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Homes can exist in many different appearances. A home may be a bungalow, a mansion, a two-storey house, or even a loft in a building. Nowadays, as compared to those who are traditional patriots of conventional houses, more hardworking earners opt to live in condominium units, where they may comfortably settle down without having to think of any house-related issues at all. As homes must be protected, so must condominiums, and getting a condominium insurance quote is the best way to go about this.
As condominium units are not your usual type of home, providing insurance for them is also presented in a different way. Condo insurance quote must therefore be committed in accordance with the ordinances and policies that must be followed within the condominium building, such as standard rules and regulations of the condominium association. A condo insurance quote also helps you scout and compare the offers of other insurance agents, allowing you to choose wisely and freely in accordance with your preferences.
In the process of getting a condominium insurance quote, always do your best to carefully scrutinize the offers insurance agents present you with; do not immediately jump at the first offer you get. Always make a follow-up on your condo insurance quote with the agent, and keep yourself aware of all the updates and details on the insurance policy to ensure a smooth-sailing insurance transaction for the protection of your own home.
It is important for you to make a good investment. It is equally important that you take care of such investment with vigor, knowing that it will be a property that you may make use of for as long as you can. Getting insurance quotes is not limited to your health alone; it ay – and should — also apply to your properties. Condominium units are commercial establishments, true. But they are also home to many people. If you live in a condominium unit, get a condominium insurance quote and protect your investment – your home. Search the web for a list of insurance companies that offer policies for homes, particularly condominium units. Good luck!
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Unfortunately, there is no exact answer to this question. Based on personal experience, one may notice that smaller units does usually fetch a better rental return in percentage terms. Also, smaller units are usually easier to lease out as well. However, let’s look at riversails condo with an overall investment perspective. Besides rental return, capital/price appreciation should be properly taken into account too. We must understand that smaller units are priced higher in Per Square Foot (PSF). Most of the time, one will find that as the size decreases, the PSF increases and this applies to the condo developments surrounding riversails condo as well. Thus, with all these in mind, we can say that there are no hard and fast rules to this.
Consequently, it would probably be better to decide based on our overall investment portfolio and risk profile. Thus, Individuals with different profiles will result in a different investment decision.
For example, if someone were to have one million dollars spare cash to spend, he would probably purchase a bigger-sized unit at riversail condominium. If he was to buy just one small unit, there may still be too much extra cash leftover that is waiting to be eroded in tandem with the effects of inflation. This is definitely not desirable at all. The percentage returns may be slightly better but in quantum value, he will receive lesser. Alternatively, to diversify or spread his risks, he may consider buying a second smaller unit in another condominium project other than riversails (do note that other costs like Additional Buyers’ Stamp Duty and legal costs applies– factors to think of as well).
Some people may have much spare money to spend but due to other reasons (e.g., financing of children’s university education, age etc), it may be better to stick to a smaller/cheaper unit.
For Riversails new launch as well as other condominiums, we not only need to do our financial calculations (i.e. estimated the rental potential, future developments etc) but we must also manage our risk and consider our overall investment portfolio. That way, we can be assured that our risks is properly minimized and our returns would be satisfactory.
For many, Real Estate Investment is one of the biggest investment in their lifetime. Thus, it is important to do your homework both qualitatively as well as quantitatively. Property Investment, like many other investments, is both a skill as well as an art.
If you are looking at the convenience of not having to be too worried about security and privacy, you may wish to put your money in for condominiums instead of landed properties. Condominiums may have higher monthly maintenance cost, but for most of us in this modern era, it is probably the most convenient if for more than two-thirds of the time nobody is home.
There are some things to note when you are buying a condominium, and here are some tips of things to look out for:
1. Land Status
The first thing to look out for is the land status of the development project. Is it residential or commercial? If it is for commercial, you may expect higher quit rent, utility bills and assessments. All these add to the cost of your stay, or lower your profit as an investor.
2. Water storage tank
Unlike individual homes where piping goes directly to your unit, condominiums and other high-rise buildings will have a main water storage tank and intermediate pumps to send the water to your tap. It is a requirement to have water storage tanks keep storage of one day water demand for the whole block as a safe back-up in case of water supply interruption by the authorities. As the storage is an automated system with detection to start bringing water into the tanks when it reaches a certain level, some high buildings may require two pumps instead of one. Does your block adhere to these requirements?
This is a relatively sensitive issue. Some homes may be really beautiful inside, but the elevators look ‘haunted’, and does not help to increase your property prices too well. Your potential future buyer may feel spooked by the elevator and avoid going up to your unit. Anyway, try to avoid buying a unit which is sharing wall with the lift core to avoid the noise and vibration.
Condominiums are such that the higher floors demand higher selling prices. Very often, penthouse or duplexes are built only on the few top floors of a condominium. If you are considering one yourself, do check what type of roofing it is. The construction of the roof should be well enough to ensure that there are no problems ahead. Some might have a rooftop garden too. Will the structure cause cracking later on?
5. Car Park
How many car parks are allocated to each unit? You might wish to pay a little attention to this, because you may have more than one car at home. Look at the surrounding area, is the car park shaded or an open space? What is the potential of someone throwing rubbish or an air condition outdoor unit falling off (maybe due to bad installation or weather) and hitting the roof of your car? Is the parking lot far away from your unit? Check carefully, ask the owner well before signing the agreement to make the unit yours.
6. Refuse area
All high rise condominium are designed with a refuse room at every floor to avoid having to bring rubbish out with the elevators. Check for the exact location of the refuse area, just to be sure that it is not going to be directly next to yours and check its cleanliness. True, you cannot possibly expect the refuse room to be as clean as your living room, but do look out for cockroaches or any fungal growth on the walls.
Some condos come with free air conditioning units by developers as part of a launch pull factor. The more important thing is to look at the piping. Does yours include piping, or just electrical points? Will you need to drill any holes for the drain pipe?
8. Security and Maintenance
For most of us, purchase of a condominium unit as a home is probably for the sake of convenience. Look out for the security, which security company is contracted for the task? What is the entry system employed at the gate of your block for visitors and residents? Are the gates always closed to ensure safety, with a pass code or a sensor device to identify you as a resident? For maintenance, is the walkway sparkling clean? Are the rubbish tank at the main rubbish area well kept? Is there a 24-hour surveillance camera at your elevators, and is there any number plates tracking and identification surveillance camera at the entrance?
Whether you are buying the condominium unit as your private home or an investment, use the 8 pointers as your guide to ensure value for your money.
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The trend in housing and residential perspectives has been undergoing various transformations and shifts of mind frame in the recent years until the present. Hence, even those who belong in the senior generation are changing their preferences and ideals on housing needs by purchasing much smaller residences or condominium units. In fact, high-rise lifestyle has been increasingly growing in the contemporary real estate sector. For those who are considering condominiums for a more convenient and modern living, there are various things they need to know and understand, particularly cautions for condo buyers.
One of the first things that home buyers who prefer condo style residences must know is the relevance and necessity of consulting legal help especially from those professionals who are legitimately involved in the real estate industry. Before purchasing and finalizing any transaction as to your pursuit of owning a condo unit, always see to it that you initially seek professional assistance from lawyers who have thoroughly checked and read the covenant of condominium.
This covenant is also known as the declaration of condominium or master deed which includes all nonnegotiable clauses that legally binds the buyer in lieu with his agreement in purchasing the property. All associations that are into high-rise investments have this covenant that must be duly signed by the purchaser before finalizing the deal. Since it is of utmost importance which has a lot of legal implications, there may be unnoticed words which are cleverly formulated to trap potential buyers into some responsibilities that they do not realize at all. This is where legal assistance comes in handy and of utmost importance.
Some of the cautions that condo buyers must be aware of are likewise pitfalls subtly found in master deeds for their transactions. One of the most common issues they must watch for is the defective construction of the building where the unit is located. Home inspection then is basically needed in order to assess the entire quality and condition of the unit you are planning to buy. This is very necessary because if there are certain defects that the building where your unit is based, the moment the condo association decided to address repair and fixture issues, all unit owners are obliged to pay for the cost. Hence, it is basically important to evaluate if the building is free from any structural defects and malfunction before signing the documents.
Another very salient thing to be cautious in condo buying is the subsidized fees included in the contract. There are developers who initially give a low fee for their owners especially if the building is newly built. However when all the units are sold, monthly fees generally skyrocket. Due to your binding agreement you have no other way but to comply with the high increase.
Buying condo units is indeed a more workable and logical resolution yet it needed more than just financial resources to have a productive venture in the end. Understand the different cautions set for condo buyers and know what to do for a profitable high-rise investment.