DIVINE condos and townhouses for sale in Burbank CA "The Media Capital of the World" . Condos and townhouse for sale with single story or 2-story, some of the features are: own GARAGE, PATIO, these units are easy to fall in love with specially the new or newly built construction units with low HOA home owners association. For more information or to SHOW YOU nice townhouses for sale in Burbank CA or nearby areas of San Fernando Valley please contact Lupe or call for faster service (818)276-6882 (hablamos espanol).
BECOME A CONDO OR TOWNHOUSE OWNER in Burbank CA or nearby areas of San Fernando Valley (15 minutes from Downtown Los Angeles), below are some of the advantages, please call Lupe to answer any questions, to show you our listing
Affordable TOWNHOUSE & Condos For Sale in Burbank & all nearby areas of San Fernando Valley
(818)276-6882 Lupe Soto TOWNHOUSE SPECIALIST in San Fernando Valley - 7 days
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New or Newly Built townhouses with garage, patio or condos in San Fernando Valley
If you refinance to consolidate other debts, the interest on the home equity loan is also tax deductible.
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.
FREQUENT Q & A: 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 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.
REO AGENT & SHORT SALE Specialist Lupe Soto Realtor super serving 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.
LOS ANGELES AREAS: Hancock Park, City of Los Angeles, Downtown Los Angeles, Eagle Rock, Ecko Park, Hollywood, Korea Town, Jefferson Park, Griffith Park, Montecito Heights, El Sereno, Boyle Heights, Atwater Village
SANTA CLARITA VALLEY: Valencia, Santa Clarita, Canyon Country
ANTELOPE VALLEY: Anaverde, Rancho Vista, Quartz Hills, Palmdale West, Palmdale East, Lancaster West, Lancaster East, Littlerock, Lake Los Angeles