What type of dwelling is right for you? The two general types of residences you can choose from are: a detached single-family home or an attached dwelling known as a condominium or townhouse. The exclusive right of ownership on a detached property covers the entire structure and the land it stands on. What separates you from your neighbors is either a fence or boundary. The exclusive right of ownership for an attached property is confined to the walls, floor, and ceiling of that particular unit. When it comes to the common areas such as parking areas, amenities, and other facilities ownership is shared thru a homeowner’s association that you automatically become a member of after purchasing.
Things to consider when purchasing either type of these properties are based on your desire. One of the basic differences between these types of properties is the property maintenance. With detached properties you have the freedom of personal creativity over the property. Condo owners have to abide by specific conditions on ownership rights. Tending to a garden, mowing the lawn, and landscaping is a lifestyle some people like. If this isn’t for you, a condo’s homeowner’s association takes care of these duties for you. The trade-off of course is that condo residents have to pay the homeowner association dues which cover maintenance, insurance, and reserves for major renovations. Detached homeowners, on the other hand, need to have the time, energy, and petty cash for home repairs and grounds upkeep.
The decision to purchase a condo or a single-family house rests on your taste, priorities, budget, and lifestyle preferences. Investing in a dream home, whether it’s a house with a picket fence and a manicured lawn, or a pristine penthouse condominium unit overlooking whatever view comes with purchasing, can indeed be a unique and challenging yet enjoyable experience.
The low interest rates of 2009 are projected to rise this year. Historically low interest rates in 2009 were due to the Federal Reserve purchasing debt and mortgage back-up securities from Fannie Mae and Freddie Mac. The reason for this was to lower interest rates and spark people into home buying.
The spark is still burning on with the first-time homebuyer tax credit which is soon to expire in April. As long as you’re in a binding contract by April 30, 2010 and close Escrow by July1, 2010 you are still eligible. Look into your loan options and see what is available. Don’t forget about possibly going with a FHA loan requiring 3.5% as a down payment. With lenders now securing loans they are asking for higher down payments, which results in lower interest rates. The days of “no down payments” are a thing of the past.
Looking for a loan when it comes time to making that big purchase in your life of buying a home? Well, you might want to rethink your decision not to go FHA if you were. FHA is close to 40 percent and by some analyses even 50 percent of all purchase transactions. If you’re looking for a condo, FHA is probably the sole source of financing condominiums right now. Condos tend to be predominantly first-time home buyers with fewer resources. With 3.5 percent down that is motivation and helps people get into homes for less up front. In 2006 FHA was only 2 percent of the housing market. Now 2009 it makes up almost half of our market. These loans can be underwritten by any approved lender, which includes most of the major lenders in this country. FHA also has the same high loan limits such as Freddie Mac and Fannie Mae. With those loans though you’re looking at least 10 percent down upfront. Consider all options, because there is more than just one.
The way of Real Estate is changing and different things are becoming the new “NORM”. The star of housing sales has been the first-time home buyer credit; with more than 1 million households using the credit since it was enacted a year and a half ago. With this credit, it has given first-time buyers the motivation to purchase even in a distressed market. Distressed sales will account for nearly one-third of sales, inventory will be relatively lean and the state’s median home prices are forecasted to reach $280,000 in 2010. Even with the median home prices increasing, sales in 2010 are projected to decrease from 527,500 units, compared with 540,000 units in 2009. This low-end market is attracting first-time home buyers and investors, resulting in a shortage of homes for sale. Sellers at the high end, however, are seeing the challenge of home buyers securing financing as well as their concerns about where prices are headed.
When it comes time to purchase your condo keep in mind there will be HOA fees. With the market at a low, it is causing homeowners’ association’s financial health at a low. Buyers should note that two-thirds of the association’s budget should be operating expenses such as water, lights, elevator maintenance, and landscaping; the rest should be set aside in a reserve fund for long-term maintenance and repairs. At the time of the home inspection request to view all financial documents of the homeowners’ association. Make sure these are given to you in a timely manner; allow 3 days to review them. In most cases, buyers are receiving them 2 days before closing following with them being incomplete. The reason for this is owners are ending up with higher monthly bills and special assessments. Just be aware of what is going on with that condo’s HOA. While the financial health of a homeowners’ association is an important factor in the purchasing decision, it shouldn’t deter home buyers from purchasing condos. Many first-time buyers purchase condos to enable them to become homeowners.
The upper north side of Hillcrest boasts of North Park’s booming music and art festivities for the month of October. The Birch Theatre of North Park, in cooperation with Lyric Opera San Diego brings “Anything Goes,” which runs October 2nd to the 11th. The monthly Film Out San Diego will play “Mommie Dearest” on October 14th. On the 22nd to the 24th “Shut up Sweet Charlotte” will be playing and “Tantrums and Tiaras” will be on the 25th of this month.
Oktoberfest and Halloween will be celebrated through-out the month as well. The First Annual Oktoberfest is going on the 24th. So, please come and celebrate an authentic German-style festival. It’s a full-day of Bavarian entertainment with live bands, foamy beer, great food, and fun activities. So come hungry for a plate of German food, shop for interesting merchandise, and enjoy the entertainment. Located on 29th Street by 5 Star Parking and it’s from 10 am to 10 pm.
On October 27th, it’s Craft Night at Filter! Go and spend some quality crafting time with them at their monthly craft night! This event is open to all. Just bring a project to work on and meet other crafty types. Also, enjoy some cold adult beverages because Filter is now serving beer and wine!
Looking for a home in North Park contact you Area Specialist and begin searching homes for sale in San Diego with HomeReach.com…
North Park boasts of wonderful array of restaurants, as well as independent coffee shops, can be found along the main strip of 30th Street and University Avenue. The area is also indulged with bars and nightclubs that cater to a wide diversity of patrons and it includes U-31, Bluefoot, and True North.
Nearby, the Birch North Park Theatre reopened after major renovations in 2005. It is the home of Hawthorn’s Restaurant, who hosts the best dinner and Sunday brunch in North Park.
North Park has a Farmers Market every Thursday at the parking lot located at University and 32nd Street. The Spring/Summer hours are 3pm-sunset, Fall/Winter 2pm until Sunset. They feature more than 40 independent vendors; locally grown produce/flowers, gourmet/ethnic foods, arts and crafts, books, and often live music.
And recently, every Tuesday, North Park Bars take pride in having live music and jazz sessions amongst the bars and clubs around the neighborhood attracting followers all over San Diego. They serve discounted drink specials and dining specialties sure to captivate everyone’s taste. They also have a gallery walk held the second Saturday of every month in North Park. It is the largest and longest running art walk in the east of Hillcrest district.
North Park is up and coming extremely fast making it a desirable place to live in San Diego. After buying a property in North Park and dealing with living life, relaxation is a high priority. Spas and salons are just one thing North Park has to offer in achieving that relaxing feeling. An assortment of great cuisines allows North Park to show off its cultural diversity and appreciation that North Park has become. Also being home to some of the greatest eateries, North Park has maintained its “neighborhood” feeling. Blending in is what you can expect with the nightlife here, what many anti-trendsters consider the best. With great DJs, live music, or an intimate drink North Park delivers an awesome vibe.
Search all North Park MLS Homes For Saleor contact Justin Johnson, North Park Specialist for HomeReach.com