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| | Location: Home » Selling a House » Real Estate » The Complete Guide to Purchasing a Condo, Townhouse, or Apartment: What Smart Investors Need to Know - Explained Simply | November 21, 2008 |
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| The Complete Guide to Purchasing a Condo, Townhouse, or Apartment: What Smart Investors Need to Know - Explained Simply | 
 enlarge | Author: Susan Smith Alvis
Publisher: Atlantic Publishing Company (FL)
Category: Book
List Price: $24.95
Buy New: $14.72
You Save: $10.23 (41%)
Buy New/Used from $12.47
Avg. Customer Rating:  (7 reviews)
Sales Rank: 407723
Languages: English (Original Language), English (Unknown), English (Published)
Media: Paperback
Number Of Items: 1
Pages: 288
Shipping Weight (lbs): 1
Dimensions (in): 9 x 6 x 0.8
ISBN: 1601380364
Dewey Decimal Number: 333.338
EAN: 9781601380364
ASIN: 1601380364
Publication Date: August 24, 2007
Availability: Usually ships in 1-2 business days
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| Customer Reviews:
| Showing reviews 6-7 of 7 | | « PREV | | |
Condos rule! Get the inside scoop on the shared housing market October 9, 2007
2 out of 3 found this review helpful
As the baby boomer generation ages, more and more retired couples will be looking to sell their houses and make the move into a condominium or town home. This book focuses on the "shared housing" market (ie, condo, town home, apartment, co-op) and why it can be a great choice for retirees, busy professionals or young families, as well as an excellent investment tool for those looking to expand their portfolios.
Susan Smith Alvis has a considerable background in real estate and the shared housing arena and she puts her knowledge and experience to good use in this very informative and readable book. Touching on the simple (the difference between a condo and a town home) and the more complex (how an investor can find a niche market in apartment or condo real estate), she covers both the advantages and disadvantages of shared housing.
Benefits of purchasing a shared housing unit include, for instance, having a swimming pool, waterfront view or exceptional location which may not be available or affordable with a standard home. However, Alvis also realistically addresses some of the sticking points shared housing brings and that should be taken into consideration by potential buyers. She stresses the importance of researching the homeowners' association in the building, the board of directors and any condo fees, dues and special assessments that may regularly impact owners. She advocates potential buyers to do their homework before buying and provides plenty of avenues to explore to get accurate information before making a decision. As well, the book is quite up front about the "culture shock" of shared housing and what to expect during your first few months in a unit.
Concerning the actual purchase of a shared housing unit, the book guides you through the steps of viewing properties and negotiating a good deal with the seller or developer. Alvis also details creative financing methods (she has written another book specifically on this topic and I would advise anyone that is looking to finance outside of a conventional loan to read it) and encourages those who are not 100% certain of shared housing to try renting or lease-purchase options first. While Alvis is certainly pro-shared housing, she does emphasize that it is not the perfect option for everyone
A notable aspect of this book is that it gives equal attention to those looking to purchase shared housing as a primary residence as well as those who might be purchasing units or buildings as an investment. An interesting idea that Alvis also brings up is purchasing a shared housing unit as a vacation get away - whether for yourself or for renting out to other vacationers. Again, with shared housing, you get a lot of bang for your buck with locations and amenities that are attractive and much more affordable than you would get with a conventional home.
Alvis' comprehensive indexes include a checklist for going through complexes and units in preparation for buying, good locations to invest in for vacation rentals, sample association bylaws, a sample engineering/inspection report and financial charts with amortizations tables to help you determine how much you can afford (including those easily forgotten condo fees!). The very broad glossary is useful for anyone involved in real estate (not just shared housing), even for those who just want to sign those papers and move into their new home!
Overall, this book is definitely a resource you should have if you are even remotely considering purchasing some type of shared housing. It is comprehensive, easy to read, balanced and full of tips and tricks. On a side note, a portion of the proceeds of this book are being donated to the Humane Society of the United States in memory of the publisher's "vice president of sunshine" so when you purchase this book, you can feel doubly good about it.
A Great Guide for the Beginner September 13, 2007
2 out of 3 found this review helpful
This book is a good guide to the absolute beginner learning about real estate. Recent college graduates, young families, and those looking to downsize from a larger home will find helpful basic information. In addition, those who are thinking about buying condos as investment or vacation properties will also find direction in this book.
Covering all aspects of homebuying from the initial analysis of home needs through the ongoing relationship with the homeowners association, this book comprehensively addresses all aspects of shared residence living. Tips and case studies from investors and realtors sprinkle the book with real-world advice. Some helpful ideas: "Drive by your property at different times of day to see whether the activity level fits your lifestyle"; "Buy a two-bedroom even if you only need one, since this will be easier to sell in the future." Information about how to set boundaries with new neighbors and how to represent yourself on the association board is particularly helpful in establishing someone in a new home.
Alvis has organized her book into chapters that lead the buyer or investor through the process. Though some chapters could have been combined, leading to less repetition in ideas, information is easy to find. One wonderful bonus is the Appendices offering useful tools, payment calculators, sample homeowner's and legal documents, and the like.
Alvis's writing style and anecdotes help the ideas to flow. Much of this information will be familiar to people who have already owned a home, but the new investor will find this guide to be helpful.
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