Pros and Cons of Going Condo
The Real Estate Savvy by Myra Spano
Condominiums and townhouses offer an affordable option to single-family homes in many markets, and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your legwork. These are some of the important elements to consider:
- Storage. Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.
- Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you dread yard work, this may be the perfect option for you.
- Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.
- Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not…
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What a Home Inspection Should Cover
The Real Estate Savvy by Myra Spano
Home inspections will vary depending on the type of property you are purchasing. A large historic home, for example, will require a more specialized inspection than a small condominium. However, the following are the basic elements that a home inspector will check. You can also use this list to help you evaluate properties you might purchase.
For more information, try the virtual home inspection at www.ASHI.org, the Web site of the American Society of Home Inspectors.
Structure: A home’s skeleton impacts how the property stands up to weather, gravity, and the earth. Structural components, including the foundation and the framing, should be inspected.
Exterior: The inspector should look at sidewalks, driveways, steps, windows, and doors. A home’s siding, trim, and surface drainage also are part of an exterior inspection.
- Doors and windows
- Siding (brick, stone, stucco, vinyl, wood, etc.)
- Driveways/sidewalks
- Attached porches, decks, and balconies
Roofing:…
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Does Moving Up Make Sense?
The Real Estate Savvy by Myra Spano
These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.
- Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.
- Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.
- Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down…
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What is a Home Warranty?
What is a Home Warranty and what you can expect when buying a home.
The Real Estate Savvy by Myra Spano
A home warranty is a service contract, normally for one year, which helps protect home owners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. Coverage is for systems and appliances in good working order at the start of the contract.
Check your home warranty policy to see which of the following items are covered. Also find out if the policy covers the full replacement cost of an item.
- Plumbing
- Electrical systems
- Furnace
- Water heater
- Heating ducts
- Water pump
- Dishwasher
- Garbage disposal
- Stove/cooktop/ovens
- Microwave
- Refrigerator
- Washer/dryer
- Swimming pool (may be optional)
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