Always plan before heading for a grocery shopping. Remember that you live in a small space and  have limited storage room. If you are on the hunt for sale, keep in mind that there are some things that you don’t need in the condo and will be a mess eventually. Clutter makes a small room even smaller. To attain a pleasant but well-ventilated ambiance, store things in devious spaces, for instance under the bed or sofa, in the cabinet or over the fridge.  Try to divide the space also into mini rooms as well so you can have other spaces for storage.  

“When you rent an apartment, you will most likely be asked to pay a security deposit. In many cases, the security deposit is equivalent to one month’s worth of rent, though it might be more. Your landlord is within his or her rights to request that you pay a security deposit, but there are several things you should know about the security deposit before you sign a lease agreement and move into your apartment.

What is the Security Deposit For?

When you rent an apartment, you will likely be asked to pay a security deposit in order to protect the landlord. If you fail to make your monthly payment or if you break your lease, the landlord may be able to keep your security deposit in order to recoup the loses he or she experiences. Similarly, if you cause damage to the apartment before moving out, your landlord can keep the money or a portion of the money in order to make repairs to the apartment.

If the landlord does keep all or a portion of your security deposit when you move out, he or she must provide you with a detailed account of why the money was retained. For example, if you caused damage to the apartment, the landlord must detail that expense and demonstrate why the money was retained.

What is a Security Deposit NOT For?

Some unscrupulous landlords will attempt to keep a security deposit when a person moves out of the apartment, and some get away with it because their former tenants simply do not know their rights.

One thing that a security deposit is not for is wear and tear. If the dishwasher in the apartment needs to be replaced because it has worn out or the walls need to be repainted because the paint is getting dull or discolored, you are not expected to pay for these expenses.

In most states, landlords are required to return a security deposit within 30 days after the tenant moves out of the apartment. It is a good idea to check with your state if you are uncertain about the timeframe your landlord has.

Preparing for Disputes

If your 30 days has come and gone since you moved out of the apartment and your landlord still has not returned your security deposit, it may be time to file a claim in small claims court. In order to prepare for this possibility, you should always document the condition of the apartment before you move in as well as at the time you move out. Taking photographs is also a good idea as this will give the judge a visual idea of the condition of the apartment both before you moved in and after you moved out.

Although no one anticipates having difficult with getting their security deposit back when moving out of an apartment, it is always a good idea to plan for the worse situation. That way, you will be protected regardless of the situation.”

By: Eric Bramlett
Source: articlesbase.com

Condominiums and townhouses have special insurance needs. They don’t need as much insurance as a house, but owners have more to insure than a renter. The insurance needs for a condo owner include personal property and liability coverages. Special policies for condominium owners, known as form HO-6, will provide the liability and personal property protection a condominium owner needs.

As a condominium owner, one needs to insure not only their personal possessions in the condo, but also any built in units such as cabinets, fixtures, appliances and shelves. In addition to covering the personal property, a condo owner also needs liability coverage. The liability portion of the policy would cover injures or damage to people or property that the condo owner would be liable for.

Below is a checklist of the top four questions to consider when choosing a condominium insurance policy:

1. What are your ownership and insurance responsibilities in the condo association’s Master Deed (the insurance requirements the association expects from you)?

2. Does the policy you are considering include broad water damage coverage for problems such as sewer and drain back-ups?

3. Does your condo association provide comprehensive or blanket coverage to protect you against other condo owners who may not have adequate coverage?

4. Do you have expensive personal items such as jewelry or furs that you may need additional personal property coverage for?

From Bobbie Sage, Your Guide to Personal Insurance, personalinsure.about.com

What is a Condominium?

Under a condominium plan, residents hold legal title to their units, as if they were freestanding houses. In addition, they own a proportional share of “common elements”, like lobbies, yards, roofs, parking lots, and recreation facilities. Condominiums come in a wide range of sizes and styles, including town houses,
garden apartments, high-rise towers, and even freestanding houses sharing private
streets or courtyards.

How does “fee-simple” ownership differ from condominium ownership?

With fee simple ownership, you normally have all of the rights and responsibilities of home ownership. These include control over maintenance, property alterations, renting your property, etc. With a condominium, control over the property is derived from participation in the homeowner’s association. The management team hired by
the condominium homeowner’s association has responsibility for the day to day operation of the property. There will be more restrictions on a condominium unit than on a fee simple property.

How does a Condominium (Condo) differ from a Cooperative (Co-op)?

As stated above, with a condominium you own your own unit as well as a proportionate share of the common area amenities. With a cooperative, you do not “own” the unit. Instead you own proportionate shares in the cooperative as a whole, that give you the right to occupy your unit and enjoy the common areas and amenities
(like owning stock in a company). Cooperatives can generally borrow money directly (unlike condominiums), and may place additional restrictions on occupants (relative to a condominium).

Note: Arlington County’s Moderate Income Purchase Assistance Program (MIPAP) can be utilized only with fee simple and condominium purchases. Cooperative purchases are currently not eligible for MIPAP assistance.

Source: my10101.com

 Similar to houses, keeping ones mess and disorder to a minimum goes a long, long way. In keeping your condo clean, try to follow the simple chores and tips for everyday cleaning: (1)Maintain the kitchen area neat and free of dirty dishes. In this way, unsightly insects will not roam around when you are sleeping. (2)If possible do the vacuum and dust frequently. (3)Be sure that furniture and other decorations don’t obstruct movement around the space. Don’t buy furniture that are too bulky. (4)Before buying, try to do the measuring first. So you’ll know how much space do you need.        

Here are additional research resources, that may be available in your local library:

• The Condo/Co-op Owner’s Survival Manual, by Harry M. Matthews, Jr.
• The Condo/Co-op Owner’s Survival Manual, by Harry M. Matthews, Jr.
• The Co-op Bible—Everything You Need to Know About Co-ops and Condos, by Sylvia Shapiro
• The Complete Guide to Co-ops and Condominiums, David T. Goldstick and Carolyn Janik.
• The Complete Condominium Guide, by Bruce Cassiday
• Condominiums and Cooperatives, by David Cluran and Edna L. Hebard
• The Complete Idiot’s Guide to Online Buying and Selling a Home, by Matthew O’Brien

Source: my10101.com

More and more people are deciding to bypass purchasing a home in favor of buying a condo instead. Although condo living is becoming increasingly popular, many people still fail to realize the advantages of living in a condo and still do not fully understand what they can expect from condo living.

Mutual Ownership

One fact that you need to understand when you own a condo is that you will be sharing the building with other condo owners. Although you will own the actual unit in which you live, you do not own the building in which the unit is located. Rather, you and all of the other people that live in the condo are joint owners of the building.

Since you are joint owners of the building, you are also jointly responsible for taking care of the building. As such, you will need to pay fees that will go toward maintaining the building and its yards. In addition, you will need to help pay for insurance coverage for the building while also maintaining separate coverage for your unit.

Enjoying Amenities

One of the great benefits of condo living is the fact that you get to enjoy a number of different amenities. Common amenities that are included with condos include swimming pools, workout rooms, tennis courts, and more. Buying a condo makes it possible to enjoy these amenities because you share the expense of having them in place and maintaining them rather than paying for them on your own.

Being Part of a Community

Since living in a condo requires living in a building with other condo owners, you will need to be prepared to become part of a close knit community. Condo owners typically spend a great deal of time with one another and enjoy each other’s company. If you are looking to live somewhere that will provide you with solitude, condo living may not be right for you. If you like to socialize and you are looking for a way to meet new people, condo living is a great option to consider.

Taking Advantage of a Great Location

Condos are typically located in a great location that makes it easy to reach public transportation or to get back and forth from work. Many are also located near to great shopping and dining opportunities as well. In fact, condos are commonly found in cities where traditional homes are rarely found. Therefore, if you are interested in city living but want to enjoy the pride of ownership, purchasing a condo is a better choice than renting an apartment.

Making Decisions Together

Since you share the building in which your unit is located, you should also be prepared to make decisions with the other residents. In other words, you will not be able to make decisions completely on your own as you would with a house. Since your decisions will affect the other residents of the building, many of your decisions will be made jointly. In fact, you will be frequently called upon to vote on certain decisions. Be prepared to be outvoted by the other residents of the condo, though you can certainly take steps to let your opinion be heard before any decisions are made.

Condo living has a number of advantages, but you need to be fully aware of what to expect before you invest in this type of real estate. By being fully informed, however, you will be more likely to be thrilled with your decision and to love living your life in your condo.

Source: realtown.com

• High owner-occupancy rate (minimum of 51%)
• Stable monthly condominium fee
• Sufficient capital reserves (as evidenced in 5 year capital improvement plan)
• Strong, professional condominium management team (both on-site and parent company)
• Active, involved condominium Board of Directors
• Well maintained common areas
• Association rules regarding occupancy, parking, pets, etc.
• Independent utility meters? Pros and Cons:

1. Pro—you only pay for the utilities you actually use

Source: my10101.com
2. Con—utilities not included in monthly condominium fee. Larger condominium
complexes may be able to buy energy at lower costs.

Generally in most bedroom uses sconces or table lamps either side of the bed is sufficient for general lighting with a ceiling mounted fixture for occasional use. If the ability is there, a series of 4-6 recessed pot lights on a dimmer can replace a ceiling mounted fixture for a modern aesthetic and provide flexibility in lighting options. If further lighting is needed for wardrobe systems, purchase art lights and hang them from the top of the wardrobes for localized task lighting. If a makeup area requires lighting, install a light bar above a mirror. For lighting at a sitting area, use an adjustable floor lamp situated just behind the chair, away from the side table lamp.