California. I live in Las Vegas where the average home price is now over $300,000, but you can still find a good two bedroom condo for sale under $150,000. Condos are great for single people, college students, or even a little family with maybe 1 child. Your average 2 bedroom condo is about 1000 sq ft and is part of an HOA (home owners association) which means the owner has to pay a monthly due to keep up the property. The association fees usually cover the landscape, pool, gym, tennis courts and whatever other amenities the condo community offers. In Las Vegas you can expect to pay at least $100 per month in HOA dues so make sure you include that in your mortgage calculations.
Renting a condominium is just like renting an apartment where you select a unit and pay first, last month, and a security deposit to move in. If you are buying a condo though be prepared for a few more complications when you go to a mortgage broker. Banks charge condo owners additional fees (called points in the mortgage industry) because the lenders consider a condo to be more risky then a house purchase. If your mortgage payment on your home was $1000.00 a month with taxes and insurance then you could expect a condo payment to be closer to $1250.00 a month. Hopefully our review below will help you understand the condo market and what your best move is as far as buying. Rent Your Condo - Find a Condo Rental?:Do you need to rent out your condo? The last few years in Las Vegas saw a huge housing boom and with the boom went the rental prices. A 1 bedroom / 1 bath condo in the southwest part of Vegas (which is decent area) would cost about $750 a month to rent. If you are looking to rent out your condo then try an online classified site like backpage.com where you can list your rental property for free. The same basic rules apply to renting your condo out as they would to renting out your house. Always do a credit check on your possible tenant, and make sure to collect first, last month, and security deposit. I own a house, but I would have preferred to rent a condo in my past as opposed to living in a tiny apartment. Condominiums are usually a little bit bigger than an apartment and they tend to have nicer amenities (pools, spa, gym, parking, security, gated, etc.) If you are considering renting a condo in your city make sure you get your finances in order before you start looking. Most condos for rent are owned by private owners who require a little more from tenants than your average apartment complex. Apartment buildings usually run on a high volume and high turnover, but most people only own 1 rental condo so they like to take extra good care of it.Las Vegas Condo for Sale - Condo Conversion:Do you live in Las Vegas? Are you considering buying a condo in Vegas as a primary residence, or maybe you want to buy a condo as an investment property? Las Vegas is still growing at a rapid rate and the housing market (condo and townhouses) continues to boom as hi rise condos are now the new trend. There are a lot of highrise condos being built near the strip (Las Vegas Blvd) and it appears that they sell out as soon as they are built. Most of the condos on the strip are luxury and high end places that will cost you a minimum of $300,000 for a 1 bd unit (barely over 750 sq ft.). Some of the more popular condo developments in Nevada right now are Borgata, Manhattan, Hard Rock Condos, Tuscany, and Bella Vita. The real estate market is still steady in Las Vegas (just not booming like 2004)so it's hard to find a good deal, but with a little research and patience you can still find a decent buy. A friend of mine just bought a 1 bedroom / 1 bth condo conversion in Borgata for $155,000. The Borgata units are nice and the complex offers a ton of amenities. His condominium has a fireplace, a balcony, gated community, pool access, gym, washer and dryer, and a nice floor plan that makes the unit feel spacious at just over 750 sq ft. You can find out more about the Borgata Condo lifestyle at vegasluxurycondosales.com/Borgata.html. If you want to buy a piece of Las Vegas real estate then a condo might be your best bet, and right now might be the best time to buy before prices jump. There are also a lot of foreclosure properties on the market now that the sub prime mortgage industry has imploded. Sometimes buying a condo in foreclosure could save you up to 30% off the appraised value. Many condos for sale nowadays are known as "condo conversions", which are simply apartment units that have been remodeled and sold to a private owner. Some cities like San Diego, Miami, and Las Vegas have become a hot spot for conversions and it appears that the local residents love the pricing that goes with a condo purchase. Borgata (the condos mentioned above) are condo conversion units and offer a nice, safe, central location in the city. Borgata is only 5 minutes from the Las Vegas strip (and all the casino, restaurants, hotels, clubs, etc.), but they feel like they are miles away from everything once you enter the gated community. Condo conversions have really affected the rental market here in Vegas simply because there are now less apartments for rent (which means rental prices have gone up a lot the last few years).
How to Deal With The Condo Association - Management - HOA?:Are you having trouble with your condo association? Have you heard nothing but bad things about HOAS? Living in a community with association fees and rules can be difficult if you don't like a clean, restricted environment. I have lived in a condo complex that was run by a management company and I actually liked the experience for many reasons. The best thing about having a home owners association is that you don't have to deal with old cars being parked in the street or junk piling up in your neighbors front yard. When you move into a condo you will receive a list of the rules and regulations from the HOA, usually the rules are related to keeping a clean and quiet neighborhood which is something we all can appreciate. If you do have a problem with a neighbor or any other situation your best bet is to contact the association asap to find a resolution. There are a lot of websites online that offer information and guidance when it comes to condo associations, but we found condolawyers.com to be a helpful resource when it comes to rules and regulations.
Florida Condo - Hawaii Condo For Rent and For Sale:Americans love to travel and where is a better place to go than Hawaii or Florida. I have to admit that I love Hawaii, I have been to Maui and Honolulu in recent years and can't wait to get back. My brother just went to Maui two weeks ago with his family and stayed in a beautiful condo that he said was $350 a night. Oceanfront condos in Maui and Kauai are very popular with young people looking for a romantic getaway. Craigslist.com is a great website that offers numerous Hawaii condo rentals from private owners. I prefer staying in a condo on vacation versus a hotel room because condominiums feel more like home. Craigslist also has condos for sale in Hawaii, the only catch is that you better have $500,000 or more. If you want to go to Florida and live the life of a beach bum then you are gonna need a condo or hotel to stay in. Vrbo.com is an online vacation site that lists hundreds of condos for rent in Florida (Orlando, Miami, Ft Lauderdale, Destin, and Naples). We found deals for weekday nights in an oceanfront condo for under $99 per night. If you are looking to permanently reside in Florida and want to experience the condo lifestyle with views, pools, and luxury then craigslist again is a great place to find a Florida condo.
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