How To Avoid Paying Too Much For A Condo


What is the Best Condo Purchase? That depends on you. If you are just trying to get a place to stay and money is short, than you may be in the resale market. The price of a resale or previously owned home will usually be cheaper than a new condo or condo conversion. In some cases $100,000 or more. So if you are fresh out of college and you just don't want to pay rent, you can probably find what you want in the resale market.

If you have "standards" to keep (i.e., you need granite countertops, hardwood floors and a sub-zero fridge), you will find your standards are more easily met through a condo conversion or new condo development.

What's the difference? A condo conversion is an already existing building, usually an apartment, that is "converted" into a condominium. A brand spanking new condo is built from the ground up to your very own unit.

For some, having the shiny new building is appealing. But remember you don't own the shrubs, or the exterior of the building. You only own what is inside of your unit.

You essentially get a brand new condo with a condo conversion without the brand new building price. New floors, new appliances, new countertops. But, remember that a new condo will have new AC, new heaters, new windows, new bathtub, new everything. The condo conversion may be new appliances, new floors, BUT same old toilet, windows and bathtub.
It also depends on your short and long term plans. Do you plan on getting a one bedroom condo and live as a hermit for the next 35 years? Or do you plan on upgrading in three years after you have paid off your student loans? Right.

Once you buy it, whether new, converted or resale, it will be a "resale" to the next owner.
That resale value will help you move to your townhouse or single family home. If the market is flat in 2010, it will probably be easier to sell that three year old condo over the 25 year old condo.

But if the market is strong, there may be little price difference. The laws of supply and demand are always the most important factor. When the supply of condos is low and there is high demand. buyers will overlook the chip in the cabinet and the dull bathroom floor. When demand is low and supply is high, the buyer will want the cabinets replaced and condo fees paid for at closing.

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Condo Hotels - A Breakdown of the Right of First Refusal

As the Condo Hotel industry evolves, developers are finding various ways of protecting their own interests. One way of doing this is including a provision for a Right of First Refusal in the condominium documents. Typically, a Right of First Refusal states that a Condo Hotel Unit Owner (Unit Owner) has to allow the Hotel Owner the ability to match any outside offers for the sale of the unit. For example, if an owner at a particular Condo Hotel places there unit for sale on Condo Hotel Marketplace and a prospective buyer makes them an offer of $900,000, the owner must allow the Hotel Owner the ability to match the prospective buyers offer. If the Hotel Owner decides to match the offer, the owner of the unit must sell their unit back to the Hotel Owner for $900,000 due to the Right Of First Refusal provision agreed upon in the condominium documents. While the Right of First Refusal might seem like a burden to the seller, in the end, the seller still gets their asking price of $900,000, regardless of who buys the unit.

As the Condo Hotel industry evolves, developers are finding various ways of protecting their own interests. One way of doing this is including a provision for a “Right of First Refusal” in the condominium documents. Typically, a Right of First Refusal states that a Condo Hotel Unit Owner (Unit Owner) has to allow the Hotel Owner the ability to match any outside offers for the sale of the unit. For example, if an owner at a particular Condo Hotel places there unit for sale on Condo Hotel Marketplace and a prospective buyer makes them an offer of $900,000, the owner must allow the Hotel Owner the ability to match the prospective buyers offer. If the Hotel Owner decides to match the offer, the owner of the unit must sell their unit back to the Hotel Owner for $900,000 due to the Right Of First Refusal provision agreed upon in the condominium documents. While the Right of First Refusal might seem like a burden to the seller, in the end, the seller still gets their asking price of $900,000, regardless of who buys the unit.

Branden Lewis is a founding partner of Condo Hotel Marketplace, an online portal dedicated to the advertising and marketing of vacation properties for sale or for rent. To learn more about selling or renting a condo hotel, please visit http://www.condohotelmarketplace.com

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