Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com Rochester Real Estate | LOCAL Homes For Sale | Homes for sale in Rochester, NY, LOCAL Rochester real estate listings, market data, REALTOR® info, and high quality content updated every 15 minutes! Wed, 25 Jun 2025 11:50:30 +0000 hourly 1 https://wordpress.org/?v=6.7.2 https://www.rochesterrealestateblog.com/wp-content/uploads/2016/11/cropped-SITE-LOGO-512-x-512-1-32x32.png 10 Tips for Buying Your First Condo – Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com 32 32 June Home Maintenance Checklist: 40+ Must-Do Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/june-home-maintenance-checklist-summer-prep/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20501 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May Home Maintenance Checklist: 30 Essential Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/may-home-maintenance-checklist/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20484 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> April Home Maintenance Checklist: How To Prepare Your Rochester NY Home For Spring https://www.rochesterrealestateblog.com/april-home-maintenance-checklist/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20364 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> March Home Maintenance Checklist: Get Your New York Home Ready for Spring https://www.rochesterrealestateblog.com/march-home-maintenance-checklist/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20338 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Buy a House in New York https://www.rochesterrealestateblog.com/buy-a-house-in-new-york/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19906 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Sell a House in New York https://www.rochesterrealestateblog.com/sell-a-house-in-new-york/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19905 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Risks of Buying a Non-Warrantable Condo In New York: What You Need to Know https://www.rochesterrealestateblog.com/non-warrantable-condo/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19796 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Builders Should Know About Spec Construction Loans In New York https://www.rochesterrealestateblog.com/builders-spec-construction-loans/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19795 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving To The Finger Lakes Region Of New York | Guide To Relocating To The Finger Lakes https://www.rochesterrealestateblog.com/moving-to-the-finger-lakes-region/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19875 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Navigating the Numbers: The Pros and Cons of Using Online Home Value Estimators For New York Real Estate https://www.rochesterrealestateblog.com/pros-cons-online-home-value-estimators/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19794 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Role of Location in Home Valuation In New York https://www.rochesterrealestateblog.com/role-of-location-home-valuation/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19768 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Lowe’s vs U-Haul: A Review of Truck Rental Companies https://www.rochesterrealestateblog.com/lowes-vs-uhaul/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19758 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Understanding the Importance of a Seller’s Property Condition Disclosure https://www.rochesterrealestateblog.com/property-condition-disclosure-statement/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19632 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What are Delayed Showings and Negotiations in Real Estate In New York? https://www.rochesterrealestateblog.com/delayed-showings-negotiations/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19547 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 8 Viable Tactics to Selling Your Home and Moving Out of State https://www.rochesterrealestateblog.com/selling-home-moving-out-of-state/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19542 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Unconventional Methods for Selling a House: Thinking Outside the Box https://www.rochesterrealestateblog.com/unconventional-methods-for-selling-a-house/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19519 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Sell My House Off Market: Pros and Cons Explained https://www.rochesterrealestateblog.com/sell-house-off-market/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19503 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What is PITI and How Does It Affect Your Mortgage https://www.rochesterrealestateblog.com/what-is-piti/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19498 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Set A Home Renovation Budget https://www.rochesterrealestateblog.com/home-renovation-budget/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19490 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Co-Borrowers Credit Scores Affect A Home Purchase? https://www.rochesterrealestateblog.com/co-borrower-credit-score/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19474 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> New Construction Final Walk-Through Checklist: Ensuring a Seamless Home Inspection https://www.rochesterrealestateblog.com/new-construction-final-walk-through/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19458 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Essential Tips for Pumping a Septic Tank: What You Need to Know https://www.rochesterrealestateblog.com/pumping-a-septic-tank/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19450 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can You Submit Multiple Offers On Homes At Once – A Legal And Ethical Analysis https://www.rochesterrealestateblog.com/multiple-offers-on-homes-at-once/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19414 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Get Your Home Photo Ready for Real Estate Listings https://www.rochesterrealestateblog.com/real-estate-photo-ready/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19409 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Home Builder’s Warranty Cover? https://www.rochesterrealestateblog.com/home-builders-warranty/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19394 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> July 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/july-2023-rochester-ny-real-estate-market-update/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19403 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Who Pays Real Estate Commission When You Buy or Sell a Home https://www.rochesterrealestateblog.com/real-estate-commission/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19366 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Quitclaim Deeds: What You Need to Know https://www.rochesterrealestateblog.com/quitclaim-deeds/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19358 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Selling a Home As Is for Cash https://www.rochesterrealestateblog.com/selling-home-as-is-cash/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19347 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Know if My House Has Paranormal Activity https://www.rochesterrealestateblog.com/is-my-house-haunted/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19342 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Why Find The History of a House https://www.rochesterrealestateblog.com/find-history-house/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19316 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> June 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/june-2023-rochester-ny-area-real-estate-market-update/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19313 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Real Estate Lawyer Do? https://www.rochesterrealestateblog.com/real-estate-lawyer/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19181 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/may-2023-rochester-ny-area-real-estate-market-update/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19162 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Buying a Home For The First Time https://www.rochesterrealestateblog.com/buying-home-first-time/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19058 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>What Should a Buyer Look For at a Home Inspection?</strong> https://www.rochesterrealestateblog.com/what-look-for-home-inspection/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18983 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Companies That Buy Houses For Cash Reviewed https://www.rochesterrealestateblog.com/companies-buy-houses-for-cash/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18889 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Does Home Staging Work and What is The Cost? https://www.rochesterrealestateblog.com/does-home-staging-work/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18814 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Avoid When Getting a Mortgage https://www.rochesterrealestateblog.com/avoid-when-getting-mortgage/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18797 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>5 Options For Replacing a Roof Reviewed</strong> https://www.rochesterrealestateblog.com/replacing-roof/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18771 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are Restrictive Covenants in Real Estate? https://www.rochesterrealestateblog.com/restrictive-covenants/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18714 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can The Court Force The Sale of Your House in Divorce? https://www.rochesterrealestateblog.com/court-force-sale-divorce/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18693 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Real Estate Agent vs. Broker: What&#8217;s The Difference? https://www.rochesterrealestateblog.com/real-estate-agent-vs-broker/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18650 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Determine Square Feet In Your House For More Accurate Property Estimates https://www.rochesterrealestateblog.com/determine-square-feet/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18167 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 3 Things That Often Results in a Real Estate Agent Getting Sued https://www.rochesterrealestateblog.com/real-estate-agent-sued/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18133 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Top 5 Types Of Home Inspections Buyers Should Consider https://www.rochesterrealestateblog.com/5-types-home-inspections/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18119 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Pros And Cons Of Rent To Own Homes: What You Need To Know https://www.rochesterrealestateblog.com/pros-cons-rent-own-homes/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18104 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Smart Things To Do Before Moving That Will Help Ease Your Transition https://www.rochesterrealestateblog.com/things-before-moving/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18084 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Become a Real Estate Agent https://www.rochesterrealestateblog.com/become-real-estate-agent/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18071 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Renting A House Or An Apartment: Which Is The Better Option https://www.rochesterrealestateblog.com/renting-house-apartment/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17871 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The 5 Most Important Factors To Consider When Buying A House https://www.rochesterrealestateblog.com/5-factors-buying-house/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17851 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Buyers And Sellers Need To Know About An Appraisal Gap https://www.rochesterrealestateblog.com/appraisal-gap/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17827 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Pros And Cons Of Renting With Roommates – What You Need To Know https://www.rochesterrealestateblog.com/renting-with-roommates/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17794 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 6 Things You Should Know About Buying Land https://www.rochesterrealestateblog.com/things-know-buying-land/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17773 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Long Should Home Sellers Wait To Respond To An Offer On Their Home? https://www.rochesterrealestateblog.com/home-sellers-wait-respond-offer/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17745 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Buy A House With A Low Credit Score https://www.rochesterrealestateblog.com/how-to-buy-a-house-with-a-low-credit-score/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16819 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Things To Consider When Shipping A Car https://www.rochesterrealestateblog.com/things-to-consider-when-shipping-a-car/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16248 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Home Depot Truck Rentals: What to Know Including Pricing https://www.rochesterrealestateblog.com/home-depot-truck-rentals-what-to-know-including-pricing/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16156 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 16 Things To Do Before Listing Your Home For Sale https://www.rochesterrealestateblog.com/16-things-to-do-before-listing-your-home-for-sale/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16138 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Home Inspection Mistakes to Avoid https://www.rochesterrealestateblog.com/biggest-home-inspection-mistakes-to-avoid/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16112 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Your Credit Score Impacts Your Ability To Buy A House https://www.rochesterrealestateblog.com/how-credit-score-impacts-buying-house/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16086 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Selling Mistakes | 7 Errors Made While Selling A House During The Winter https://www.rochesterrealestateblog.com/top-winter-home-selling-mistakes/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16051 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Buying Mistakes | 11 Errors Made While Buying A House During The Winter https://www.rochesterrealestateblog.com/winter-home-buying-mistakes/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16013 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Address Change Form Should I Use At The Post Office? https://www.rochesterrealestateblog.com/address-change-form-post-office/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15981 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does Contingent Status Mean in Real Estate? https://www.rochesterrealestateblog.com/what-does-contingent-status-mean-real-estate/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15956 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> DIY Renovation Ideas For Your Backyard https://www.rochesterrealestateblog.com/diy-renovation-ideas-backyard/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15937 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Rent Your First Apartment Guide https://www.rochesterrealestateblog.com/how-to-rent-an-apartment/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15931 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Tips For Selling A Home Virtually https://www.rochesterrealestateblog.com/tips-selling-a-home-virtually/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15907 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Complete Winter Storage Checklist For Your Belongings https://www.rochesterrealestateblog.com/winter-storage-checklist/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15885 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Waive My Home Inspection When Buying A House? https://www.rochesterrealestateblog.com/should-i-waive-my-home-inspection/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15870 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Self Storage Companies Reviewed https://www.rochesterrealestateblog.com/biggest-self-storage-companies/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15836 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Earnest Money and House Deposits Explained https://www.rochesterrealestateblog.com/earnest-money-house-deposits-explained/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15760 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving Mistakes To Avoid https://www.rochesterrealestateblog.com/moving-mistakes-to-avoid/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15568 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Mortgage Myths | Demystifying Common Home Loan Misconceptions https://www.rochesterrealestateblog.com/top-mortgage-myths/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15102 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First-Time Home Buyer Mistakes to Avoid https://www.rochesterrealestateblog.com/first-time-home-buyer-mistakes/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14815 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 10 Tips For Adding Appeal To Your Home This Summer https://www.rochesterrealestateblog.com/10-tips-adding-appeal-to-home-this-summer/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14237 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Exploring The Merits of Smart Home Technology When Selling a Home https://www.rochesterrealestateblog.com/smart-home-technology-selling-a-home/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13782 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Frequently Asked Questions From Home Sellers https://www.rochesterrealestateblog.com/top-frequently-asked-questions-home-sellers/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2424 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First Time Home Buyer Programs In Rochester NY &#8211; Updated January 2025 https://www.rochesterrealestateblog.com/first-time-home-buyer-programs/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock http://rochesterrealestateblog.com/?p=580 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How New Doors &#038; Windows Can Boost Your Home Value https://www.rochesterrealestateblog.com/how-new-doors-windows-boost-your-home-value/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13643 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 5 Things To Know When Flipping Your First House https://www.rochesterrealestateblog.com/5-things-to-know-when-flipping-your-first-house/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13574 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The Best Mortgage Options for Self Employed Borrowers? https://www.rochesterrealestateblog.com/mortgage-options-for-self-employed-borrowers/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13450 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 10 Best Places To See Christmas Lights In Rochester NY https://www.rochesterrealestateblog.com/top-10-best-places-see-christmas-lights-rochester-ny/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=10236 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The PROs And CONs Of Multifamily Homes? https://www.rochesterrealestateblog.com/what-are-the-pros-and-cons-of-multifamily-homes/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13219 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Low-Cost Home Improvements Should You Make Before Selling Your Home? https://www.rochesterrealestateblog.com/low-cost-home-improvements-you-should-make-before-selling-your-home/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13114 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 15 Things Millennial Home Buyers Look At While Buying A House https://www.rochesterrealestateblog.com/15-things-millennial-home-buyers-look-at-while-buying-a-house/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13028 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Fence Increase The Value Of Your Home https://www.rochesterrealestateblog.com/how-does-a-fence-increase-the-value-of-your-home/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12995 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Simple &#038; Low Cost Fixes To Make Your Home More Appealing To Buyers https://www.rochesterrealestateblog.com/5-simple-and-low-cost-fixes-to-make-your-home-more-appealing-to-buyers/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12779 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Improve A Homes Curb Appeal In Rochester NY https://www.rochesterrealestateblog.com/how-to-improve-a-homes-curb-appeal-rochester-ny/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12665 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 7 Ways to Create an Energy-Efficient Home While Conserving Your Budget https://www.rochesterrealestateblog.com/7-ways-create-an-energy-efficient-home/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12633 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Hiring Movers Vs. Moving Yourself | The PROs &#038; CONs Of Each https://www.rochesterrealestateblog.com/hiring-movers-vs-moving-yourself/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12592 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should You Pay Off Student Loans Before Purchasing a Home? https://www.rochesterrealestateblog.com/pay-off-student-loans-before-purchasing-a-home/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12531 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Build A New Home Or Buy An Existing Home? https://www.rochesterrealestateblog.com/should-i-build-a-new-home-or-buy-an-existing-home/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2497 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Buying A Condo Vs. Renting A Condo | What Are The PROs &#038; CONs? https://www.rochesterrealestateblog.com/buying-a-condo-vs-renting-a-condo/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12402 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 9 Money Saving Moving Tips | How To Cut Costs When Moving https://www.rochesterrealestateblog.com/9-money-saving-moving-tips/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12341 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Create a Proper Home Maintenance Checklist https://www.rochesterrealestateblog.com/how-to-create-a-proper-home-maintenance-checklist/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12300 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Tips For Tenant Screening | How To Weed Out Bad Tenant Applicants https://www.rochesterrealestateblog.com/tips-for-tenant-screening/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12291 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Social Media Blogs For Real Estate From 2017 https://www.rochesterrealestateblog.com/best-social-media-blogs-2017/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12045 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Home Improvement Blogs From 2017 | Advice For Home Remodeling https://www.rochesterrealestateblog.com/best-home-improvement-blogs-2017/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12044 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Mortgage Blogs From 2017 | Advice For Home Financing https://www.rochesterrealestateblog.com/best-mortgage-blogs-2017/ Tue, 04 Nov 2014 12:00:50 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12043 10 Tips for Buying Your First Condo[/caption] Buying a condo, which is short for condominium, is not the same as buying a single-family home.  There are different considerations that need to be taken into account prior to purchasing!  In many real estate markets, purchasing a condo can come at a much lower price than purchasing a single family residence. A condo is typically a shared piece of property with individual owners of each "unit" or condo.  In most cases, condominiums offer services such as, but not limited to, fitness centers, tennis courts, and pools.  Many people purchase condos due to less maintenance and also the lifestyle of living in a condominium community. When buying a condo, it's important you know that every condominium community is different.  It's crucial to know each community will have their own community rules, association fees, management company, and amenities.  Depending on the community, there may only be a handful of condo communities but there also could be hundreds, so do your research! What tips do you need to know when buying your first condo?  Here are 10 tips to use when buying your first condo! Determine Whether a Condo is the "Right Fit" It's very important to ask yourself before buying your first condo, "Should I Buy a Condo?"  As mentioned above, owning a condo is much different than owning a single family residence.  Weighing the pro's and con's is a must! One major difference between a condo and a single family residence is the proximity to your neighbors.  It's very possible you may have multiple neighbors condos attached to yours instead of your own, free-standing residence.  Can you envision yourself living that close to your neighbors? Another important consideration in determining whether a condo is the "right fit" or not, relates to the maintenance that is usually included in the association fees.  If you enjoy cutting the grass and planting your own flowers, than likely a condo is not going to be the right fit.  Most condo communities include the lawn maintenance, snow removal (if applicable), and exterior maintenance. Hire a Real Estate Agent Who Has Experience Selling Condos Selling a condo is much different than selling a single family, multi family, or vacant land!  The purchase contract for a condo is not the same as it is for other types of residences.  There are different contingencies than the common contingencies that are in a residential purchase and sale contract. One main difference when purchasing a condo is that most communities will require a contract to be signed in addition to the typical sales contract prior to closing.  The contract that a community will make you sign usually will state that you understand and agree to the association rules and regulations. Due to these differences, it's important you work with a real estate agent who has experience selling condos!  A real estate agent who has experience selling condos, will know how to guide you through the process and ensure important documents are not overlooked. [caption id="attachment_1645" align="alignleft" width="450"]Obtaining Financing Can Be Tricky When Buying a Condo Obtaining Financing Can Be Tricky When Buying a Condo[/caption] Obtain Financing Financing of a condo is not the same as a single family residence.  Just like purchasing a single family home it's critical to get pre-approved prior to looking at condos as well as determining whether it is the "right fit."  Obtaining financing can be tricky when it comes to purchasing a condo, as many lenders and loan products do not allow condo purchases. Condos are very often purchased with cash due to the regulations of lenders and programs.  If you're planning on obtaining a FHA (Federal Housing Administration) Loan, the first step is to make sure the condo community is on their approved community list.  Normally FHA requires that 80% of the units in the building are owner-occupied, so make sure the community is on their approved list, before falling in love with a property! A buyer still can obtain a private mortgage for a condo purchase.  This often comes at a much higher cost, as many private lenders will require a minimum of 20% down on a condo purchase.  Purchasing a condo may not be the best fit if you do not have a substantial amount of money saved for a down payment. Know What the Condo Includes This may sound like a silly tip, but it's important to know exactly what the condo includes.  When purchasing your first condo, make sure you find out if the condo includes a reserved parking spot or additional storage!  Does the condo community offer additional parking for your guests who visit you?  Is the parking spot in a covered garage? During a recent condo sale in Rochester, NY, the seller rented her parking spot out to one of her fellow community residents.  Fortunately, there was no long-term agreement between the seller and their neighbor!  It's important you know that the parking spaces and/or additional storage areas are going to be available at the time of closing before you purchase the condo!  The last thing you want to find out is you have no where to park your car a week prior to closing. Know What the Association Fees Are In most condo communities, there is a monthly, quarterly, bi-annual, or annual fee that is required by each resident.  The association fees are used to cover common expenses such as insurance and maintenance. A well-run condo community will be happy to share their financial statements to a potential purchaser.  It's important to know when buying a condo that the community has a large amount of reserve funds in the event a major repair is required, such as a roof replacement.  Ask the community how the association fees are divided and where they are distributed too. Association fees can also impact whether a buyer can afford the condo or not.  When approving a buyer, a lender is going to add the association fee into the monthly debts of the buyer.  If a condo community has a very high monthly fee, it's possible a buyer cannot afford it, due to the high fee! Know What the Association Fees Include How much the condo community association fees are is a very important piece of information to know when buying your first condo.  Equally as important is knowing what the association fees include.  As mentioned above, the fees generally include insurance and maintenance.  Know exactly what the association fees include and what, if any exclusions apply. In addition to the insurance and maintenance, association fees also commonly include lawn maintenance, snow removal (if applicable), landscaping, water, sewer services, road maintenance, and trash pickup.  In some cases, the association fees can even include the heating and electric! If a condo community has additional amenities such as pools, fitness centers, tennis courts, or a clubhouse, these are able to be kept up from a portion of the association fee.  If these additional amenities are not something that interest you, than it is important to understand you are still paying for these amenities to be offered to other residents. [caption id="attachment_1649" align="alignright" width="450"]Review The Association Rules Before Buying a Condo! Review The Association Rules Before Buying a Condo![/caption] Review Association Rules Seeing as most condos are in close proximity to one another, the communities association will have rules and regulations. Due to this, many associations will have lots of different rules and regulations, in order to "keep the peace" in the community!  It's important to understand that unlike a single family home, you cannot make your own rules and do whatever you want.  In many cases, buyers don't care to review the association rules and have their attorney review on their behalf instead. Many communities will restrict the type of pets or if any pets are allowed period.  The last thing you want to find out is your animal is not allowed in the community!  Other common rules in many condo communities relate to whether a unit can be rented or not or whether there are quiet hours.  If you have ever had to deal with a bad neighbor in the past, you can understand why these rules are such an important part of a condo community! Ask About Special Assessments First it's important to understand what a special assessment is.  A special assessment is typically a large fee that is charged to cover a significant project within the community.  An example of a significant project that would be considered a special assessment, is a structural repair to the condo. Why is this an important tip for a first time condo buyer?  If a special assessment is in the future plans, it's possible that the association fees can raise for a specific period of time.  For example, a condo with a monthly association fee of $400 could increase to $500 for a year to cover the expense of a roof replacement.  Any planned special assessments should be provided to a potential purchaser with full disclosure. Research Maintenance and Management Company Knowing who maintains the property is extremely important!  Who is in charge of cleaning the common areas?  Is the work completed by an outside company or are the residents of the community encouraged to help with the upkeep?  A condo community that is not well maintained can be very frustrating and can also effect the resale of the condo in the future! Most condo communities have a management company.  The management company is normally in charge of day-to-day operations.  This can include enforcing the association rules and regulations, handling questions from residents, and handling the condos finances.  When buying your first condo or tenth condo, if you have questions regarding the community rules, regulations, or fees, the management company is whom you should speak with.  As you can see, the management company plays a vital part in whether a condo community is successful or not.  If the management company is non-responsive or has a bad reputation, this is something that you should consider prior to purchasing! Predict Your Future Plans Predict the future?  Foolish, I know!  It's impossible to know exactly what is going to occur in the future, but most people have a plan for their future.  This should be no different when buying your first condo! A condos value typically will not appreciate as much as a single family residence.  This is why it's important to have a good idea what your future plans are.  If you plan on remaining in the condo for ten years, then the rate of appreciation is not as important if you plan on moving in a year or two.  Just like knowing what  the future will hold for you, it's impossible to know what will happen to market values in the coming years. The above 10 tips for buying your first condo are all equally important considerations to make prior to closing!  Buying your first condo can be a very exciting time and can be a relatively smooth process!  By following the above 10 tips you will be very happy and comfortable in your condo, should you decide to go that route. What other tips would you suggest when buying a condo? Other Condo & First Time Buyer Resources If you are buying or selling a condo in the Greater Rochester, NY area, please contact us, so we can ensure the process is smooth and stress-free!  If you are unsure if buying a condo is the "right fit" we'd love to discuss our experience and knowledge to help you make an educated decision.
About the authors:  The above article "10 Tips for Buying Your First Condo" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]>