When looking for condo insurance there are crucial questions to ask to help guide you to the coverage you need. To state the obvious, a condominium is not the same thing as a house. Usually, there is no backyard or basement, and you don’t have to worry about cutting the grass or shoveling the front walk. Condo owners are typically responsible for insuring just a portion of their property on their own. However, rules differ from complex to complex, and it is important to ask the right questions to ensure you have proper insurance coverage.
One you want to look into before buying a condo is what are your ownership and insurance responsibilities in the condo association’s Master Deed? In other words, what does the association expect from you regarding your condo insurance requirements? Individual owners have a collective responsibility for insuring areas of the complex owned in common - building exteriors, hallways, pool area, etc. Individual unit owners typically are responsible for separately insuring everything within the four walls of their unit. The condo association’s master policy, as well as association rules, should spell out clearly which parts of the complex are insured through association dues and which parts are not.
How much is the association deductible? This is an area many condo owners don’t think about. Condo insurance typically includes commercial insurance coverage for the commonly shared building and common areas which usually includes an association deductible. In the event of a natural disaster and the condo complex needs major work the association will tender the claim to their commercial insurer. If there is a deductible it will be assessed to each owner based on their ownership percentage.
John Feminis is the newest addition to the growing team of Realtors® at OwnACondo.com, bringing with him a wealth of customer service, sales and appraisal knowledge and experience.
“Real estate is a fascinating business, and I really enjoy meeting people and helping them find their dream home or investment property,” said John. Before recently earning his real estate sales license, the Park Forest resident had been an associate appraiser for Blue Edge Inc. in Joliet for about five years. Prior to that, he worked for many years in customer service and retail sales. For the past year, he was a field technician for Air Serv Inc., an aviation company. But he found his calling in real estate.
“I just really enjoy the real estate industry,” said John Feminis, whose specialties include:
• Buyers' agent
• South Cook County real estate
• Chicago South real estate
• Downtown Chicago real estate
• Condos
• Multi-family buildings
• Du Page County real estate
• First-time homebuyers
• Appraisals
• Investors
• Real estate auctions
• Foreclosures
• Short sales
“I particularly enjoy working with buyers because I can focus on helping my clients find their dream home or ideal investment property, and negotiate the best deal possible. My experience and knowledge gained as an appraiser is very helpful to my clients too. Real estate is a fascinating business, and the best part of the job is meeting and working with people,” he said.
When he is not helping his clients find a condo or other property, John Feminis, who describes himself as a major sports fan, follows his favorite teams, which include the Chicago Bears, Blackhawks and White Sox. He may be reached at jfeminis@ownacondo.com or at 708-359-9496.
We'll bet she does. Not that it's that much of a leap. After all, lots of people own condominiums. But we like Betty White, and she's been quite the media butterfly again recently, which led us to wonder "does Betty White own a condo?"
You don't have to be glued to the TV or have your head buried in supermarket checkout aisle magazines to know about Betty White. The charming and tough 89 year-old comedien and actress has experienced a sort of career rebirth recently, dropping salty language as host of Saturday Night Live and being tackled in the mud by a football player for a TV commercial. She's also a star, along with Valerie Bertinelli, in the current series Hot in Cleveland. It's a long way from her appearances on television game shows and talk shows in the 1950s and '60s, her role as Sue Ann in the 1970s on the Mary Tyler Moore Show and--most famously--her long-running character Rose on the TV sitcom Golden Girls in the 1980s. In fact, Betty, who married for the third time at age 41, recently told a writer at AARP Magazine that sex got better with age. Go, Betty!
Does Betty White own a condo? No doubt she has a sprawling home befitting a successful Hollywood personality, but somewhere in the world, we think she enjoys condo living, too. Choosing a condo has nothing to do with wealth. Rather, it's about independence, maintenance-free living and lifestyle. It's about having something of your own, be it penthouse or garden-level, luxury to affordable.
We like the possibility that Betty White owns a condo. We'll help you find your condominium, no matter where it may be.
OwnACondo.com welcomes Sotiraq Vando to our growing team of dedicated Realtors®, many of whom have earned the accredited buyer representative (ABR) designation.
Sotiraq Vando, in addition to being a civil engineer, has more than five years experience as a Realtor® and is a licensed real estate broker. He has qualifications in accounting and as a loan originator also. His specialties include:
- Condos
- Foreclosures
- Single-family homes
- Investment real estate
- Financing condos
- Rental properties
- Downtwon Chicago real estate
- Chicago North real estate
- North Cook County real estate
“I like to work with people and because of that, real estate has always been an interest of mine. I like working with people and finding a way to help them get their condo financing, even in difficult situations.”
Fluent in Albanian in addition to English, Sotiraq Vando is married with two daughters. He earned a degree in civil engineering from the University of Tirana (Albania) in 1977, and has several other professional certifications also.
“I am always learning and adjusting in this changing industry,” Sotiraq said, adding that he enjoys all the customer-focused aspects of real estate, from helping buyers find just the right property for them to preparing presentations and contracts. He said he is very proficient in using the Multiple Listing Service, allowing clients to narrow their search and save time and money.
You can reach Sotiraq Vando at svando@ownacondo.com if you have any questions or would like him to help you find your dream condo, an investment property, or any other piece of real estate.
Having to make monthly mortgage payments can be very stressful for anyone buying condos or other homes. Worrying about a $200,000 debt, especially if you are just scraping by, can be a problem.
But there are ways to pay off your debt quickly and save on interest without really paying any more than you do now. Splitting the regularly monthly mortgage payments in half and paying that amount bi-weekly, or every two weeks is one option.
With 52 weeks in the year, that means you are making 26 half-payments, or 13 full mortgage payments instead of the usual 12. This way, you can pay off a 30-year mortgage in as little as 26 years. On a typical 30-year mortgage with a 5 percent interest rate, you can save tens of thousands of dollars.
Some lenders allow you to build this option into your mortgage payments, but be careful because there are often additional fees involved. With your monthly condo assessments and other costs, this is the last thing you want. These extra fees cab ve avoided by doing it yourself. Lenders don’t have a problem processing two payments per month, as long as the full payment is received by the due date.
Adding a bit more to your monthly mortgage payment is another way to save money in the end. You can do this simply by rounding up, so instead of paying $927 per month, make it an even $1,000 whenever you can afford to do so Every little bit taken off the principal helps, and it is something to consider when financing condos.
The prospect of winning the lottery is on a lot of people’s minds these days, especially as the Mega Millions jackpot continues to roll over. It was at $355 million just before the Jan. 4 drawing.
While “you have to be in it to win it,” the odds of winning Mega Millions, which is played in 41 states and Washington, D.C., are something like 175 million to 1. Not many of us can say we have won that sort of lottery, but if you think about it, finding a condo you like is something like winning the lottery too, with much better odds. You do have a better chance of finding your deam home.
And unlike the lottery, the odds of finding the right condo are actually improving across the United States, because there are so many available. This is due in part to the market being flooded with foreclosed condos following the downturn in the economy.
Most are quite affordable too, so winning the lottery is not a prerequisite to buying a condo either. In addition to the foreclosures, there are also quite a The foreclosed condos are not necessarily in bad shape, in fact, many can be in move-in condition.
The fact that interest rates continue to remain at historic lows is also helpful for people shopping around for a good mortgage rate. So instead of pinning all your hopes on winning the lottery, why not get out there and start condo shopping. Our condo specialists can help you narrow the odds of finding your dream home even more.
This is the second in a series of blogs regarding the purchase of real estate and is taken from the seller’s perspective. Real estate transactions are a complicated process and the need for a professional real estate agent is crucial to complete the transaction so all parties involved are satisfied with the outcome. Traditionally sellers are always represented by both real estate agents in a transaction. Obviously, the listing agent who has a signed legal document with all the responsibilities lined out represents the seller. What many buyers do not know is the agent who is finding and showing them properties is also legally responsible to the seller. But in the past several years a new type of representation has emerged with the buyer being exclusively represented by their agent. This type of representation is known as Buyer’s Agency.
From the seller’s perspective buyer's agency can eliminate any conflict of interest real estate agents may have when showing and negotiating for a buyer. The seller’s main focus is to sell their home or condo for the highest and best price which is the fiduciary responsibility of the listing agent. The main focus of a real estate agent acting as a buyer’s agent is to find and negotiate the sale for the buyer, representing their wants and wishes above all others. Sellers need to be careful about what they say, as well as their actions, when the buyer or their agent is present at showings. The seller needs to be aware that any information they may give the buyer’s agent can be conveyed to the buyer, which may or may not influence their price and terms when making an offer. Sellers also need to know that the buyer’s agent will most likely complete a Comparative Market Analysis (CMA) for the buyer which shows what similar properties have sold for in the area. The CMA is the basis for the buyer’s offer. This is where many times emotion enters the transaction and it is the job of both agents no matter who they represent to calm everyone down and present the facts to both parties. No one wants to complicate matters when as a buyer you may be making the most expensive investment you will ever make and as the seller you are trying to sell your home or condo and move on with your plans. From the seller’s perspective it is best to remember that as you are being represented, so is the buyer and both of you are trying to get the best deal possible.
Looking for downtown condos can be a daunting prospect in Chicago, because there are so many styles to choose from, in several different neighborhoods. But the good news is, OwnACondo.com has knowledgeable, experienced condo specialists who can help you find the right one—and looking is part of the fun.
While many cities have a specific downtown neighborhood, in Chicago, the area is not as clearly defined. It can encompass all or part of neighborhoods such as the Loop, South Loop, Streeterville, River North and the Gold Coast. While many of those areas are known for their luxury condos, don’t think that because they are not in your price range, there nothing for you. In addition to the many new luxury towers that arose during the building boom of recent years, downtown condos come in all shapes, sizes and price ranges in those areas.
Downtown condos are popular with people of all ages, because they offer something for everyone, whether amenities such as pools, fitness rooms and sky decks are on your wish list, or just a place close to work and play. Young professionals with jobs downtown like the idea of a short commute, as well as being close to all the great shopping and nightlife options in the lakefront neighborhoods. “Empty-nesters” who are downsizing are also are drawn to downtown condos, because they want to be close to all the downtown activities, and give up lawn maintenance—or even the need for a car.
Being close to Lake Michigan, with its beaches and marinas, as well as Grant Park and the many museums on the lakefront is another great selling point for downtown condos,
Besides the new luxury condos that have given neighborhoods such as the South Loop a whole new look, there are other vintage buildings such as Six North Michigan that have been turned into upscale condos. It is easy to forget that many of the most well-known condo high-rises—Lake Point Tower and Marina Tower just to name two, began as apartment buildings decades ago and were only converted to condos in recent years.
Loft condos have also become increasingly popular, and can be found in all the downtown neighborhoods. These include the classic lofts in revamped warehouses and other industrial property, as well as newer loft-style with the classic look and all the modern amenities.
So whether you are looking for downtown condos with views of Lake Michigan or the Chicago River, or close proximity to the Magnificent Mile, there is something for you. Even if you are not ready to buy yet, rental condos can be found in many buildings too.
An exclusive buyer agency representation is much different than being represented by a traditional brokerage that works with buyers and sellers. An exclusive buyer agency only represents buyers. The sole focus of the agency is buyers' and making sure that they get the home of their dreams at the price of their dreams. An agency of this representation will typically provide the buyer with a presentation so that the buyer understands exactly what services the buyer agency will provide.
The first step is discussing the buyer agency representation. You will be presented with all of the state-required agency forms to help you understand the legal relationship between the agent and the buyer. The agent will also discuss the advantages of an exclusive buyer representation. The next step would be to cover all of the resources the company has to offer to make the home buyer experience as easy and convenient as possible.
It is always important to make sure that the agent covers fair housing laws and equal opportunity to ensure the client that the agency takes this very seriously. The agent will cover some of the agency laws to make sure the client understands that there are some things an agent cannot do for them because it is against fair housing laws. The agent will then explain the process of mortgage pre-approval and the importance of getting pre-approved before the search process begins.
The next step is really to discuss the search plan. The agent will map out the process of locating the home to finding the right home to negotiating the best offer to purchase the home. This can often times be a lengthy process which can get side tracked very easily. It will be the agents’ responsibility to make sure the clients stay on track with the home buying process.
Once the contract gets accepted, it will be the real estate agents responsibility to ensure a smooth closing. The agent will explain the closing process and what documents are needed. The agent will also advise the buyer to contact a lawyer to represent the buyer legally throughout the closing process.
The agent will not only explain the process of securing a new home, but they will also cover the differences between an exclusive buyer agency and what one can do for you vs. a traditional brokerage that works with buyers and sellers. The agent will cover the advantages of working with an exclusive buyer agency. At the end of the presentation the buyer will have a clear understanding of the agency relationship.
Rental condos are great, and can be found in moderately priced and luxury developments alike, in cities across the United States. But the percentage of rented condos in a particular development is an important piece of information to know for many people interested in buying condos there.
One reason the percentage of owner-occupied condos in a complex is an important consideration for many condo buyers is that if they are looking for an FHA mortgage, the percentage will have a bearing on whether they will be approved for the loan or not. The FHA recently made a slight adjustment to its rules, permitting 50 percent of the condos to be owner-occupied, whereas the minimum used to be 51 percent. This was done in part to encourage ownership. More people are applying for FHA loans now because they only require 3.5 percent down payment, while banks and other lenders want a 10 percent down payment, which many people are unable to come up with.
But the issue remains a conundrum for many condo associations. So while the FHA is becoming more lenient, many condo associations want to reduce the allowable percentage of rental condos in their own buildings to as little as 25 percent, if they are allowed at all. Of course, any change in the condo laws have to be approved by a majority of owners, and if most of the owners are investors who don’t live in the complex, they might not go along with it.
If there are too many rental condos, owner-occupants in the building often feel like they are living in an apartment complex, and express concerns that others considering moving into the building might be hesitant to move in for the same reason.
At the same time, having the ability to lease condos give owners more flexibility, if their job takes them out of the city and they are not ready to put the property up for sale. Also, many people like the idea of being able to rent a condo, rather than an apartment, because condos are usually larger and there are often more amenities in condo developments than in apartment complexes. Many also sign rent-to-own contracts, so they will eventually become owners.
So the two sides have come to some sort of “happy medium” regarding the issue of rental condos, because while some condo owners would rather not have any rented units in the complex, feeling that renters do not have as much invested in, others point out that having units rented is definitely better than having them empty.
