Heres some interesting information about owning CONDOS! They can be difficult to get loans on sometimes. And their value is heavily dependent on the ability to obtain financing, as with any real estate. So youll find some pretty cheap condos out there that seem like good deals, but beware!!! Theyre cheap because financing is tough and youll have the same problem when you go to sell. What makes lenders wary? 1. High concentrations of renters vs. owners. 2. New projects that dont have an established HOA (homeowners assoc.) 3. Poorly run HOAs and poorly-kept common areas. We send a large questionnaire to the HOA before we do anything to see how they stack up on lots of issues. Condo projects can get approved with FHA (The Federal Housing Admin), and if they do their values are usually higher cause more people can qualify for financing at low down payments. More buyers = higher demand = higher prices and ease of selling. Have you heard of Condotels? Or Condo Hotels? Theyre unique in that they have a front desk and allow nightly rentals. These can be lucrative as investment properties in resort areas. You gotta put a big down payment to buy them, as financing for them is a small niche (no FHA financing), but its something I can do here at Legend. Call anytime to discuss your plans and dreams! 801-808-MARK (6275). Mark Hammond
Posted on: Thu, 08 May 2014 17:55:13 +0000
Trending Topics
Recently Viewed Topics
© 2015