Difference Between Sacramento Real Estate Homes to Condominiums

239 views
204 views

Published on

Buying condo units have advantages and even disadvantages to would be buyers. But first, let me tell you the main difference between the two.

For more information please visit us at http://www.DavidYaffeeTV.com

Published in: Real Estate, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
239
On SlideShare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Difference Between Sacramento Real Estate Homes to Condominiums

  1. 1. Difference BetweenSacramento Real EstateHomes to Condominiums©www.DavidYaffeeTV.com
  2. 2. Difference Between Sacramento Real Estate Homes to CondominiumsBuying condo units have advantages and evendisadvantages to would be buyers. But first, let me tell youthe main difference between the two.When you buy a condominium unit, you get the exclusiveright to the interior space of your dwelling unit, but theland, walls, grounds, fences and facilities are owned incommon with the other owners in the complex. ©www.DavidYaffeeTV.com
  3. 3. Difference Between Sacramento Real Estate Homes to CondominiumsWith a house and lot, the entire home and even the landbelongs to you. This is called "fee simple" ownership.Lets dig it deeper, a condo unit is usually attached toother similar units by a common wall, while a house isdetached. ©www.DavidYaffeeTV.com
  4. 4. Difference Between Sacramento Real Estate Homes to CondominiumsHowever, a recent trend is to develop detachedcondominiums, where the land and improvements areowned in common.There are also some attached houses where the land isindividually owned. These neighborhoods are calledPlanned Unit Developments (PUD.) ©www.DavidYaffeeTV.com
  5. 5. Difference Between Sacramento Real Estate Homes to CondominiumsCondominium owners usually cant remodel at will, whilesingle-family house owners are relatively free to makechanges to suit their personal needs and tastes.When buying a condominium you should include acontingency to review and approve the CondominiumTitle Certificate (CTC), the articles of incorporation, thebylaws and the rules and regulations of the condominiumassociation. ©www.DavidYaffeeTV.com
  6. 6. Difference Between Sacramento Real Estate Homes to CondominiumsIts also a good idea to review the minutes of six to 12months of board meetings to understand the currentissues that are being discussed.Look over the financial documents such as the budget,reserve study and any assessments and find out how manyof the units are non-owner occupied. ©www.DavidYaffeeTV.com
  7. 7. Difference Between Sacramento Real Estate Homes to CondominiumsThis may affect your ability to get a loan. Finally, youllwant to know if the association is involved in anylitigation.The seller, real estate agent or escrow company will orderthese documents from the management company for youto examine and approve. ©www.DavidYaffeeTV.com
  8. 8. Difference Between Sacramento Real Estate Homes to CondominiumsAccording to experts, Condominium documents are longand complex, and buyers often complain that they dontunderstand them.If you cant make sense of the documents, contact ahomeowner association board member for anexplanation. ©www.DavidYaffeeTV.com
  9. 9. Difference Between Sacramento Real Estate Homes to CondominiumsOr, hire a real estate attorney who is knowledgeable incondominiums to review the documentation and give youan outline of the important points.Maintenance of the condominium complex is shared withthe other owners. ©www.DavidYaffeeTV.com
  10. 10. Difference Between Sacramento Real Estate Homes to CondominiumsKeep in mind that when you buy a condominium, youbecome a member of the homeowners association.You pay a monthly fee, which covers management of theassociation, hazard insurance and routine maintenance.A portion of your fee goes into a reserve account forfuture maintenance and replacement of theimprovements. ©www.DavidYaffeeTV.com
  11. 11. Difference Between Sacramento Real Estate Homes to CondominiumsSometimes utilities, such as water, garbage and sewer areincluded in the monthly fee.Exactly whats covered by the homeowner fees varies fromcomplex to complex.The responsibility for maintenance of a single-familyhouse usually lies solely with the owner. ©www.DavidYaffeeTV.com
  12. 12. Difference Between Sacramento Real Estate Homes to CondominiumsRead and understand the CTCs and other documentsbefore you buy a condominium. If youre a dog lover andthe CTCs prohibit dogs, youll want to know this beforeyou buy, not after.Just as the value of any one house is dependent onproperty values in the neighborhood, the value of acondominium depends on the condition and desirabilityof the entire complex. ©www.DavidYaffeeTV.com
  13. 13. Difference Between Sacramento Real Estate Homes to CondominiumsThe best way to get information about a condominiumcomplex is the same as in a single-family houseneighborhood.Take a walk and talk with the neighbors. Finally, mostrealtors favored Condominiums because it is lessexpensive than single-family houses. ©www.DavidYaffeeTV.com
  14. 14. Difference Between Sacramento Real Estate Homes to CondominiumsCondos usually offer more amenities but it has a highermonthly fees.They added that condo units are a good choice for youngprofessionals, bachelors and even to retirees, who want tobe in very accessible location, but do not want to shell outlots of dollars in their pocket. ©www.DavidYaffeeTV.com
  15. 15. Difference Between Sacramento Real Estate Homes to CondominiumsFinding more information about SacramentoCalifornia Real Estate?The visit our Sacramento Area Real Estate sitetoday!We can help you in Real Estate for sale inSacramento CA. ©www.DavidYaffeeTV.com
  16. 16. Difference Between Sacramento Real Estate Homes to Condominiums Brought To You By ©www.DavidYaffeeTV.com

×