Don't do it. You will regret it. I'm a former realtor and currently VP of my HOA so I speak with experience. You have several issues / challenges:
Property taxes - if you convert your home to 2 bedrooms, you need to verify with your county tax assessor if there will be an increase in taxes. You will need to get a permit and the county will know about it.
Realtors and buyers - each bedroom needs to fit a bed, clothes bureau, nightstand, desk? and floor space to walk around. Will both bedrooms have enough space for this? I don't think so. You need to understand that buyers want "normal" size bedrooms - where they are not squeezed between furniture to get to where they need to. If buyers feel squeezed between furniture, they will reject your condo. By the way, buyers have more furniture than you think, so if your intention is to minimize the furniture - think again. Buyers will envision your bedroom with THEIR furniture in it AND their furniture needs to fit INSIDE the bedrooms.
Appraisals - you need to contact a few appraisers and ask them how they would evaluate your condo if you convert it. At least you will know before you start.
HOA approval - sorry but you cannot do any construction projects without HOA approval. The HOA is VERY concerned with damage to hallways, elevators, debris, whether contractors are licensed and insured, etc. Briefly, if the HOA discovers any damage to the condo complex, they will penalize you.... more
No credit check, 1 percent interest 30 year fixed, 4.5 proof of funds in which u can use vet status or 401k, the property has to be appraised at 350 k and up. 30 day close, 8037576801 u would pay less buying a home... more
Montgomery county laws are extremely confusing on the matter. Here's my understanding.
There are multiple types of 'agents' that are recognized by the county. There is an 'administrative' agent (who is basically a real estate agent) who's job was to find a tenant for the property and process paperwork, but who will not manage the property. There is a 'management agent', who acts as the representative of the landord to manage the property. Then there is a 'legal agent' who's job is to provide 'service of process'.
The requirement for a legal agent is to provide 'service of process'. This is more commonly called a 'registered agent'. (google it) This is usually done for businesses. Basically if the county wants to track you down to 'serve' you with a court summons (because you are being sued by a tenant), the county will deliver that summons to the 'legal agent' who provides 'service of process' for that property.
To serve as the legal agent, you need to
1. Sign the rental licensing document and be registered with the county as the legal agent for the property.
2. Handle all communication between the county and the owner (such as rental licensing renewals) or court summons.
My understanding is that is the extent of it.... more
Hey, Jezebelvr. I highly recommend you a excellent affordable apartment in bethesda.
The detailed information can be seen in website:http://www.aldonmanagement.com/page/16742~283213/The-Glens-on-Battery-Lane
I rent a one bed room apartment for over a year, it is quite,clean and comfortable.
The model I rent is the renovated one in the four floor.
Hope this can help.... more
In a competitive situation, if everything else is equal, the buyer with the larger down payment may be preferred by a seller due to greater security in getting the loan approved. VA may also require the seller to complete any issues discovered in the inspection that might be health or safety related before they would fund the loan.
When you are one of 2 or more bids, this puts you at a competitive disadvantage. How you decide to proceed is up to you, but that has been my experience.
Now, as to the inspector. I know that I've been on hundreds of inspections and like many professions there are some that are much better than others. I suggest my recommended inspector to my clients because I know they do a very comprehensive job, provide a quality report, use state of the art technology and are trained in it's operation.
I also tell my inspectors to tell the truth, the whole truth and nothing but the truth. If it's a bad house, I'm the first one to want to kill the deal and find a better one, or to suggest we make the demands required to protect my buyer if we do proceed.
I don't know who your agent is, what their morals or ethics are, but a good one will put your interests above their own in finding the right house, using the right loan to be competitive and using the best vendors to ensure all goes well.... more
It is a nice place for anyone, I think. We lived there for over a year and found it to be a good place, not too close to downtown but close enough. There was a mix of groups, including a few reaching or at retirement age. It has changed since 2011 and there are more options now in that area for apartments. Best thing is to ask them about the ratio of people in age groups and I am sure they will share. However, we found mostly professionals (couples, singles, and a few families) who work close to or in Bethesda and DC area. You should not be worried about whether it is nice place for elderly especially if elderly are active. Management is good for most part and proactive but thats what you are paying for :)... more
You should contact the local tax office for the most accurate data and an accountant can guide you accordingly on the gains. Agents shouldn't go beyond the scope of our field or give tax or legal advice. In my area they tax based on market value, a new home is always taxed at full value so they tend to be higher.
You haven't said whether it's a buy or a rental. In either case, my recommendation is to either look at agents in trulia that are from the Bethesda area and are affiliated with an established real estate agency. YOu can also look up their bio on the agency real estate directory online. Ask them to email you relevant properties. They can even set you up with a weekly auto email. When you see that there are a few that might interest you, take a trip to view the area and the properties if at all possible. While it's helpful to view photos on the internet, it does not take the place of legwork.... more