Condo Declarant Should Pay Expenses For Units They Own

When a condo declarant still owns unit in the building, they’re responsible for ongoing maintenance expenses in the building. Q: We bought into a condo development five years ago. The condo documents said the declarant didn’t have to follow the condo rules or pay dues on his units until the last unit was sold. We didn’t worry because the declarant control had expired and developer was paying a reduced agreed amount each month for upkeep. We figured it would all shake out once all units were sold. We are about 65 percent sold and there is a shortage of condos in our city. However, the developer decided to turn the last 35 percent of his units into rental units, and since he no longer plans to sell them, refuses to pay into the reserve fund or full condo dues. The owners are concerned because renters move in and out more frequently and cause more wear and tear on the building. The developer claims he is still the declarant and so does not have to abide by rental rules like having dogs of a certain size, lease details and providing renters’ contact information to the management company. Worse, we are short over $3,000 each month because of the previously agreed-upon reduced payment (we agreed to give developer a break to help sell the condos).

Read more

How to Save More Money in the Country’s 5 Most Expensive Cities

It’s hard to find ways to save more money, and living in one the country’s most expensive cities makes that goal even more difficult. The good news? I’ve got three tips that can help you save more money without having to pack up and flee the neighborhood. Last month, a GoBankingRates study looked at the 60 largest cities in the country in search of the most and least affordable places to live. The study scored each city on seven factors: median household income, unemployment rate, median home list price, median rent price, average gas price, average monthly cost of groceries and sales tax . Surprise, surprise, the most expensive cities were on the coasts

Read more

7 Quick and Easy Ways to Save More Money in 1 Hour

Everyone could use some money help, but it seems like there’s never enough time to get started. But what if you could save more money each month and learn how to budget in just one hour? In honor of Money Smart Week, I’ve compiled 7 quick and easy ways to save more money in just one hour. That’s right: You can tackle all of these budgeting tips in just a few minutes each day. By the end of the week, you’ll be well on your way to a stronger financial future. Here are 7 easy ways to save more money each month and learn how to budget during Money Smart Week. Be sure to check back each day and mark off the steps you’ve accomplished! 1. Monday: (5 minutes) Write down what you spent today. It’s as simple as that

Read more

A Valentine’s Day Surprise for Home Buyers, Owners and Sellers

It turns out that Valentine’s Day isn’t the only good thing about February. The spring homebuying season has kicked into gear and it turns out that this month is actually the best month to buy a home. Homebuyers looking for a deal should act fast. According to data compiled by ATTOM Data Solutions, February is a great month for home buyers, sellers and owners, which translates into it being a better time for home bargains than the so-called “traditional” homebuying seasons of spring and fall. A combination of fewer buyers competing for homes (and the resulting lower home prices) often mean that some of the best homebuying days of the year occur this month. In these days of low inventory and lots of competition, finding a homebuying edge is even more important.

Read more

Rising Interest Rates On The Horizon With Trump Presidency

Rising interest rates are on the horizon, according to Federal Reserve Chair Janet Yellen. And, it doesn’t look at though Donald Trump’s election will change the interest rate forecast. In Congressional testimony, Yellen said that the Federal Reserve plans an interest rate increase “relatively soon.” But, mortgage interest rates are already rising sharply. According to this week’s Primary Mortgage Market Survey, conducted by Freddie Mac, 30-year fixed-rate mortgage interest rates spiked in the wake of the election and rose to 3.94 percent, up nearly a half percentage point from 3.57 percent a week earlier. Fifteen-year mortgage rates also jumped significantly, to 3.14 percent, up from 2.88 percent a week earlier.

Read more

4 ways to benefit from an empty nest

This month, I’m sending my youngest son, Michael, off to college. (For those of you playing along at home, you may remember I have two sons, but my oldest is now a junior in college.) Sam and I are going to … Continue reading

Read more

Ep. 28: Cats and dogs and home values

What’s the outlook on home values from atop Homes.com’s real estate search operation? And which pets leave the biggest paw print on your home: cats or dogs? Get answers to these questions by listening to this week’s episode of the … Continue reading

Read more
1 2 3 6