Well, Condo, is a common term in real estate specially in US, Canada and Australia. If you’ve decided to buy a condo, take the plunge and go for it. For a first time home buyer and someone who cannot afford a single family home, condos are by far the best options in the real estate scenario.. Here are five things you should keep in mind before you opt for one:

Ø Select the area you want to stay: The first part in the investment scheme is to select the area you want to stay. For this you must make a good market analysis of the area, study the price range and the fluctuations at present and check if the condo was held by any previous buyer.

Ø Make a wise choice: Condos come with loads of facilities like swimming pools, sauna etc. These are further included in the cost and monthly association fees of the condo. So, make a wise deal. If you are not interested in swimming you will be paying some extra bucks on a regular basis.

Ø Look before you Leap: Before you buy, make rounds through several other condos to get an idea about the availabilities as well as the costs. A good option is to talk to the residents living in a condo and ask them about the facilities they receive, the maintenance required, the storage, security, parking and other amenities. Check whether it’s professionally managed or it is the owner who manages.

Ø A lawyer is the best friend: Rope in a lawyer for the task, and ask him to go through the association laws. Above all, you can also get a summary of the association’s policy and check the certificate of insurance. You can even ask the tenants about their experiences.

Before you finalize the deal, check in all the requisite details and make a move. All the best!

Mobile home loans: Check out mobile home loans or manufactured home loans – how to qualify and refinance mobile home loan. Know if bad credit mobile home loans are available.

The present scenario

This is the direct consequence of the economic downturn in the US today. While the going gets tough for the world it is Christmas time for smaller residential property investors and resellers!

The economic meltdown has forced thousands to go jobless. Millions seek to cut down on their expenses to tide over the harrowing times. Smaller homes have become the ideal residential destination for many. A 200 square feet home would cost about $15,000 to $20,000 in the States today, and the costs of maintenance and utilities are pretty minimal, coming to around $15-$25 a month.

Small home rules

Bid adieu to MTV-Cribs styled mansions. Say hello to small homes. Small homes are selling like hot cakes, with people from varied backgrounds and age-groups queuing up. These include:

· Retired people with a fixed income

· Young professionals and students

· Nuclear families within a regulated income group

Most of the affluent families hit by the downturn are selling off or mortgaging their lavish properties and are settling into these modest homes instead. The prices of residential properties, especially smaller and mobile homes have also depreciated in the recent years, and hence acquiring a smaller home in the same locality of the previously owned estate.

Just like the sparkling limousines, which today are being used to serve special purposes only, extravagant residential estates too are now being reserved for special times. Times when the ‘Bull’ will find its feet and so will the fiscal condition of the people living off it!