In the Bennington VT Real Estate market, there are not a lot of condo buildings, but we do have a few.  This article from the Wall Street Journal gives some tips on buying a condo.

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Buyers who are considering the purchase of a condominium should inspect the health of the home owner’s association before they close.

The seller should provide the buyer all financial documents relating to the association in time for an attorney for the buyer to review them before closing.

Here’s some advice from Leonard Baron, professor of finance at San Diego State University, about the information that the seller should consider:

• Does the association budget include money for operating expenses such as water, lights, elevator maintenance, and landscaping?
• Is there extra money set aside in a reserve fund for long-term maintenance? If there is an outside reserve study, that should be provided. If not, there should be adequate money in the reserves right now to cover 50 percent of the estimated cost of repairs over the next 30 years.
• Do the condo’s expenses exceed revenues due to a high foreclosure rate or other reasons that owners’ debts go unpaid?
• If there is a shortfall, does the association have a plan besides cutting back on services for making it up?

Source: The Wall Street Journal, June Fletcher (10/17/2009)

On Friday, February 13, Kathy and Troy on Real Estate Today discuss how to start the process of buying a home.

Buying a home can seem overwhelming to anyone who has never been through this process but can be equally confusing to those that have purchased a home before as times have changed, markets have changed, the mortgage industry and requirements have changed as well as how Realtors work together within our Multiple Listing Service. We often sit down with buyers who have begun their search by looking at homes yet this is actually the second or third step in the process.

The place to start is in determining how much of a mortgage you may be qualified for and what the costs are associated with getting a mortgage so that you not only are looking at homes in the appropriate price range but you also understand what is expected in the form of closing costs. Begin with the local bank you are currently using for your checking and savings accounts and make an appointment. Remember, at this stage in the game you are just gathering information so don’t feel that you are obligated to any one mortgage professional. Just explain when making your appointment that you are looking to purchase a home and want to get prequalified and learn about their different mortgage products. It is also a good idea to do some comparison shopping, speak with several banks and mortgage brokers to find out what they offer in the form of interest rates and costs.

There are many steps in the buying process so begin by gathering information and speaking to several local Realtors to find someone you are comfortable working with. Your Realtor will help to guide you through the process and answer any and all of your questions. Your goal is to buy yourself a home and your Realtor wants to make this home buying experience a pleasant one.

You can listen to this show by from our website. This is a large file, and may take 1-2 minutes to download.

Real Estate Today is a weekly radio show produced by RE/MAX Maple Leaf Realty, hosted by Kathy Sollien and Troy Richardson. The show airs each Friday on WBTN AM 1370 in the Bennington VT area. You may listen live each week on the web through their streaming website at www.wbtnam.org or you may listen to past shows on iTunes.