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Riverview Realtor, Property Manager and Buyers Agent.

Riverview Realtor, Property Manager and Buyers Agent. Search all Brandon, Lithia, Riverview, Apollo Beach, Tampa area listings with our advanced property search and find your dream home today! Visit now: https://www.riverviewrealtor.com/

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Choosing Between a House or Condo

You may be considering buying your own home and are deciding between a house, condominium or a town home. All three options provide you with home ownership and the ability to grow wealth over time. Your lifestyle will usually dictate which home purchase is best for you. Here are a few comparisons between the three which may help you with your decision.

Owning a Condominium will come with rules and regulations. Many condominium associations have rules regarding pets. They usually limit the size and number of pets you can own. Some may have a cats only policy. There may also be a limit to how long you can have guests. Some condos only allow guest to visit overnight for a maximum of 60 days in a calendar year. Many modifications to the condo will need association approval as well. Replacing your a/c or installing new windows may require approval. You may be required to make application to the association for ownership and be approved to purchase. You will want to review the condominium rules and regulations to be sure you can live with the terms set forth by the association. The benefit of owning a condo is that you usually have some amenities included in the monthly maintenance fee and you won't have to do any yard work or replace the roof or paint the exterior. These are things that are almost always covered by the association. Condominiums may have financing limitations if you are an FHA home buyer.

Town homes have a house feel and are usually 2 story homes with the bedrooms upstairs. Town homes are a maintenance feee lifestyle similar to a condominium but like a condominium will have rules and regulations you must follow in order to live there.

A House will generally increase in value at a higher rate than a condo or town home. Houses will also give you more freedom (except for HOA rules) to landscape and modify as you see fit without needing permission from an association. Homes in a Home Owner Associations may be subject to rules regarding the exterior appearance of the house. You would have more freedom in remodeling and making additions to the home but you would also be responsible for the maintenance and repairs of items like the roof.

You should consider how your lifestyle will be best suited in the property you live in. Do you prefer more maintenance free that comes at an additional monthly cost or do you want to have a bigger home and be responsible of more maintenance on your own.

If you or someone you know is interested in buying or selling a home in western PAsco county Florida please contact me. I am always here to help.

Mike Gallo REMAX Sunset Realty (727) 271-2667 www.MoveWithMike.us

#condominum #home buying #first time home buyer #movewithmike #remax agent #florida realtor #real estate agent #pasco county realtor #homeownership

Buying a Home Contingent On A Home Selling

There are times when you need the proceeds from your current home sale for use on the home you are purchasing. This is when you write an offer that is contingent on the sale of the buyers property. There are 2 common reasons for making a purchase this way and all will require your current home is under contract with a specified closing date. There may be cause for the seller of the home you are buying to want to entertain back up offers in the event your home does not appraise or close. When you buy a property you are required to provide proof of cash funds or a mortgage pre-approval to the seller. Having the contingency of your home selling will require you to provide a copy of your sales contract from that home to the person you are buying your next home from. This would mean that you should have your home on the market and ready to sell before you start looking for a home to buy.

Why would you use this contingency

1- You have enough equity in your current home that you can use the proceeds from the sale to buy your next home with cash.

2- You have a mortgage on your current home and will be using a mortgage on your next home and you either need the proceeds from your sale to pay down payment money or your mortgage approval for your purchase requires you no longer have the mortgage on your current home. Usually your debt to income ratio won’t allow for you to have two mortgages at the same time.

You will need to produce a copy of your homes sales contract to the seller of the home you are buying so keep that in mind if you are house hunting before your home is under contract. Your Realtor can't submit an offer with a sales contingency without providing a copy of your homes sales contract. You may want to negotiate a closing date on your home that give you enough time to find another house and your Realtor will hope organize the closing dates so you can either do a back to back closing or a closing on your purchase one day after the closing on your current home.

Should you or someone you know be looking to sell or buy a home in the West Pasco area of Florida please contact me. I am always here to help.

West Pasco Board of Realtors Realtor of The Year 2018 West Pasco Board of Realtors President Elect 2019.

Mike Gallo REMAX Sunset Realty 727-271-2667 www.MoveWithMike.us