Archive for February, 2011
Single Woman Home Buyers – Lethbridge Real Estate
Fierce and sassy well equipped with confidence and a pay check to back it single woman home buyers are taking the real estate world by storm. According to the most recent 2007 stats from the National Association of REALTORS single women accounted for 22 of all home purchases with single men trailing behind at just 9. One in five single women are taking the bull by the horns and plunging into home ownership!
So what are the driving forces behind this growing trend? Here are my thoughts:
1. Women are more organized. Face it guys we have you beat here and with all that organization comes the discipline needed to scrape together a down payment. It’s also that organization that helps us keep our bills paid on time protecting that much needed credit score that’s so very important at mortgage time!
2. Women are making more money and are feeling the independence that comes with a bigger pay check. No more waiting for Price Charming or Mr. Right to make our real estate dreams come true. Our focus instead has shifted to The Mortgage Guy the REALTOR and perhaps the cute guy at Home Depot!
3. Women are generally more likely to “do their homework” before embarking on a big purchase. In the home purchase process that can mean anything from getting preapproved for a mortgage to interviewing REALTORS to checking into the cost of renovations before viewing that “fixerupper”. Knowledge is power and familiarity with things such as the steps to buying a home or how much home you can afford makes the transaction smoother and less stressful for everyone!
I bought my first home with the help of my parents as a single 23 year old girl. It’s where I lived when I met my future husband now my current beloved! and we said our wedding vows in that very back yard. We’ve since moved on together to our second home but I got to take with me some wonderful memories not to mention a few extra greenbacks from that sweet little starter that I had the courage to go it alone on!
For more information on how to get the ball rolling have a look at a great little book by Brenda Bouw called “Home Girl The Single Woman’s Guide to Buying Real Estate in Canada“.
About the writer: Lethbridge Real Estate is my specialty. Whether it be first time buyers real estate investments or relocation to Lethbridge I will work hard to make sure all your needs are met!
Simon Says: Here Are Some Things To Think About When Buying A Condo In Santa Monica Brentwood Or Another Westside Los Angeles Neighborhood:
Things To Think About When Buying A Condo
Condominiums have made homeownership affordable for many people. This is particularly the case on the Westside of Los Angeles where theprices of single family residences are prohibitive to even the mostwell heeled professionals. There are however many things to considerwhen buying a condo in these areas:
Earthquake Insurance:
Approximately half of all condominium andtownhouse buildings on the Westside have earthquake insurance included in the homeowner’s dues.
Pros:
This protects the owners from having to come up with funds to payfor repairs should an earthquake occur. Price of construction per square foot in Santa Monica Brentwood and other Westside neighborhoods can be anywhere from 150300. This makes a complete rebuild on a 1000sf condo at the very least 150000 up to 300000. Often the insurance provides funds for replacement housing shouldthe homeowners need to move out during reconstruction.
Some not many buildings were completely torn down and rebuiltafter the Northridge Earthquake in 1994. So no matter what thedeductible these buildings were happy to have had earthquakeinsurance.
Cons:
Earthquake insurance can be very costly. Premiums tend to besignificantly higher for buildings that are looking for new coverageas opposed to buildings who signed on for coverage 20 years ago. The deductibles can be upwards of 250 500000 much higher thanwhat most buildings in Santa Monica suffered during the NorthridgeEarthquake in 1994. Personal Assessment Insurance can be had for a maximum of 50000per condominium. You would be covered in an instance where your 10unit condo building had 500000 worth of damage.
The federal government often supplies subsidized loans at very lowinterest rates for disaster victims.Many buildings in Santa Monica had to go through years of courtaction before their insurance providers would give them the financialassistance that was owed to them
Earthquake Insurance FAQ’s:
All of the units in a condo building need to subscribe to theEarthquake Insurance policy. Coverage cannot be given to units on anindividual basis.
Pet Policy:
Most condominium buildings have a restriction on pet size. Smallerbuilding and townhouse buildings tend to be more liberal while largebuildings are more conservative.
Pet size restrictions tend to be by poundage and number of petlimits. The most common is two dogs or cats under 20lbs each. Otherbuildings have 30 and 40lb limits. The average Labrador is over 40lbs.
If you have a pet or plan on getting one make sure you read theCCR’s on pet restrictions. The CCR’s are the rules that govern theHomeowners Association.
Pet Policy FAQ’s:
If a homeowner breaks the rules with regards to pet size or numberthe pet will be mandated to leave the building. If the pet does notleave the HOA can place liens on the property and or force courtaction to have either you or your pet forbidden entry.
Amenities:
Many people enjoy the idea of amenities such as pools sauna 24hour guard gated access. For many residents of these buildings theseamenities never become truly valuable. There are thousands ofresidents of local condo buildings who use the building pool aboutonce a year. Additionally in Santa Monica and Brentwood there aremany local gyms that do a better job of motivating you. So if you aregoing to buy in a building with amenities and therefore higherhomeowners dues and purchase prices make sure you are going to take full advantage of them.
I should also mention that if you are looking to live in a luxurybuilding; say an ocean view condominium on Ocean Avenue none of the above applies. You are going to have amenities whether you like them or not and enjoy using or not using every minute of them.
Reserves:
After the Homeowners Dues are collected and used to pay debits tothe different vendors the left over money is put into reserves for thebuilding. Funds from the reserves can be used in case the buildingneeds a new roof or upgrades to the hallways and common areas.
Difference between a Condo and a Coop:
In a condominium the owner owns the space inside the wallsindividually and the common areas collectively as part of a group. Itis a pure form of homeownership with the same rights andresponsibilities of a single family home. A coop is owned by acooperative that issues shares to the building and the right to occupya given unit. As the owner you own shares in the building not thespace inside the walls. Your right to occupy a particular section ofthe building is usually issued via a lease term that renews everyfifty years or so. About 95 of the multiunit inventory in LosAngeles Brentwood and Santa Monica is condos. In New York City the majority of units are coops. The difference between buying a condo or a coop in Santa Monica and Los Angeles is that buyers of coops tend to have less financing options available to them. You also have to be “approved” by the board. Here on the Westside the boards are pretty liberal in contrast to the stories you might have heard about New York City coop boards.
Difference between a Townhouse and a Condo:
In Santa Monica and the other neighborhoods of the Westside of LosAngeles people refer to single story residences as condos and double or triple story residences as townhouses. These are both condominiums in the legal sense of the term.
Simon Salloom is a Realtor with Coldwell Banker who specializes in Santa Monica Real Estate.Click here to learn more about Santa Monica Real Estate
About the writer: Simon Salloom is a Realtor who specializes in Santa Monica Real Estate with Coldwell Banker Residential Real Estate Brokerage Brentwood Court Office. He is ranked in the top 3 of Coldwell Banker agents Nationwide for sales volume. Contact me via my website: www.SantaMonicaSimon.com
Sell My House In Phoenix – Get An Honest Deal
Like many people in the Phoenix area I recently had to sell my house in Phoenix while dealing with financial worries and a lost job. I had never been in this position before and having to sell my house in Phoenix was something I found hard to take. To sell my house in Phoenix I had to realize that I was losing memories and going to the bank was very difficult. The bank was not very understanding about my situation when I had to sell my home in Phoenix and I found that the real estate agents told me that it was a soft market to sell my Phoenix house. I needed to look at my options.
I called up the company that buys homes directly from the homeowner for a fast cash settlement to sell my house in Phoenix. They treated me with respect and understanding and knew that it was a tough decision for me to make to sell my home in Phoenix. They told me that the actual sale to sell my house in Phoenix could happen within the same week. I was very surprised as the real estate agent told me it would probably take months if not longer to sell my Phoenix house. I needed to sell my house in Phoenix immediately.
With a real estate agent I was going to have to face all sorts of various costs including closing fees commissions and appraisals to sell my home in Phoenix. I would also have to continue paying my mortgage before it was sold which was not an option for me at the time. I had to sell my house in Phoenix quickly since I only had two months mortgage payments saved up. To sell my house in Phoenix to the company I was offered a straight price with no hidden charges or fees attached. For me it was the best solution to sell my Phoenix house.
In order to sell my home in Phoenix I had to do a little paperwork and a little banking. That was all I had to do to sell my house in Phoenix. It was an easy and relatively painless process to sell my house in Phoenix because I had worked with an honest company. I needed an honest company to sell my house in Phoenix and I knew this company was honest because they were registered with the Better Business Bureau. I wasn’t happy to sell my Phoenix house but I found the best way to do it. If I ever need to sell my new house in Phoenix I recommend calling a professional home buying company versus going with a Realtor.
One thing that I learned was to make sure that you do proper research on each company. There are many “fly by night” companies that are here today but gone tomorrow. Keep in mind that you are selling your home. A person’s home is usually the most valuable asset they possess. So make sure you do it the right way; with an honest and ethical company.
About the writer: Susy Copus writes about all aspects of home moving properties for sale estate agent directories and house prices for the UK Property Search Engine Wheres My Property. Susy also writes for Renovate Alerts who specialise in finding property to renovate and Property Money Maker.
