Customer Reviews

The Complete Guide to Purchasing a Condo, Townhouse, or Apartment: What Smart Investors Need to Know - Explained Simply

5 star:		(6)
4 star:		(2)
3 star:		(1)
2 star:		(1)
1 star:		(0)

 

 

The good: This book was a very interesting read...I really liked the way that it was written, I couldn't put it down. All of the information was good, and while some of it was common sense knowledge, there were a lot of new points and questions the book brought up that really made me think. I'm really glad I read this book.
The bad: Almost half of the book's size is useless amortization tables that you can easily find online. I think they added these [...] pages with the sole purpose [...]. Because of that, I have to deduct two stars.

The author takes great pains to dispel those lingering myths about condo ownership. She does this in a light easy tone. The book has a good layout in an easy to read format. The chapters flow nicely into one another. The author has included some very interesting case studies and anecdotes provide by others in the Real Estate field.

The book is full of strong practical advice. It also pulls no punches, she makes it clear that condo townhome ownership is not for everyone. She makes sure to cover not only the good points but the bad ones as well, especially in the area of Homeowners Associations-she explains their importance and how to deal with them. All of this done in an easy friendly manner with a welcome touch of humor.

The book is an excellent checklist for anyone considering buying.

You would be surprised at the differences between purchasing a house and opting for a condo, apartment or townhouse! This guide totally demystifies the documents and the process, laying bare the restrictions (the plusses too!) associated with shared living. My own changing lifestyle necessitated a move from a house with all its trappings, to a townhouse complex, and at first my misgivings left me with an air of uncertainty as to what to expect. The invaluable information I found in this handy manual took me step by step through the process, covering areas I am sure would have been overlooked. Those important documents including clauses relating to disclosure statements and warranties, options and ordinances, became a lot less threatening after my virtual tour of the entire process through this exhaustive guide. I even found to my utter delight, a full amortization table based on 30 years, a glossary that simplified much of the industry terminology, sample condominium rules and regulations, and last but not least, a questionnaire that prompted me to think of issues which may have later resulted in pesky little problems. The Complete Guide was for me, a jewel of a find!

As the baby boomer generation ages, more and more retired couples will be looking to sell their houses and make the move into a condominium or town home. This book focuses on the "shared housing" market (ie, condo, town home, apartment, co-op) and why it can be a great choice for retirees, busy professionals or young families, as well as an excellent investment tool for those looking to expand their portfolios.

Susan Smith Alvis has a considerable background in real estate and the shared housing arena and she puts her knowledge and experience to good use in this very informative and readable book. Touching on the simple (the difference between a condo and a town home) and the more complex (how an investor can find a niche market in apartment or condo real estate), she covers both the advantages and disadvantages of shared housing.

Benefits of purchasing a shared housing unit include, for instance, having a swimming pool, waterfront view or exceptional location which may not be available or affordable with a standard home. However, Alvis also realistically addresses some of the sticking points shared housing brings and that should be taken into consideration by potential buyers. She stresses the importance of researching the homeowners' association in the building, the board of directors and any condo fees, dues and special assessments that may regularly impact owners. She advocates potential buyers to do their homework before buying and provides plenty of avenues to explore to get accurate information before making a decision. As well, the book is quite up front about the "culture shock" of shared housing and what to expect during your first few months in a unit.

Concerning the actual purchase of a shared housing unit, the book guides you through the steps of viewing properties and negotiating a good deal with the seller or developer. Alvis also details creative financing methods (she has written another book specifically on this topic and I would advise anyone that is looking to finance outside of a conventional loan to read it) and encourages those who are not 100% certain of shared housing to try renting or lease-purchase options first. While Alvis is certainly pro-shared housing, she does emphasize that it is not the perfect option for everyone

A notable aspect of this book is that it gives equal attention to those looking to purchase shared housing as a primary residence as well as those who might be purchasing units or buildings as an investment. An interesting idea that Alvis also brings up is purchasing a shared housing unit as a vacation get away - whether for yourself or for renting out to other vacationers. Again, with shared housing, you get a lot of bang for your buck with locations and amenities that are attractive and much more affordable than you would get with a conventional home.

Alvis' comprehensive indexes include a checklist for going through complexes and units in preparation for buying, good locations to invest in for vacation rentals, sample association bylaws, a sample engineering/inspection report and financial charts with amortizations tables to help you determine how much you can afford (including those easily forgotten condo fees!). The very broad glossary is useful for anyone involved in real estate (not just shared housing), even for those who just want to sign those papers and move into their new home!

Overall, this book is definitely a resource you should have if you are even remotely considering purchasing some type of shared housing. It is comprehensive, easy to read, balanced and full of tips and tricks. On a side note, a portion of the proceeds of this book are being donated to the Humane Society of the United States in memory of the publisher's "vice president of sunshine" so when you purchase this book, you can feel doubly good about it.

Book contains little content to help one in the buying process, does not contain any info on the mechanics of buying a place or the general process. Most of the pages seem to be devoted to telling the reader that in a condo you will have neighbors that you may hear and in a single family home you will have yard work, duh.

Despite all the fluctuations in the real estate market these days, buying a place of their own is still high on the list of priorities for many people. However, an increasing number of buyers are examining the advantages of shared housing space, as opposed to purchasing a house. Whether you're thinking about investing in a condo, townhouse or apartment for yourself or as an investment, first pick up a copy of Susan Smith Alvis' useful guide.

Alvis offers potential homeowners a better understanding of the difference between the different types of properties, and examines the benefits and drawbacks of shared housing. While some might prefer the greater degree of privacy provided by a single-family home, the alternative offers advantages such as low maintenance and a sense of community. But, Alvis notes, real estate professionals always say, "Location, location, location," for a good reason. Whether you're buying a condo, townhouse or apartment as a place to live or as a rental property, bear in mind that it is important to ask questions such as: Why is the property for sale? How many bedrooms and bathrooms does the place have? Is it close to schools, work, and shopping?

In addition to explaining important documents such as disclosure, and insurance forms, Alvis closes her book with an extensive glossary of property-related terms that are clearly defined. She also includes a financial table that will allow potential homeowners to calculate their monthly payments. So, before you buy, first invest in a copy of Alvis' valuable guide. She'll help you get the best value for your money.

This book is ideal for people who have never bought a condo, townhouse, or apartment. Each type of property is defined, and myths about different properties are dispelled. The ideas are explained in straightforward language. It's full of useful caveats that revolve around such topics as upcoming assessments, homeowner's boards, restrictions, types of neighbors, and amenities. Quite a bit of the book is dedicated to discussion on the pros and cons of shared housing. There are also discussions on home warranties, subleases, lease options, and vacation homes. In the back are a glossary, appendices with checklists, and an index, so the book can serve as a resource for later use. The amortization schedules in appendix probably aren't necessary because you can find this information online, but it doesn't hurt to have them there because they're in an appendix, not in the text.

This book is a good guide to the absolute beginner learning about real estate. Recent college graduates, young families, and those looking to downsize from a larger home will find helpful basic information. In addition, those who are thinking about buying condos as investment or vacation properties will also find direction in this book.

Covering all aspects of homebuying from the initial analysis of home needs through the ongoing relationship with the homeowners association, this book comprehensively addresses all aspects of shared residence living. Tips and case studies from investors and realtors sprinkle the book with real-world advice. Some helpful ideas: "Drive by your property at different times of day to see whether the activity level fits your lifestyle"; "Buy a two-bedroom even if you only need one, since this will be easier to sell in the future." Information about how to set boundaries with new neighbors and how to represent yourself on the association board is particularly helpful in establishing someone in a new home.

Alvis has organized her book into chapters that lead the buyer or investor through the process. Though some chapters could have been combined, leading to less repetition in ideas, information is easy to find. One wonderful bonus is the Appendices offering useful tools, payment calculators, sample homeowner's and legal documents, and the like.

Alvis's writing style and anecdotes help the ideas to flow. Much of this information will be familiar to people who have already owned a home, but the new investor will find this guide to be helpful.

Susan Smith Alivis makes sure that all the misconceptions about condo ownership are broken. To prove that buying a condo, townhouse or apartment is easier then one thinks. She does this in a light easy tone. This book has a great layout with a lot of useful information. She also includes some very interesting case studies provide by others in the Real Estate field. These case studies give the reader more insight in the Real Estate market.
This book is full of practical advice that even a first time buyer can understand and use to there advantage. Alivis even goes as far as to explain that Condo ownership is not for everyone. She make sure to cover the not only the good points, but also the bad ones. One thing I found really help was the section on how to deal with Homeowners Associations. This book is excellent for first time buyers and seasoned veteran who want to down size or expand.

Realtor turned author Susan Smith Alvis knows how to generate a profit-- and in her latest title, "The Complete Guide to Purchasing a Condo, Townhouse, or Apartment", she provides a no-holds-barred, handy reference aimed at maximizing your multi-family property investment dollars. Here, Alvis draws upon her considerable knowledge and "insider's" perspective to lay bare the complexities -- from shopping to closing-- of these unique transactions utilizing a deceptively simple, straightforward tone and format; while her expertise is apparent throughout each chapter, the book's major strength lies in its easy readability and common-sense advice. Another plus -- though it is primarily oriented toward the first-time investor, the author has devoted substantial material to the buyer intent on occupying a shared housing unit full-time. No consumer is excluded, and, indeed, it is a fair assertion that even the seasoned landlord will glean new and relevant information from this guide.

Clearly, the work is tailored to the conscientious buyer. As such, Alvis: defines -- in a logical, step-by-step fashion -- the differences between these specialty properties; illustrates: the necessary considerations based upon the buyer's goals; uncovers: the challenges specific to these structures via varied scenarios; and, more importantly, educates. And, in addition to her own hard-earned insights, this veteran real estate professional includes solid counsel and oft-unknown purchase tips from colleagues representing a cross-section of national markets. These tips -- all gems and presented in a fun, "classified case study" quote context -- outline realistic scenarios designed to navigate the prospective condo, townhouse, or apartment owner through unforeseen wrinkles and avoid potential pitfalls so as to culminate in a successful sale, regardless of occupancy or investment intent.

Ultimately, "The Complete Guide to Purchasing a Condo, Townhouse, or Apartment" is an invaluable reference for the homeowner or investor considering a shared housing unit(s) acquisition.