Tuesday, August 03, 2004
Attention Condo Buyers
Attention Condo Buyers:
3 Warning Signs That Could Cost You Thousands of Dollars
If you are in the market for a condo, be sure to ask you REALTOR about the following... they could be warning signs that could be financially costly to you.
1. Fifty (50) percent or more of the units are tenant (renter as opposed to owner) occupied.
If 50 percent or more of the units are rentals, it may be more difficult to find a lender to loan money for a unit in the complex. If few lenders will make loans, this may impact you when you want to resell.
2. The association's "reserve fund" is less than healthy.
The association does not have a healthy reserve fund. Without a large sum of money in reserve, when a major repair needs to be done, owners might have to pay a costly special assessment. This can affect resale value.
3. The project is in litigation.
If the project is involved in litigation with builders and/or other homeowners, this can quickly deplete reserve funds and affect resale value.
For totally awesome CONDOS in the Greater Asheville area with none of the above neagtives. please contact our CONDO specialist at CONDO@janeAnne.com
3 Warning Signs That Could Cost You Thousands of Dollars
If you are in the market for a condo, be sure to ask you REALTOR about the following... they could be warning signs that could be financially costly to you.
1. Fifty (50) percent or more of the units are tenant (renter as opposed to owner) occupied.
If 50 percent or more of the units are rentals, it may be more difficult to find a lender to loan money for a unit in the complex. If few lenders will make loans, this may impact you when you want to resell.
2. The association's "reserve fund" is less than healthy.
The association does not have a healthy reserve fund. Without a large sum of money in reserve, when a major repair needs to be done, owners might have to pay a costly special assessment. This can affect resale value.
3. The project is in litigation.
If the project is involved in litigation with builders and/or other homeowners, this can quickly deplete reserve funds and affect resale value.
For totally awesome CONDOS in the Greater Asheville area with none of the above neagtives. please contact our CONDO specialist at CONDO@janeAnne.com
