A condominium is another real estate option other than a traditional stand-alone home. Usually condos are purchased with mortgage, but in difficult markets or selling situations they may be rented as apartments. Learn more here about condominium housing.
How HOA Fine Schedules Work
How HOA fine schedules work. This reader wants to know why the condo association board fined homeowners different amounts for the same violation. Q: Can a condo association charge different fines for exactly the same infraction? Some of us broke the same rule in our association. We took matters into our own hands in making [...]
Turn That Music Down! Handling Loud Condo Neighbors
Handling loud condo neighbors who refuse to turn the music down and respect condo rules can be difficult. Here are a few steps you may want to consider before seeking legal action. Q: I am a condo owner in a four-unit building in Washington, DC. I believe my fellow condo owners are refusing to enforce [...]
Five Things to Consider When Renting Out Your Condo
When you bought your condo, did you think it would be the beginning of your real estate investing career? Perhaps you planned to rent it out for a few months while you were vacationing, or maybe you thought that you could one day move into a bigger place and rent out the condo as an [...]
Problems Selling Your Condo? How to Deal with Condo Association Issues
Are you having problems selling your condo? Here's how you should deal with condo association repair issues. Q: I recently read a response you wrote to a reader about her building shaking when big trucks go by. I have a similar issue. I live in condominium building in Chicago and there is a dip in [...]
If a Neighbor Damages Your Condo, Who Makes the Insurance Claim?
You open the door to your condominium after a long day of work, but before you settle in for the night, you notice water dripping from the ceiling and a large discolored spot on your living room carpet. It appears as if a toilet or bathtub belonging to your upstairs neighbor has overflowed, causing damage [...]
Real Estate Boom and Bust: Taking a Loss on a Condo
The real estate boom and bust dropped home values severely. Taking a loss on a condo might be your only option other than to wait. Q: Back in 2005, I purchased a condo with cash for my disabled son to live in. I used an inheritance to buy the condominium, which was located near my [...]