Diverse lifestyles, changing family structures and a growing population have in many ways redefined what it means to own a home. In response, condominium developments have become an ever-increasing popular way of owning residential property.
What is a condo?
A condominium — or "condo" — is a form of real estate ownership wherein a single property is divided into multiple, independently owned units.
Whether purchasing a home for the first time or well-versed in the home buying process, consideration should be given to each step leading up to the presentation of an offer to buy a home. The real estate market is ever-changing and buying a home now can prove to be a different experience than it was just ten years ago. In preparation, there are beneficial steps buyers can take before initiating a search for a new home.
When trying to determine a home's value, buyers and sellers often possess differing points of view. Emotions may unknowingly play an influential role, resulting in differing opinions and a disparity between a home's presumed value and its actual value. Buyers and sellers are each influenced differently. It is therefore understandable the assumed value of a home, by either party, may unintentionally be subjective, resulting in an over-valuation or under-valuation of the property. However, there are ways to ensure pricing accurately reflects market conditions.
In real estate, first impressions are of the utmost importance and a person's initial reaction to a home is oftentimes based on its curb appeal. The attractiveness of a home's exterior has a significant effect on its value. There are projects, both large and small, that can improve a home's appearance and can instill a feeling of pride in ownership.
The financial responsibilities of home ownership go well beyond the payment of a monthly mortgage and recent home buyers are often caught off guard with the numerous costs they encumber when purchasing a new home. The impact of maintenance costs, homeowner's insurance, property taxes, association dues, utilities and other resultant obligations are often overlooked when searching for a home to buy. Prospective home buyers should carefully avoid over committing to the purchase of property outside their financial reach.
Successful open houses are a product of significant planning and preparation. Although an open house may not be the resultant cause for the sale of a home, holding a home open, can increase the odds that it is seen by a prospective buyer. In response, consideration should be given to marketing efforts as the broad application of promotional tools could serve to capture a prospective homebuyer's awareness.