Full Description

Whether you are just starting out, looking to own with all the extras or transitioning to simpler living conditions, How to Buy a Condominium or Townhouse explains how to find the best condo, townhouse or co-op for you.

--Find the biggest space with the most amenities
--Finance your purchase—even with less than perfect credit
--Find a real estate agent who will work just for you
--Negotiate your sales contract to get the lowest price
--Participate in your homeowners association

Plus, gain that extra edge with bonus material that can save you big money. Mythbuster boxes expose common myths about community developments. Insider’s Tip boxes reveal crucial negotiating techniques. The Top 20 Frequently Asked Questions answers your most pressing questions. Convenient charts and sample forms make it easy to compare properties, calculate financing and much more.

How to Buy a Condominium or Townhouse is your essential guide to finding and buying a new home in the community that fits your lifestyle.

Table of Contents

Introduction -

Top 20 Questions of First-Time Condo or Townhouse Buyers -

Chapter 1: The Difference Between Condos and Houses -
- Condominiums
- Townhomes
- Major Differences Between Condos and Townhomes
- Co-op Apartments
- Major Differences Between Co-ops and Condos
- Financial Comparison of Condo, Co-op, Townhome, and Apartment
- Planned Unit Developments
 - Common Interest Developments

Chapter 2: Different Types of Condo Developments -
- Vacation Condos
- Kiddie Condos
- Game Day Condos
- Kosher Condos
- Leasehold Condos, Co-ops, and Townhomes
- Condotels
- Limited Equity Condominiums and Co-ops
- A Style for Everyone

Chapter 3: The Condo Lifestyle -
- Are You Willing to Share?
- Can You Give Up a Little Control?
- Are You Willing to Participate?
- Test: Is a Condo Right for Me?

Chapter 4: Legal Overview -
- Specialized Law
- Who Owns What?
- Who Owns What in a Condo, Townhome, or Co-op Development?
- Who is Responsible for What?
- How Much Independence Do You Have?
- Owners’ Constitutional Rights
- Typical Condominium Rules
- Typical Townhome and Co-op Rules
- What if the Condo Developer has Financial Problems?
- What if a Co-op Board has Financial Trouble?

Chapter 5: Social and Political Considerations -
- Condo Government
- The Homeowners Association
- The Cooperative Board
- Noise
- Privacy
- Developments with Residents of Similar Interests

Chapter 6: Deciding What You Can Afford -
- Working Up a Housing Budget
- Calculating the Monthly Housing Expense You Can Afford
- Preapproved Loan Amounts
- Dues and Assessments in Condos and Townhomes
- Co-op Rent and Maintenance
- Converting Housing Budget to Purchase Price
- Purchase Price Worksheet (with Examples)
- Monthly Loan Constants for a Thirty-Year Mortgage Loan
- Mortgage Interest Tax Deduction
- Calculate Home Mortgage Tax Deduction Savings
- Special Considerations for Co-ops
- Vacation Rental Income
- Overall Financial Analysis

Chapter 7: Financing Options -
- Overview of Mortgage Lending
- Shop for Financing Early
- Know Your Credit Score
- Improving Your Credit Score
- Less than Perfect Credit
- Comparison of Loan Interest Rates and Terms
- Points
- Common Lender Traps
- Prepayment Penalties
- Fully Amortizing Loans
- Balloon Loans
- Adjustable-Rate Mortgages (ARMs)
- Interest-Only Loans
- Growing Equity Mortgages
- No-Document Loans
- The Right Loan Arrangement for You

Chapter 8: Different Types of Lenders -
- Traditional Sources of Residential Mortgages
- Specialized Co-op Lenders
- VA Guaranteed Loans
- FHA Insured Loans
- USDA Loans
- HUD Loan Guarantees for Native Americans
- Fannie Mae, Ginnie Mae, and Freddie Mac
- Mortgages from Stock Brokerage Houses
- Assumable Loans
- Using Retirement Money
- Creative Financing Sources
- A Dangerous Lending Alternative
- Loan Comparison
- Loan Comparison Worksheet

Chapter 9: Deciding on Home Features You Want -
- Location Considerations
- Length of Ownership
- Use of the Home
- Your Particular Unit Features
- The Development
- Area Amenities
- Utilities and Technology
- Develop a Checklist
- Home Features Checklist
- Comparing Properties

Chapter 10: Real Estate Brokers and Agents -
- Real Estate Professionals
- How Agents Are Paid
- Sellers’ Agents
- Buyers’ Agents
- Transaction Brokers
- Limited Consensual Dual Agency
- Who Does the Agent Work For?
- Determining the Type of Broker that is Right for You
- Finding a Broker with Condo and Townhome Experience
- Special Considerations for Co-ops

Chapter 11: Finding Properties on Your Own -
- Properties You Won’t Hear About From an Agent
- Working without an Agent
- How to Find Properties
- Special Considerations for Co-ops
- Real Estate Agent Etiquette
- Sources of Information about Recent Sales

Chapter 12: Asking the Right Questions as You Shop -
- Getting Information from the Listing Agent
- Talking Directly to Sellers
- Ten Questions to Ask Sellers about the Unit
- Special Questions for Mature Projects
- Special Questions for New Projects
- Co-op and Condo Conversions
- Nine Questions about Finances
- Meeting the Neighbors
- Health and Safety Issues
- Curb Appeal

Chapter 13: How to Negotiate Successfully -
- Basic Negotiation Tactics
- Price vs. Terms
- Concentrating on Deal Points
- Understanding Offers and Counteroffers
- Negotiating Directly with a Seller
- Negotiating through an Agent
- Negotiating with the Developer of a New Project
- Documenting Verbal Negotiations

Chapter 14: Writing a Contract -
- Earnest Money
- How to Personalize Real Estate Forms
- Important Clauses You Want in Your Contract
- Contingencies
- Objectionable Clauses
- Miscellaneous Other Matters

Chapter 15: Important Contingency Clauses -
- Contingencies that Favor Buyers
- Common All-Purpose Back Doors
- Contingencies the Developer Wants
- Clauses the Seller Wants

Chapter 16: Preparing for Closing -
- Assistance from the Real Estate Agent
- Choose a Closing Agent
- Select a Title Insurance Company
- Deliver Information to the Closing Agent
- Finalize Loan Details
- Read the Closing Checklist
- Order Inspections
- Obtain Important Letters
- Review Documents
- Secure Proof of Association or Co-op Building Insurance
- Order Homeowners Insurance
- Assist the Appraisal Process
- Check with Local Governments
- Contact Utilities

Chapter 17: The Closing -
- Closing Procedures
- The Settlement Statement
- Other Closing Documents and Procedures
- Deductible Closing Expenses
- Tax Deductions for Home Purchase Expenses

Chapter 18: Ownership Responsibilities -
- Participate in Governance
- Manage the Management Company
- Understand Your Community Personality
- Vote Intelligently on Dues and Assessments
- Avoiding Problems
- Proper Management of Rental Units
- Miscellaneous Considerations

Chapter 19: Thinking Ahead to a Sale of Your Condo -
- Buy What You Can Afford
- Buy Smart to Sell Smart
- Know the Neighbors
- Stay Informed about Your Market
- Deciding Whether to Remodel
- Recouping Your Investment and Closing Costs
- Calculating Profit on the Sale of a Condo, Townhome, or Co-op
- How Long Must You Own Your Condo Before You Can Make a Profit on Sale?
- Investing in Rental Properties
- Estate Planning Issues
- Flipping
- Overcoming Analysis Paralysis

Glossary -

Appendix: Websites -

Excerpt

Editorial Reviews

Customer Reviews

Customer Reviews: