Pros and cons of intuit mint12/5/2023 -Maintenance work requirements are minimal.-Affordability is generally much better than a traditional single family house.Every condo project has its own homeowner’s association (HOA) that is responsible for maintenance of common areas and enforcement of HOA policies and restrictions. You do not own or have the right to change the exterior of the unit. In this form of ownership, you own the inside of your unit and have a percentage ownership of the land and common areas of the development. -Assess the livability of the property during needed repair work.Ĭondominiums have long been popular with first-time home buyers.-Create a project plan and budget for improving your fixer.-Get contractor bids before you close so you know what you are up against.-Pay for your own home inspection from an American Society of Home Inspectors (ASHI ) certified inspector.-Don’t overestimate your ability to do the repair work yourself.-Construction projects are almost always more expensive than you expect.-Major repair work can keep you from occupying the property immediately.-Minor repair items can develop into full-blown structural problems if not properly attended to after taking ownership.-The novice can easily miss serious and expensive repair items with a typical walk-through inspection.-Ownership is fee-simple and you can do what you please with your land and exterior of the dwelling.-Fixers can be a good investment as cosmetic improvements can dramatically improve marketability.-Fixers can be found at a deep discount to properties that are in “move-in” condition.First-time home buyers can, however, easily find themselves in over their heads if they’re not careful. A fixer-upper can often bridge that affordability gap because the market discounts properties that need work. The Fixer-Upperįirst-time home buyers often find when they first start looking at homes that there is a difference between what they want and what they can afford. You may have your emotional preferences, but you should also know the pros and cons of each property type before you make a rational choice. A single-family home? A condo? A co-op? Or a townhome? One of the first questions you should ask yourself is just what type of property to consider. Let’s say you are considering it for all the right reasons (you want to own a home for the long-term, rather than buy a property you view as an investment, for example) and you are well-qualified to buy a home in this market. According to economists with the National Association of Realtors, the Housing Affordability Index, a measure of the relative affordability of purchasing a new home, is at the highest level since the index was created in 1971. Arguably, now’s a great time to buy a home - at least when it comes to affordability.
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