Burbank TOWNHOUSE Condo For Sale in Burbank CA San Fernando Valley

By
Real Estate Agent with Colonial Realty Group DRE# 01380599

LUPE SOTO Realtor YOUR CONDO / TOWNHOUSE SPECIALIST . Whether you are considering buying a NEW condo or townhouse, a NEWLY built condo or townhouse year built 2005 to 2012 or a re-sale condo or townhouse, you have come to the right place and source,   Lupe Soto Realtor super serving Burbank CA, San Fernando Valley, Santa Clarita Valley in Los Angeles County. Bilingual Real Estate AGent, hablo espanol

CASH for with loan financing: Please call to inquiry about: Conventional loans with only 3% down for first time condo buyers, homepath & FHA loan options.

 

VIEW LISTINGS CONDOS TOWNHOUSE FOR SALE - BY CITY, click here

 Call Lupe for EASY APPOINTMENT FOR SHOWING  (818) 276-6882 Lupe (hablo espanol)

 

 

Townhouse For Sale Burbank CA San Fernando Valley Los Angeles County CA

Condo For Sale Burbank CA San Fernando Valley Los Angeles County CA

 

 

BECOME A CONDO OR TOWNHOUSE OWNER, here are some advantages:

Tax Advantages

The U.S. Government provides tax incentives that make it possible for many homeowners to exceed their standard yearly deductions. For example, condo owners can take advantage of the tax deduction for annual interest paid on their mortgage. This amount represents a large piece of your total mortgage payments during the first few years of your loan term. You can also deduct the total amount of your annual property tax bill.

If you refinance to consolidate other debts, the interest on the home equity loan is also tax deductible.

Monthly homeownership expenses can change if real estate taxes and insurance rates increase, but increases usually happen gradually. Rental fees are often more unpredictable.

 

Appreciation of Your Condo Investment

Historically, most real estate increases in value over time. If you are careful about your selection, and maintain your condo, it will likely be worth more in the future than it was the day you bought it.

Your initial cash investment may be as little as 5% (or less) of the condo's sales price, but you are the one who benefits from any appreciation in the unit's value.

 

Your Equity Grows Each Month

Even though interest makes up a good portion of your initial monthly mortgage payment, the amount paid toward the principal increases each month. Equity buildup is also affected by the type of mortgage product you select. Generally, the shorter the loan term, the quicker you build equity.

Review the codes and covenants. These outline what's allowed and what's not. Many restrictions are designed to preserve the complex value, but you may find the lack of freedom stifling. Make sure you know what you are in for.

Talk to other occupants. A high number of renters or complaints about the condo association should be red flags.

Ask about the associations operating budget and reserve fund. Bad signs: more than 10% of owners are late paying their condo association fees, and more than 50% of maintenance liabilities aren't funded.

 

FREQUENT Questions and Answers for condo or townhouses homebuyers?

What is HOA fee?

Homeowners Association (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master fire insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs. HOA fees are typically paid monthly and run on average from $150-$450 per month – these are indeed estimates, and can vary depending on many factors (especially if there are higher-end amenities being provided via the HOA fees such as a concierge, pool, fitness center, or valet). Fees are normally set by the HOA's board of directors and adjusted annually – oftentimes, an HOA board of directors is simply all the homeowners in a complex or building, if it is small, or if there are a large number of owners, the board of directors is typically elected by all homeowners. Any excess HOA fees that exist after paying for pertinent services as described above are stored in an account and called reserve funds.

What is H0-6 Walls-in condop insurance policy?:

Lenders now require condo or townhouse owners to maintain an HO-6 "walls-in" insurance policy.

Fannie Mae and Freddie Mac are now requiring that borrowers obtain a H0-6 "Walls-in" coverage policy unless the Homeowners Association can document that the master policy provides the same interior unit coverage. The master policy must include replacement of improvements and betterment coverage to cover any improvements that the borrower may have made to the unit.

Master insurance for condos typically covers the building "from the studs out" and condo owners are encouraged to get an additional policy to cover the contents and finishes of their unit. Until recently that coverage was not required as a condition of your mortgage but due to changes in lending guidelines, it is now a requirement to get a mortgage. The coverage is called HO-6 "Walls-in" insurance. Lenders are requiring coverage equal to 20% of the appraised value of your condo and you would then get additional coverage for your possessions.

"Walls-In" coverage is the rebuild interior aspects to a unit: Full Kitchen, Full Bathroom, Flooring, lighting, etc. If the Structure of the Condo complex burned down, the Association is ONLY responsible (in most all cases) to reconstruct the Building, the unit owner is responsible for the interior reconstruction.

There are three classes of assets in any home. The first is the exterior structural components, i.e. the walls and roof. Homeowners Associations cover this part of the property with their master insurance policy. Generally all state laws require an association to have only a "bare walls" policy

The second class of assets includes all of your personal property including furniture, art, books, clothing, and other personal possessions. If you are a buyer you will want to have this kind of policy.

The third class does not generally occur for people. This class of asset includes all the interior items that are still attached to the home. This includes plumbing fixtures, cabinets, interior doors, kitchen appliances, furnace, light fixtures, wall coverings, carpet or wood or stone flooring, and everything in the bathrooms.

It is possible that assets in this third class might have slipped through the cracks as you were considering coverage. You might have thought that the Association's policy included coverage for these items, and, indeed, some associations do, but many more do not. Some personal property policies also include some coverage, but it might be minimal.

In the event of a total loss of your home due to fire, the Association's policy would re-build the structure but leave you with "bare walls," as in an empty shell. If you had that minimal coverage on your personal insurance policy, it would scarcely pay for rebuilding the interior of your home the way it was.

Fannie Mae and Freddie Mac have finally realized this gap in coverage and have moved to close it. Lenders may even require that the insurance be part of the borrowers monthly escrow.

Please contact your insurance agent for this type of coverage. Some clients have contacted Farmers Insurance and I see an average of $300/year to $500/year fee for this policy.

 

Need a townhouse with attached garage, call for faster service or CONTACT LUPE

Need a condo or townhouse with association pool, call for faster service or CONTACT LUPE

 

New Construction Homes, Condos & townhouses, call for faster service or CONTACT LUPE


Need a condo or townhouse with FHA financing, call for faster service or CONTACT LUPE

 

 

CONDOS OR TOWNHOUSES FOR SALE - SERVICE AREAS:

Arleta, Burbank, Canoga Park, Calabasas, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Shadow Hills, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van Nuys, Universal City, West Hills, Winnetka, Woodland Hills.

La Crescenta, La Canada, Montrose, Los Feliz, Atwater, Ecko Park, Eagle Rock

Hollywood, West Hollywood, Hollywood Hills.

Posted by

Lupe Soto Realtor® Designee CERTIFIED International Property Specialist, GLOBAL Agent USA & The Americas Central & South America.
Listing Agent, Seller Agent, Buyer Agent, Relocation Specialist 
BUY -  SELL - LEASE  - LOCAL - NATIONAL - GLOBALLY
Everything I LIST TO SELL,  TURNS TO SOLD!

Agente Inmobiliario Bienes y Raices Local, Nacional & Internacional
Desea vender su casa?  Desea comprar una casa, pensando en reubicarse a USA 
COMPRA-  VENTA - REUBICARSE  
TODO LO QUE ENLISTO PARA VENDER, SE VENDE!

818-276-6882 Lupe Soto - Global Cell 



LOCAL AREAS OF SERVICE:  Los Angeles County, San Fernando Valley, California

HOME SEARCH CALIFORNIA - Any Price - Any Area - 24/7 Anytime.

www.HomesWithLupe.com

HABLO ESPANOL
www.CasasConLupeSoto.com

Homes Condos Townhomes For Sale Los Angeles County

www.HomesWithLupe.com 

Duplex Triplex Fourplex For Sale - Multi-Family - Income Properties

www.SoldWithLupe.com 

 

INTERNATIONAL & GLOBAL AREAS OF SERVICE:   USA all states - CANADA - MEXICO - COSTA RICA - GUATEMALA 

INTERNATIONAL PROPERTY SEARCH

https://www.proxioshowcase.com/px/GlobalAgentLupe

GLOBAL NEW DEVELOPMENTS FOR SALE

Brasil, Canada, Costa Rica, Mexico, USA Las Vegas Nevada,
USA Florida, Golf areas in Maples, Doral, Bonita Spring, Parkland
USA New York, please visit my proxio global website.

Check out my new projects

 

 Lupe Soto Realtor - Agente Bienes Raices 
San Fernando Valley in Los Angeles County CA 

DRE # 01380599

Colonial Realty Group

 

 (*) any information relating to real estate for sale referenced in this video blog & social media comes from the MLS. this information may reference real estate listing held by a brokerage firm other than the broker and/or agent providing this information.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
California Los Angeles County Burbank
Tags:
burbank townhouse for sale
condo townhouse for sale san fernando valley

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
220,639

Lupe Soto-Realtor

Listing, Selling, Feng Shui in San Fernando Valle
Ask me a question
*
*
*
*
Spam prevention

Additional Information