Cove Real Estate



Posted by Cove Real Estate on 3/30/2018

Ready to upgrade from a condo to a house? You'll first need to add your condo to the real estate market to ensure that you can sell this property and buy a new residence. However, selling a condo sometimes can be difficult, particularly for those who are selling a property for the first time.

Fortunately, we're here to help you take the guesswork out of selling your condo. Here are three tips that you can use to list your condo on the real estate market and maximize your property's value.

1. Set a Competitive Price for Your Condo

Spend some time learning about the prices of condos in your area. By doing so, you'll be able to establish a fair price for your condo and improve your chances of generating substantial interest in it.

Condo sellers should look at the prices of similar properties in their respective neighborhoods. This will enable condo sellers to understand how much other condo sellers are asking for their properties, along with how much various condos have sold for over the past few months.

Also, don't forget to include your assets in your condo listing. If you have extra storage space or a covered parking spot, you may be able these amenities into your condo listing to help your property stand out from others.

2. Understand Your Condo Association's Rules

A homeowners association (HOA) sets guidelines and rules for condo owners to follow in a community. And if you fail to comply with these regulations, you may face fines or other penalties from the HOA.

When it comes to selling your condo, it always is better to err on the side of caution. Thus, you should reach out to your HOA in advance to inform the association of your decision to sell your condo. This will allow you to find out whether a homebuyer will need to be approved by the HOA before he or she can purchase your condo.

3. Work with an Experienced Real Estate Professional

Collaborate with a real estate agent who understands what it takes to sell a condo. With this real estate agent at your disposal, you should have no trouble stirring up plenty of interest in your condo in a short amount of time.

An experienced real estate agent will possess many years of condo selling experience and can share his or her insights with you. Plus, if you ever have concerns or questions about selling your condo, your real estate agent will be happy to respond to these queries immediately.

In addition, an experienced real estate agent will go above and beyond the call of duty to sell your property. He or she will host condo showings and keep you up to date about any potential offers. This real estate professional also will provide expert guidance to help you optimize the value of your property.

Hire an experienced real estate agent to sell your condo, and ultimately, you can streamline the condo selling process.




Tags: Condo   condo fees  
Categories: Condo   Condo Living  


Posted by Cove Real Estate on 7/24/2015

Is a condominium right for you? The market has been steadily rising for the past few years but condo living may not be for everyone. Condo buyers typically fall into three categories: -First-time buyers -Second home or vacation home owners -Retirees looking for a low-maintenance alternative Under the right set of circumstances a condominium can be a great purchase. Before you run out and shop for condos you have to be comfortable living with rules and restrictions, and in close proximity to others. There are different types of condominiums. They can take the form of apartment-style complexes, townhouses or converted multi-family dwellings. Most condominiums have common areas, such as stairwells, dividing and outer walls, fitness centers, pools, walking paths and gardens. These common areas are under shared ownership. Each unit owner holds an interest in these spaces. Because space is shared there needs to a way to manage the maintenance, repair and costs of these common areas. To deal with that and other issues that involve space sharing every condo development has a condominium association. The association is typically elected by condo owners and makes communal decisions in the interest of the community. When you find a condominium you are interested in you will want to inquire about the association: Some questions you may want to ask are:

  • Does the association maintain reserve of funds to pay for unexpected and potentially expensive repairs? If so, how much is in reserve and how is it managed?
  • Has the association maintained the building in good repair? Are there currently or any planned special assessments?
  • Does the association have plans to add any facilities, such as a swimming pool or gym, in the near future?
  • Does the development have any pending legal actions? Are there any disputes between owners, with developers or with the association that you should know about?
  • Buying a condo also comes with costs some are similar to a single family home purchase while others are condo specific. These costs include:
    • Down payment, mortgage and property tax
    • Condo fees, otherwise known as maintenance fees. Condo fees are paid by every resident to help with the maintenance of the building, pay the salaries of groundskeepers, concierges or handymen, and provide luxury facilities such as a pool, gym or rooftop garden. Condo fees are paid monthly and are subject to change. The condominium association budgets and determines the condo fees for all units. Condo fees are typically determined by the size of your unit, how many units are currently occupied, and the projected expenses for building maintenance and repair.
    • Special assessment fees. These fees may be requested when an unexpected repair or planned modification exceeds the cost of the condo fees collected
    • One of the most important considerations is to determine if you can live with the condominium rules or covenants. The rules vary from one condo development to another. Some condominiums may impose restrictions on pet ownership, noise levels, remodeling projects, and renting. Always read the condo rules and regulations to make sure that you are comfortable with them before you make a commitment to purchase.





Posted by Cove Real Estate on 3/21/2014

Could condo living be for you? For many condominium living can be an attractive alternative to a single family home. The price per square foot of a condo is often less than a single family home. Before you make the leap to condo living make sure to do your homework to see if it truly is the best choice for you. Here is a checklist of a few things you may want to consider before signing on the dotted line.

  • Condominiums have monthly maintenance fees.
  • Check with the condominium association to see what the annual increase in the monthly maintenance fee has been for the past few years.
  • What is the percentage of residents are current with their monthly association payments. Look for about ninety-seven percent of the development's residents to be current with their monthly payments.
  • What percentage of the association fees are dedicated to a reserve fund. A good number would be at least 10 percent of the association's annual budget.
  • What are the condition of the condo's roof and major mechanical systems? When were they last replaced or repaired. When the condo requires big upgrades, costly "special assessment" fees are passed on to the homeowners.
Most importantly try and talk to some of the residents. They can be your most valuable resource for learning about the development's pros and cons of the condominium development.





Posted by Cove Real Estate on 3/8/2013

When it comes to searching for a home, there are a lot of factors that you have to consider. This is especially the case if you are shopping for condos, as you will be sharing a lot of common space with your neighbors as well. The first thing to look into is the overall interactivity that goes on within the block of condos you are considering to make your home. In most cases, it is always better to find a condo that has an interactive community, because this in turn means that you never have to worry that someone might not be doing their part in keeping the block of properties maintained and in good condition. One thing to be careful of is that some communities do not allow pets, and so if you are looking for a condo for you and your pets, then you need to make sure that the community has no problem with this. In the end, you have to find a condo that is able to be comfortable to live in, and where there is the least amount of stress. While it can be very beneficial to live in a community, it can at times be stressful if you are not one to go by strenuous rules. For some people, the idea of owning a home means that they have the freedom of choice to do what they want in their property. One of the most important things to look into when buying a condo is the condo fees. What are they and what will they be down the road? Are they set condo fees, or could they become too costly to pay down the road? Some condos fees go up to the point that makes the great price you got on the condo not look so great because of what you are paying in taxes and condo fees. One of pluses of a condo is no maintenance and a lot of people really like that especially in your later years when you donít want to mow the lawn or shovel the sidewalks. A condo is a great option for many buyers and you can generally get into a condo for a fair price.