WHY A CONDO? (See Condo Listings Below)
A condominium is a form of ownership in which owners share an interest in common areas, such as parking structures and shared yards, and hold title separately to their individual units. Owners are members of a homeowners' association, or HOA, which enforces and amends the association rules and regulations. Depending on your personal preferences, there are advantages to buying a condo instead of a house.
Costs
A condominium generally costs less than a similarly located and sized single-family home. Because the overall cost is lower, both the monthly mortgage payment and the property taxes will be lower. Even with the HOA fees, which are used for maintenance of shared features like landscaping, your total monthly carry costs may be lower.
A condominium generally costs less than a similarly located and sized single-family home. Because the overall cost is lower, both the monthly mortgage payment and the property taxes will be lower. Even with the HOA fees, which are used for maintenance of shared features like landscaping, your total monthly carry costs may be lower.
Mortgage Requirements
Lenders will actually help you understand whether a complex you want to buy into has a stable financial environment or not. They will look at the HOA reserve fund and the percentage of units occupied by owners as opposed to tenants. They will also look at the insurance coverage if it is maintained by the HOA instead of individual condo owners. If any one of these areas is not up to their standards--usually requiring a reserve fund consistent with the HOA rules, more than 50 percent owner occupancy and insurance that will at minimum repay all unit mortgages, they will not lend for a unit there. This is a good thing. It will help ensure that when you do buy a condo, it will be in complex that is economically viable.
Lenders will actually help you understand whether a complex you want to buy into has a stable financial environment or not. They will look at the HOA reserve fund and the percentage of units occupied by owners as opposed to tenants. They will also look at the insurance coverage if it is maintained by the HOA instead of individual condo owners. If any one of these areas is not up to their standards--usually requiring a reserve fund consistent with the HOA rules, more than 50 percent owner occupancy and insurance that will at minimum repay all unit mortgages, they will not lend for a unit there. This is a good thing. It will help ensure that when you do buy a condo, it will be in complex that is economically viable.
Amenities and Maintenance-Free Living
If you do not like the responsibility of keeping up the grounds around your home but enjoy lush landscaping, the HOA yard maintenance will be a feature you like. If your condo complex has a pool or other amenities you enjoy but could not afford for yourself in a single-family home, a condo may work for you. You won't have to clean the pool or check the hot tub chemicals. It will all be done for you.
If you do not like the responsibility of keeping up the grounds around your home but enjoy lush landscaping, the HOA yard maintenance will be a feature you like. If your condo complex has a pool or other amenities you enjoy but could not afford for yourself in a single-family home, a condo may work for you. You won't have to clean the pool or check the hot tub chemicals. It will all be done for you.
Convenient Locations
If you want to live in the heart of a densely populated urban area, in close proximity to a wide array of commercial uses, a condominium may be your only choice of housing. Land values in many downtown locations are prohibitively high for the construction of single-family homes. Living in a downtown condominium will open doors to cultural and sporting events you might never consider commuting to on a regular basis.
If you want to live in the heart of a densely populated urban area, in close proximity to a wide array of commercial uses, a condominium may be your only choice of housing. Land values in many downtown locations are prohibitively high for the construction of single-family homes. Living in a downtown condominium will open doors to cultural and sporting events you might never consider commuting to on a regular basis.
Other Considerations
Condo complexes often have security features that very few single-family home owners could afford--everything from a gated entrance to 24-hour security guards. Additionally, because each unit is in such close proximity to others, your neighbors can serve as eyes and ears even when you're away.
Condo complexes often have security features that very few single-family home owners could afford--everything from a gated entrance to 24-hour security guards. Additionally, because each unit is in such close proximity to others, your neighbors can serve as eyes and ears even when you're away.
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2804 W 34th Avenue
Anchorage, AK 99517$200,000
- 3
- 2
- 1232
- Active
- 13-16011
Great Turnagain Area 3 BR,2 full BA Condo w/ 2 car garage. Step out to a deck & fenced yard. Heat included in dues. Fireplace & open LR/Kitchen w/ din...Listing Office: RE/MAX Dynamic Properties
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13216 Old Seward Highway
Anchorage, AK 99515$199,500
- 2
- 1.5
- 1421
- Active
- 13-16449
Searching for a great S. Anch location? Check out this townhouse style condo in sought-after Cedar Park: numerous upgrades in recent yrs, including ...Listing Office: Jack White Real Estate Eagle River -
1621 Elcadore Drive
Anchorage, AK 99507$199,500
- 3
- 2
- 1224
- Active
- 13-13137
South Anch. T/H with vaulted ceilings done in tongue & grove pine, lots of light, stunning mountain views, open bar from kitchen to living area. 2 bed...Listing Office: Jack White Real Estate -
1241 Denali Street
Anchorage, AK 99501$199,000
- 2
- 2
- 972
- Active
- 13-12410
You won't want to miss this super Chic condo within walking distance of downtown Anchorage. Every surface in this condo has been updated from the clea...Listing Office: Keller Williams Realty Alaska Group -
1200 I Street
Anchorage, AK 99501$199,000
- 1
- 1
- 858
- Active
- 13-16107
Downtown Living Without The Price.Nicely updated south facing condo across from New Sagaya.Elevator building for your convenience.Large one bdroom con...Listing Office: RE/MAX Dynamic Properties -
1946 Beaver Place
Anchorage, AK 99504$197,000
- 2
- 1.5
- 1218
- Active
- 13-15802
This is a must see! 2 Bedrooms, 1.5 Bath townhouse style condo with spectacular views of Cheney Lake & the Chugach Mountains. Backs up to park land wi...Listing Office: Keller Williams Realty Alaska Group -
10191 Nantucket Loop
Anchorage, AK 99507$192,500
- 2
- 1.5
- 1080
- Active
- 13-14355
Delightful Independence Park townhome with garage. Updated Kitchen & appliances, open living area, and spacious BBQ deck leading to the private & fenc...Listing Office: RE/MAX Dynamic Properties -
1114 Latouche Street
Anchorage, AK 99501$192,000
- 2
- 2
- 1074
- Active
- 13-16236
Live close to downtown in this beautiful Town home with an Open floor plan, custom, high end finish work throughout. Hand laid tile and laminate wood ...Listing Office: RE/MAX Dynamic Properties -
238 Deerfield Drive
Anchorage, AK 99515$191,000
- 3
- 2.5
- 1424
- Active
- 13-16891
Wonderful 3 Bedroom, 2.5 Bathroom property off Klatt Road in South Anchorage. The warm and inviting floor plan offers lovely laminate floors, and a w...Listing Office: Keller Williams Realty Alaska Group -
5235 E 26th Avenue
Anchorage, AK 99508$190,000
- 3
- 2.5
- 1664
- Active
- 13-16053
Short Sale Oppurtunity! 3 story townhouse located close to JBER! Oversized garage with storage closet, open living area with gas fireplace with back...Listing Office: Keller Williams Realty Alaska Group
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The listing content relating to real estate for sale on this web site comes in part from the IDX Program of Alaska Multiple Listing Service, Inc. (AK MLS). Real estate listings held by brokerage firms other than Malcuit Duo - Keller Williams Realty Alaska Group are marked with either the listing brokerage's logo or the AK MLS logo and information about them includes the name of the listing brokerage. Malcuit Duo - Keller Williams Realty Alaska Group does not display the entire AK MLS IDX Listing Content Database on this web site. The listings of some real estate brokerages have been excluded. Last Updated Dec 7, 2013 4:00:am. All information is deemed reliable but is not guaranteed and should be independently verified for accuracy. Copyright 2013 Alaska Multiple Listing Service, Inc. All rights reserved.
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