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  • Underestimating Costs is Primary Mistake in Renovation Projects

    Common Mistakes

    miamiThe number one mistake condo owners make in renovating is underestimating costs. Renovation work is regularly more expensive than you initially expect. While some of the reasons the costs are higher than expected are due to unexpected challenges that could not possibly be predicted, others are due to a flaw in the initial pre-planned budget.

    When professional renovators draw up a project budget, they almost always leave between 10% and 20% to cover unexpected costs. The best way to avoid massive underestimating is to have a good idea of your proposed plan and all specifications for fixtures and fittings. In addition, already establishing who you’ll hire for each portion of the project and getting quotes from them can be helpful.

    If you’re doing the work yourself, look at other similar projects and ask people how much they ended up costing. If you want something really specific, think about getting a builder’s estimate. This is basically just a builder’s best guess on what you’d spend. It’s not a quote and most often the builder will not be open to be held to it, but it can be a pretty accurate guess.

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  • Car Condos are Becoming Trendy With the Wealthy

    Trends

    car cThe real estate market is growing more and more innovative and unique, with the addition of trendy car condos. Much like a traditional country club that caters to golfers, new auto country clubs are now popping up around the world, catering to car lovers.

    Car collectors are presented with a place they can come to meet with friends and discuss their beloved car collections.

    While these auto country clubs offer things like restaurants and lounge areas, the most unique features are the car condos. Car condos often are part of a larger building that’s split up into individual spaces with living areas, kitchens, bathrooms and an area to park vehicles. These condos are often described as luxury garages, where wealthy people can invite their friends over to look at and admire their vehicle.

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  • Criteria for Choosing a Mortgage Broker

    Compare Rates and Providers

    A mort Many times when a buyer is in the market for a condo mortgage, they visit only one broker and immediately take their first loan program offer. In fact, most people don’t realize they have the luxury of shopping for the prefect mortgage program. However, it’s extremely important to not only shop for a great mortgage program but also for the perfect mortgage broker. When researching mortgages, use these basic tips to help you choose a quality broker.

    1. Quality mortgage brokers won’t charge up-front fees. The only expense you should have to pay before the closing on the condo is the cost of the appraisal. Some lenders are beginning to charge application fees, but there are enough lenders still out there not doing this that you can certainly find one of them to work with instead of choosing to pay the app fee or any other fees.

    2. Great lenders will take the time to explain the different mortgage terms to you that most people find quite confusion and almost always unfamiliar.

    3. You’ll want to find a mortgage lender that is easy to contact. If a lender takes a week to call you back or return your email, chances are you’ll never be a priority to them and should likely find someone else to work with.

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