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Moving into a Condo

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For those who may not be able to keep up with their house mortgage in this troubled economy, they may soon be thinking about downgrading to a smaller space; perhaps a condo. If you have always lived in a single unit home, it may be difficult for you to make that transition to a condo.

There are vast differences from living in a single unit when you move into a condo, one of which is that you have to share your property space with others. Among some of the things you may have to share with your neighbors include the condo grounds, laundry area and even the pool if there is one.

Relocating to a condo also means that from time to time you would be given notice so that the grounds and maintenance crew can come into your unit to inspect it. Depending on which condo you choose to live, there is also security on the grounds either with an appointed security personnel on the premises or with the use of close circuit cameras in the building. This type of security is ideal for a single person or a single parent living with their kids.

Another thing to note about living in a condo is that you may have to deal with hearing noises from your neighbors since they live so close to your unit. There would also be repair and maintenance noises that you would hear around the building or even coming from one of your neighbors as well. From noises  made from the garbage chutes to the sound of the elevator and even the air-conditioning units; these are the noises that most tenants who live in a condo have to deal with. Even before moving into your condo, be sure to ask the real estate agent about noise reduction in your unit or find out about ways in which it can be obtained. In addition, find out about the noise level rules in your building; usually some condo association have rules about the noises that neighbors make in their own unit.

If you are downgrading to a condo from a large single unit home, you may have to also downgrade your furniture as space may not allow you to keep those that you have. Some appliances may not be allowed in the unit as well; be sure to ask about if you can keep a washer/dryer in your unit before moving in.

Since some condos have pet restrictions, you should also get information about this beforehand as well. One condo dwelling may require that your pet be of a particular weight to be able to move in with you while others may allow you to only have a dog or a cat. The sooner you find out about this the better as you would be able to make alternative arrangements for your pet or move to another condo that would accommodate them.

How to budget your moving expenses

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Moving house while trying to save some money may seem like an oxymoron; let’s not kid ourselves, moving can be an expensive undertaking whether you are purchasing or renting a property. Purchasing a home can set you back quite a bit especially when legal and closing fees are involved. Renting a house or apartment is not cheap either; most landlords require that you make a two month security deposit before moving in as well as you may also be required to pay for your own background check.

Just thinking about how much money one has to spend on moving is enough to make you want to stay put and make the best of where you currently stay. But it really does not have to be that way especially if you get down to some good old budgeting.  With the economy forcing most to tighten the grip on their wallets, this is one good way that you can see your money and know exactly how to spend it.

If you are not in a hurry to move from where you currently stay but have intentions of moving someday, it would be wise for you to start a savings account specifically for moving. For those purchasing a house, while the cost of your house may be covered by the mortgage banks, remember that you also have to save for other things that you would need for the house. These essentials may include the cost of paint; you may also need to pay for lawn care as well, not to mention you have to save money for the movers or may even need to install a security device. You can start as soon as possible to save towards the above mentioned essentials.

For those hoping to rent you should be saving for your rental deposits, money to pay the movers plus have a little left over for emergencies.

Now here is where the budgeting comes in. With the money that you decided to save each month, you can now go forward with hunting for your new home. For renters, if you have managed to save at least $7,000, you should be looking for a rent that is ten percent of what you save especially if you want to be able to pay your bills and have surplus. Looking for an affordable rent does not mean that you have to compromise your taste and safety; if you have to spend another hundred dollars or two to get the kind of home that you want and in your desired neighborhood, then by all means you should do just that.

You may also want to get quotes from those involved in the move including the movers, or the rental truck for self move, as well as the rental deposits for the homes you may be interested in. Once you gather this information, you can use these quotes against what you have saved to determine if you would have enough left over to go forward with your move or if you would have to continue saving some more.