Apartment Block Balconies

5 Tips to Buying a Condominium Investment Property

A condo which is the short form of the condominium is not as the same as buying a single-family home.

One must consider a lot of factors before purchasing the condo.

At times, the purchase of a condo in real estate market comes at a lower price than in the purchase of a single-family residence.

Typically, a condo is a shared piece of property where there exist individual owners of each condo or unit.

Quite often, condos offer many services that are not limited to pools, tennis courts and fitness centers among others.

Condos are known for their lifestyle of living as well as the less maintenance which makes many people buy them.

One must be aware of the fact that each condominium community is different from the others when buying a condo.

You should know that each community has its amenities, Management Company, association fees, and its own community rules.

The number of condo communities in a certain area depends on the community.

There may be hundreds of condos or even just a handful of them in a certain area.

Therefore, there exist many tips that you should be aware of before buying a condo investment property.

Real Estate Agent

Check with an Experienced Realtor

Since the sale of condos is different from the sale of vacant lands, multi-family or single family, it is very essential to hire a real estate agent experienced in the sale of condos.

This is because the purchase contract for a condo is different from that of the other residences.

One difference that exists in the sale of condos is that most communities require a deal to be signed before closure of the sale contract.

The agreement that you sign states that you clearly understand and agree to the rules and regulations stipulated by the association.

With the existence of such differences, working with an experienced condo selling agent is very relevant since the agent will easily guide you through the whole process and ensure that the most critical details are not overlooked.

Check the Comps (Both Sale & Rental) & Calculate the Cap Rate

Any Realtor with sense is bound to show you the comps of the property you are considering to buy if they do not have access to a new Realtor.

However, most of the Realtors do not possess enough know-how in analyzing the rental comps.

However, it is not a very sophisticated process.

Just review the condo docs very carefully.

Ask for the closed, pending and current rentals for the past six months if the agent you are dealing with is not specialized in the analysis.

This gives you a rough idea of what you expect in the rent for your property. Through this, you can come up with an idea of what to offer for the purchase price.

You need to be as close as possible to the 10% Cap Rate. It is okay if it surpasses this Cap Rate but anything above 5% is okay in areas with the high market such as Florida.

The Cap Rate is calculated by taking the monthly net income, multiplying it by 12 and then dividing it by the purchase price.

Know What the Condominium Includes

The idea of knowing what is included in the condo sounds silly, but it is very relevant.

When you are purchasing a condo, it is relevant to know whether the condo has any additional storage or includes reserved parking.

Does the condo community offer any parking for your visitors? Is the spot reserved for parking in the covered garage?

An example of this is the recent condo sales in Rochester, NY where the seller had rented the parking spot to one of the members of the community.

Fortunately, the agreement between the two was not a long-term.

Thus, it could not have inconvenienced the buyer as such.

Therefore, it is relevant to make sure that the parking space, as well as the additional storage space, are available before purchasing the condo.

Also, make sure that the property has or allows a washer and dryer.

This is an essential part of every home since you can always charge a monthly rent of $200 to $500 more if the condo has the washer and dryer in it.

People always pay premiums for such facilities but do not be discouraged if the washer and dryer are not in the condo you are interested in.

If it does not exist, you can always put it up to increase the bottom line.

Talk to the Home Owners Association

Having an in-depth talk with the association is one of the most critical things that one should consider when purchasing a condo.

This helps you to know the number of association fees that you are supposed to pay.

Condo communities have annual, bi-annual, quarterly and monthly fees charged per residence.

Such association charges are used to cover for maintenance, insurance, and other common expenses. Therefore, being aware of these charges is essential.

Also, it helps one to be acquainted with the association rules.

Since every community has rules and regulations that govern it, the condo community rules and regulations are drafted and exercised by the condo association.

To ensure that you do not break these essential rules speaking to the association and reviewing their rules and regulations is very necessary.

For example, many condo communities do not allow pets.

The last thing that you would hate about the place is learning that the association does not allow pets in the community if you love having them around.

Another example is being aware of the short-term rental restrictions and if there are quiet hours.

This is essential especially to persons who had to put up with bad neighbors in their past residences and also for those who like the idea of renting their places of residence on a short-term basis.

Therefore, you should understand that the existence of the association rules is essential and that they are part of the condo community.

To make sure that this works out for you, make sure that you talk to the association and review their rules and regulations.

Office With Stunning Views

How to Create An Amazing Looking Office on a Budget

Get a Low-Cost Sleek & Contemporary Workspace

When it comes to running a business the success of your company is usually the biggest priority. However, there are other things that are necessary when it comes to success and that is how you use your office space. It is common for a lot of office interiors to lack style and design features. Your office is the place where you do consultations and daily work with clients and employees and making your office space carry a distinct design and character are what we will discuss within this article. We will show you a few ways on how to make your workspace more visually appealing and comfortable.

We will discuss different methods to invent a new look and style for your office without spending a lot of money. You can make your office space look good so follow our suggestions for the best results. Having a warm and comfortable office is essential and decorating it with arrangements can make it that much cosier.

Colourful Office Breakout Area

Colour Plays a Massive Role in Changing Workplace Mood & Atmosphere. Image credit: Azure Magazine

If your office feels boring and bland you can always freshen it up with splashes of colour. Having certain colours featured throughout your room can alter the mood and feel of it. When it comes to picking a colour choosing within your company brand colours is ideal. The right tone of colours will also depend on what type of company and industry your business is within. For more creative companies, warmer colours are generally agreeable. Whereas when it comes to a lawyers office or a corporate setting, neutral tones like grey and blues are ideal. The colours of your office will reflect on both you and your company and will set the mood of the room.

Another thing you can always do is purchase accessories, chairs, and tables that reflect the colour scheme you are aiming for you in your workspace. They can make your office feel more comfortable and appealing when your furniture matches the colours and hues of your office.

When you are busy running a business one inevitable factor is that paperwork will pile up and within a short amount of time, it will clutter and take over your office. Knowing how to organise your paperwork is of the utmost importance and doing this will prevent a cluttered, messy office. We have a suggestion for managing the countless pieces of paper you deal with below.

We suggest that you invest in a small filing cabinet that can handle all of your important paperwork and files. Our best recommendation would be one that features wheels so you can roll it into place or easily tuck it away so you don’t bump into it. A filing cabinet on wheels makes the office that much more usable and clutter free.

Velcro Headquarters Reception Area

Having a Stunning Reception Area Makes a Great First Impression. Image credit: Velcro

Our last featured suggestion is one that may be slightly controversial. It is now becoming a common trend for offices to do without reception areas, clearing up valuable space if you do not deal with a lot of clientele coming into your office. If you don’t have a lot of business coming to your office then consider removing the reception area. You will save money on the expensive rental space and you can use it for other things.

When it comes to your business, having a stylish office interior design is the cornerstone and face of the company.

Acknowledgements

The author would like to take a moment to mention the following external resources for using their material, imagery and reference material:

Green Mop and Bucket

What is Green Cleaning & Do You Need It?

Maintaining an Environmentally Friendly Office

One of the biggest trends that is popular these days is the belief of being environmentally friendly and taking a green approach to life. As a society we are doing what we can to waste less and recycle more while trying to make choices that directly impact the environment in a positive way. One specific area that has improved greatly because of environmental consciousness is the value of using natural products for cleaning. We spend our entire lives inside our homes, apartments, schools, vehicles, offices, and all types of buildings. We typically are inside and when we are inside air quality is incredibly important. With this in mind our buildings need to be cleaned with natural products that will not cause our health harm. We don’t want to use chemicals or agents that can directly impact us, hurt us or the environment.

Green Plastic Cleaning Products

Going Green Means Chemical Free, Not the Colour! Image credit: Greenily

Years ago cleaning your home would actually cause it to become a toxic mess. The cleaners of old were not good for us as they were petroleum based. They got the job done when it came to cleaning but also caused long term health damage to anyone exposed to the fumes or chemical. Not too long ago chemical cleaning agents would give off fumes and leave residues. You would typically have to wear rubber gloves when applying the cleaners and you had to be sure not to breathe any of it in or else you would get hit with a headache or dizzy.

Thankfully nowadays it is common to find natural based cleaning agents at stores all over the world. They are becoming more popular because they do not use petroleum, they are created from renewable resources, they are biodegradable and are not toxic. There is a wide range of cleaning products that utilise natural ingredients. These include things such as:

  • Window cleaners, glass cleaners, mirror cleaners
  • General purpose cleaners and disinfectants
  • Tile and hard floor cleaners
  • Stain and carpet cleaners
  • Hand soap and paper products
  • Air fresheners

When you are looking for cleaning products on the store shelves, we recommend you purchase items with that have the Green Seal Certification. It is an independent non profit organisation located in Washington that recommend products that get the job done and are free of toxicity and are safe. They use and develop scientific standards to ensure that the products they certify are safe and effective for their uses.

Facts About Cleaning Chemical Testing

Sadly the World is Full of Toxic Cleaning Products. Image credit: Families Against Chemical Toxins

The indoor air quality of your home and work environments should be of primary concern. It doesn’t matter if you are pressed for time to clean or not. There are always commercial cleaning services that can get the job done for you that utilise green cleaning methods. They specialise in cleaning your home or workplace from floor to ceiling and improve the safety for yourself, employees, kids and pets. Not cleaning or using the old fashioned cleaners that are toxic are not an option when it comes to keeping yourself safe from illness. We also recommend that you get your carpets cleaned regularly to maintain the health of your family, friends or employees.

Article References

The author would like to acknowledge the following third parties for using their material which includes but is not limited to external links, images and reference material:

Scrabble Pieces Spelling Keywords

Why keyword research is critical for SEO

Know how to correctly research your target search phrases and succeed

When it comes to optimising your website for the search engines you will need to know why keyword research is important for SEO and we will explain quite a few examples on why you want to pay careful attention to the keywords you use on your site. If you use them optimally you will get naturally better search engine rankings and will get a steady stream of traffic from the major search engines.

Choosing the correct keywords is the first thing you need to look at and the most important component for ranking in good positions on the search engines. Having the correct optimisation with well-chosen keywords will identify your website as a target for your audience. You want them to find your site based on certain criteria to pre-qualify them as seekers of what your website has to offer. You want to have all the different keywords, key-phrases and terms that refer to your site in a good position on the major three search engines.

WordStream Keyword Research Tool

Wordstream’s Free Keyword Tool is a great place to start your research

Doing proper research will help you get ahead in the rankings if you choose the correct keywords and sprinkle them through out the content of your website. When you put the same keyword all throughout your website including on your blog, press releases, article pages and home page, you will achieve a better ranking and higher visibility for your chosen keyword using this method.

Another important ranking boost is when visitors reach content that is relevant to their topical searches, as it will get them to engage your website more. You can get them to come back to your website a second and third time, you can get them to read a lot of content on your site, post about your website on social media as well as on personal blogs or web communities.

When you choose to optimise your website it will help your website identify itself to the major search engines which are of the highest importance. The method to narrow down what your website is about and offers through optimised text, title tags, meta keyword and description tags is important. You want to optimise your content around what your visitors actively search for and their related keywords they use to find a site like yours.

Another key factor of being in business is to get the highest conversion rate you can get on your site whether that be filling out a form, answering a survey, clicking a link or buying a product. When you do proper keyword research for SEO you will have a greater idea of what to place on your web pages in terms of content and advertising. If you fill your site with content that is relevant to your visitors you will see higher conversion rates across your website as a whole.

SerpBook Keyword Rank Tracking Tool

SerpBook is a great tool to track the movement of your target keywords.

A great point about search engine keyword analysis is that it will open you up to long tail keywords, which are longer and much more specific. Most of the time they have lower search volumes however they tend to be easier to rank in higher positions for and they provide a lot of quality niche traffic in the grand scheme of things. Focusing on long tail keyword SEO terms will help your website to have greater visibility globally.

Never build your website without first doing active keyword research. When SEO keyword research is used properly it has the ability to turn average websites into decent contenders of the chosen industry and maybe even higher. The effect that properly done keyword research provides, is an organic ranking effect that is extremely positive.

The best way we suggest that you find keywords for your website is by using a keyword research tool. There are plenty of free and paid tools available across the internet. You can simply search google by typing in ‘keyword research tool’ to find one that will work for you. When you use the tool you enter the keyword related to your business and the software will generate a list of related keywords along with the amount of daily and monthly searches for each word. You can then copy the keyword from the list and paste it into the Google search bar. If your chosen keyword has a large list of results generated it will mean there is more competition for getting a top ten position using that keyword.

Many different internet studies have said that over 70% of internet users don’t click further than the first page of internet search engine results. This just further proves the importance of keyword research for SEO. Web searchers have a short attention span and will typically not go past the first page of results so do everything possible to work in conjunction with your local SEO agency and pick the best keywords and optimise your website using them for optimal rankings and traffic.

Article Credits

A big thanks to the following websites for their excellent resources and content that made this blog post happen: