Condo Buying And Ownership Made Simple

"Featuring Kay's exclusive buyer's checklists"--Cover.

At last a book that guides the reader through the perils and opportunities of buying a home within a community association. Condominiums, townhomes, cooperatives, and single-family homes within a community association share similar issues with respect to financial and governance surprises that may affect your pocketbook and quality of life. Learn how to ask for the right information, ask the right questions, and decide for yourself the best home that reflects your values, lifestyle, and budget—and of course to help avoid a major surprise after purchase. David T. Schwindt, certified public accountant, consultant, and reserve study specialist, brings over thirty years of experience with community associations in an easy-to-understand resource that you will find invaluable in making the right decision for you and your family. Included with each informative chapter are tips, best practices, and ways to create community and harmony within an association.

"A timely, admirable book. Barnabic recognizes the paradox inherent in the idea of shared private property. He provides would-be buyers with a checklist of things to look for when assessing the financial stability and long-term viability of a particular condominium corporation." -BENJAMIN GIANNI, Associate Professor, Azrieli School of Architecture and Urbanism, Carleton University "I particularly like the description of the 100-unit complex example. Barnabic's expertise is invaluable to those considering condominium ownership and to those who may find themselves on the board of a condominium association." -KIMBERLY WINSON-GEIDEMAN, Ph.D., prolific author on real estate and Professor of Finance, Insurance, Real Estate, and Law at the University of North Texas The Condo Bible for Canadians is a buyer beware and owner beware book that reveals the legal and practical realities of condo ownership, compares owning a condo with owning a house/renting an apartment, and advises consumers on the dangers of the condo real estate market, given ... The debilitating market crashes of the late 1990s and 2006 The effects of today's record low interest rates, in which: Developers are enticing consumers into condo ownership by allowing low or even no down payments Real estate prices are soaring out of the reach of those with average incomes The market is being flooded with condo units, creating an oversupply that could prove disastrous Barnabic writes that very few consumers are aware that: One defaulting unit owner can affect the well being of all unit owners A high percentage of units being rented out may be a sign that the complex may be converted into an apartment building A condo association's default on a common loan can cause the demise of the whole condo complex and its individual units The Condo Bible for Canadians also includes: The Ten Commandments of Condo Buying Recommendations and remedies for government and financial institutions, condo associations, and condo boards to make condo ownership safer Dan S. Barnabic is a noted consumer advocate and a keen observer of condo proliferation. He worked in real estate as an agent, broker, property manager, and condominium developer. His over three decades in the real estate industry began in the 1970s and intensified after he witnessed the major real estate crashes of the late 1980s and 2006.

This guide was developed to assist buyers in choosing a condominium which meets their personal and financial needs. The guide provides buyers with an overview of the operation of different condominiums and important questions to address when choosing a condominium to meet the lifestyle and financial needs of the buyer. In addition, the guide provides instructions on evaluating the financial and physical status of an existing condominium. Information on evaluating the physical condition of the individual unit, the condominium building and grounds, and the financial status of the condominium is also covered. Contact information for acquiring additional information and assistance is included.

Prime vacation property throughout Canada has doubled in value within the past five years. For the potential buyer of a vacation property, the cost of entry can be stiff. There is a high demand for many to own a vacation home or idyllic retreat for pleasure and lifestyle enjoyment, future retirement, rental revenue, or investment profit. But buying a recreational property can be a potential minefield for many reasons, as there can be complex tax, legal, estate planning, and investment issues to consider. When investing hundreds of thousands of dollars in a recreational property you will need to do your due diligence and seek solid advice. The Complete Guide to Buying and Owning Recreational Property in Canada, written by Canada's leading authority on matters related to real estate, offers valuable insights and tips, and will prove a trustworthy resource for many years to come. Topic areas include: Buying the right property, for the right reasons, in the right location How to set a purchase and financing strategy and how to negotiate your best deal How to exercise caution when buying with family or friends-and how to keep peace in the family when sharing use or ownership Getting the help of professionals, such as a tax accountant, lawyer, home inspector, mortgage broker, insurance broker, and realtor. Obtaining tax and estate planning strategic advice to save tax on transfer, sale or bequeathing of the property, or inheriting a property What you need to know if you are buying recreational property as an investment. Money saving tips when renting your property yourself or using professional rental management Special cautions if buying a vacation home or cottage outside of Canada Creative ways of using your vacation home or cottage for exchange or barter Key strategies to follow and classic pitfalls to avoid And much, much more! Plus Sources of Further Information, Key Websites, Checklists, Glossary, and Index.

Whether you're new at the home-buying or selling game in Canada, or whether you've played it before, most of us dread the onslaught of flashy, fast-talking real estate agents and property managers. Well, help has arrived. This revised edition of "Buying and Selling a Home For Canadians For Dummies" prepares you to get what you need and want when buying a new home or selling the one you're in. Everything from arranging your finances and hiring an agent, to researching neighbourhoods and assessing home values is presented in a clear and humorous way to help you get the most out of the process. Important information to help you: Market your home and sell for the highest possible price Negotiate the best price and terms of sale Find the right new neighbourhood with reasonable prices and the type of housing to suit you and your family Decide whether or not to hire an agent and tips on how to choose a good one Select the best mortgage and understand tax considerations Updated in the 2nd Edition: Examining zero percent down payments, lines of credit and other alternatives to conventional mortgages Using the 'Net: New, useful sites - and what to watch out for Buying condominiums: An expanded chapter full of useful information on what you need to know before you buy Selling your home on your own: Expanded online resources and tips Fixing up your home to sell: Tips from the designers on how to make your home as sellable as possible

A lot of information has been published for those who wish to buy acondo as a principal residence, but not for investors who want toexpand into the condominium market. Investing in condominiums isnot about being caught up in the mass hysteria of lining up to buya pre-construction unit in a "hot neighbourhood" and hopefullyflipping it at a profit when it's built. On the contrary, investingin condos can be a very good way to generate solid returns whendone according to the proven strategies outlined in the book. Investing in Condominiums will show readers the ins andouts of profitable condo investing by sticking to investingfundamentals, carrying out proper due diligence, and having an exitplan. Pre-construction condominiums, especially in Toronto andVancouver are sought-after by both Canadian and internationalinvestors. The stable economy, low-interest rate environment, andappreciating values are a recipe for investor success. Investingin Condominiums gives Canadian investors the nuts and bolts ofundertaking such an investment based on real-life examples andexpert knowledge. By reading this book, the investor can proceedwith full confidence knowing that they are asking the rightquestions, doing the math, and assembling the right team of expertsthat will help them realize their investment goals.

User-friendly, full color publication with easy-to-understand graphs and graphics.An Association Leadership Guide. Financially, is your Association running on Empty?Are you paying attention to your biggest investment (your home)?Educational and reference information to help you persuade your fellow owners to pay enough in fees each month to:- Protect property values- Gain peace of mind- Build TRUST among co-owner neighbors- Lessen the need for large, unexpected special assessments.Inside:- Financial questions to ask before you buy- Sample Reserve Studies, the foundation for long-range financial planning- Sample checklists for preventive maintenance- Annual budgets- Photos and cost estimates for large, common infrastructure repairs- Ideas for a better future.How financially sound is your Community Association?Good news! Together you can improve your future.The five in-depth examples include:Example A: Two-or Three-Story Stacked Flat, converted from a 1960s-era apartment buildingExample B: Townhome/Patio HomeExample C: Mid-RiseExample D: High-RiseExample E: Home Owner Association of detached, single-family homesSections of book:- Why Some Community Associations ARE NOT Financially Strong- Why Some community Associations ARE Financially Strong- Ideas to Improve the Financial Soundness of Community Associations