Proface

Repeat: if you fail to confirm what rental price the property would realistically fetch, at the time you buy the property, then you'll never uncover whether you're: overpaying, underpaying or getting a fair price.

When you run a comparable market analysis report on the rental rates for a condo in a specific building... or a house in a particular sub-division... then you're half-way done.

After you learn what the unit would currently rent for... you then find-out what the monthly mortgage payment (assuming a 100% loan with no down-payment) would be... on a standard 30-year fixed rate mortgage at that time.(adsbygoogle = window.adsbygoogle || []).push({});

Shhhhhh. Don't tell anyone.

But here's a dirty little secret.

Cutting edge tools, market data and advice shouldn't be exclusive to the players on Wall Street.

Whether you're a first-time home buyer or investor, it matters not.

You should likewise be granted the same insider information that the big boys use. Yes, the kind of deadly information that's NOT typically available to the general public.

Information that most real estate agents shall never reap because (1) they're not willing to pay to get it or (2) they don't know where to find it in the first place.

If you're buying any single family residential property, then here's a stealth way to double-check what levels (price!) you're buying at.

In other words, are you overpaying, underpaying or getting a fair price?

It's called the: MORTGAGE/RENT RATIO.

Here's the single most important ingredient that you'll need to get from a good real estate agent whenever you buy downtown Chicago condos; or any residential property.

Answer: the "Rented rate" (if the unit were to be rented at the current market).

Repeat: if you fail to confirm what rental price the property would realistically fetch, at the time you buy the property, then you'll never uncover whether you're: overpaying, underpaying or getting a fair price.

When you run a comparable market analysis report on the rental rates for a condo in a specific building... or a house in a particular sub-division... then you're half-way done.

After you learn what the unit would currently rent for... you then find-out what the monthly mortgage payment (assuming a 100% loan with no down-payment) would be... on a standard 30-year fixed rate mortgage at that time.(adsbygoogle = window.adsbygoogle || []).push({});

Some people are of the mistaken belief that condominiums are just small houses - one step above renting an apartment, but a notch below owning a single-family home. While it is true that condos are the first homes some people ever buy, it also is true that many people make a conscious decision to buy a condo instead of another type of real estate.

So how about we take a look at what condos are, and what they are not.

Small

Yes, some condos are small. No, not all of them are small; some are big. In that respect, they are no different from a single-family home. While condos may be available starting at a lower price point than other types of homes, you also can find condos with multiple bedrooms, unbeatable city views, and multi-million dollar price tags. Toa Payoh New Condo