Buying a condo is certainly buying into lifestyle. A lifestyle that may be very different from buying a house. The upside of buying a condo is little so that you can no maintenance, they are usually in trendy neighborhoods, and the majority have amenities like swimming pools and workout rooms. The downside is you might have no yard, you have a very common wall(s) with ones neighbor(s), and little freedom relating to major remodeling.
When you buy condominium your condo, you want to make sure that, when you go to sell, the condo will be easy to sell. An easy to sell, “premium” condo will probably sell for a profit to you.
If your second home is sold during the year or becomes your main home, you can choose a new second home as of the day you sell the old one or begin using it as your main home.
If there are more than 40% of the units being used as rentals, your ability to get a mortgage will be limited. Mortgage companies call condominium complexes with too many renters “non-warrantable”. Non-warrantable = higher risk for the mortgage companies = no mortgages for buy treasures-at-tampines.com.sg.
These are just a few of the HUD requirements that could be holding your condominium community back from HUD/FHA approval. There are quite a few more and some can be fixed and some can’t.
Look over your savings, and current income, to calculate if you can surpass the amount needed monthly for your budget. If you cannot do so, then it is a sign that you are not in a position to rent just yet.
Do not think that this state is just covered with rent houses, and condominiums. There are places where you can purchase a mobile home, and park it in a designated community. This option works very well for the people who want to live there but do not want to pay the high rent prices.
There’s no need to pack, to worry about getting to the airport on time, to lug my baggage across an airport, to watch helplessly as an airport inspector rummages though my personal things… or to worry about the germs left by the last guest or the careless housekeeper in a hotel room.