Could condo living be for you? For many condominium living can be an attractive alternative to a single family home. The price per square foot of a condo is often less than a single family home. Before you make the leap to condo living make sure to do your homework to see if it truly is the best choice for you. Here is a checklist of a few things you may want to consider before signing on the dotted line.

  • Condominiums have monthly maintenance fees.
  • Check with the condominium association to see what the annual increase in the monthly maintenance fee has been for the past few years.
  • What is the percentage of residents are current with their monthly association payments. Look for about ninety-seven percent of the development’s residents to be current with their monthly payments.
  • What percentage of the association fees are dedicated to a reserve fund. A good number would be at least 10 percent of the association’s annual budget.
  • What are the condition of the condo’s roof and major mechanical systems? When were they last replaced or repaired. When the condo requires big upgrades, costly “special assessment” fees are passed on to the homeowners.

Most importantly try and talk to some of the residents. They can be your most valuable resource for learning about the development’s pros and cons of the condominium development.

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You may think that any home improvement is an investment but when it comes to updating your home some renovations can actually be a money pit?

Here are some home updates that don’t bring a return on investment and even some that might repel future buyers.

The saying goes, “Kitchens and bathrooms sell homes”. This is true but keep it simple when renovating. Keep clean lines, neutral decor, upgraded appliances are your best bet. Remember to consider your home and the neighborhood, don’t put a master chef kitchen in a mid-level home. You will only end up losing money.

A bathroom can easily be updated by giving it that hotel spa look. Use white or cream towel sets, a clean but non intrusive candle and some new knobs on the cabinets.

Before you install all brand new carpeting some buyers are turned off by wall-to-wall carpeting. If you have pets this is especially true. Buyers who have allergies do not want to buy a home with wall-to-wall carpeting.

Expensive wallpaper may be in but buyers prefer painted walls. Use clean and neutral colors.

Adding a swimming pool will limit your buyer pool (pun intended). Pools attract a specific buyer but they do not add a monetary value to the home. Some buyers just don’t want the added expense, danger or hassle of a pool. If you do install a pool, an¬†inground pool is most preferred.

Before do any home renovation consider how it would appeal to a larger population in the sale of your home.

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On June 22, 2014 By
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