Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

Things To Clarify Before You Buy A Condo For The First Time

by Luke Fields

Condo living provides an extensive array of benefits, but if you're contemplating making the jump from a traditional house to a condo for the first time, it's important to clarify some things while looking at condos for sale. You should note that the rules for condo residents can differ among properties; while local bylaws provide an overarching structure that condo boards must follow, individual buildings can enforce different rules on their residents. Make sure that you ask your real estate agent about the following topics; he or she can check with the local condo association to ensure that you're fully informed before you move forward with your purchase.

Use Of Barbecues

If you're an avid outdoor cooking enthusiast, it's necessary to confirm the condo's rules regarding the use of barbecues among residents. Some properties allow residents to keep barbecues on their balconies; others prohibit it. In some cases, you might be allowed to have a barbecue on your balcony, but it's requested that you carry your propane tanks up and down in the elevator when there are no other residents using it. Many condos have outdoor terraces or patios that residents can use to keep their balconies, so that you'll still be able to enjoy the process of cooking food in this manner, even if you can't do it on your balcony.

Parking For Visitors

The regulations concerning parking for your visitors can range considerably, so it's useful to have a clear picture of this topic for each condo you're considering. Many condos will have designated visitors' lots that residents are asked to avoid parking in; residents should always park in their own designated parking space. In many cases, visitors can park freely in the specified lots during the day, but require an overnight pass if staying overnight. It's ideal to find a condo that is easy regarding this policy; for example, you can simply call a number to register your guest's vehicle for the night.

Storage Of Bicycles

Avid bicyclists will want to confirm the rules concerning the storage of this method of transportation before moving forward with buying a condo. There are a number of varied rules that you might encounter. For example, some condos allow residents to keep their bicycles in their condo unit and transport it up and down the elevator. Others ask that bikes be kept out of the elevators, and that residents keep their bikes in a storage area in the basement or garage.


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.