It's Official: Life is Unfair Unfair as it may seem, when you apply for your mortgage, your ability to qualify will be reduced to a single number. Your entire financial history up until that point will be analyzed, sliced and diced, into a single indicator of whether you're likely to be able to meet those monthly condo payments. Know your score! As the saying goes: "Forewarned is Forearmed." The three major credit reporting agencies are: Equifax, Experian and TransUnion. Each uses a slightly [...]
DBPR Guide To Purchasing A Condominium (re-printed) DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Division of Florida Land Sales, Condominiums and Mobile Homes INTRODUCTION Condominiums are a significant segment of the housing market in Florida. However, many prospective condominium purchasers are unaware of condominium concepts or the provisions of Chapter 718, Florida Statutes, the Condominium Act. The purpose of this pamphlet is to provide prospective purchasers with important [...]
What Exactly is a "Condo" Anyway!? The word "condominium" does not describe a type of building, but rather a specific form of home ownership. Thus, any building from a villa to an apartment to skyscraper can be a "condo." The form of ownership you receive with your condominium is this: Most commonly, you own your unit from the drywall inwards, plus a share in the "common elements" of the remainder of the property, i.e. the pool, tennis courts, grounds etc. You pay for the upkeep of your share by[...]
The wealthy pay cash for their homes. The rest of us need a mortgage! The home buying process begins with the loan application. You should find out if you will qualify for a mortgage, and how much it will be before you ask your Realtor to start driving you around town. The truth is, without this information in your pocket, you're not taking yourself very seriously. And if you don't take yourself seriously, chances are, your Realtor won't take you very seriously either. Would you drive a [...]
It May Pay For Itself! All condos, even brand new ones, have problems. Some are not so serious – others can be deal breakers. A professional home inspection will help you figure out the difference and can prevent you from making a costly mistake. Hidden defects which are revealed can usually be addressed before you close the deal, leaving you more comfortable with your purchase. It can also save you hundreds of dollars in repair work – more than covering the cost of the inspection itself. [...]