A condominium may not be similar to a home but you still need insurance if you own a condominium. You need to insure your condo against: ‘ Personal property hurt ‘ Liability ‘ Hurt to building ‘ Loss of use This is a special insurance designed to provide for the needs of the condominium owners.

Condominium owners may not own the entire complex. Usually they own their own unit and only share common ownership with other unit owners. This means that the common areas of the association become the responsibility of the unit owners. Read the rest of this entry »

Just like all real estate, there is no doubt that the economic decline has impacted values in manufactured home communities But, condo parks have been harder hit than the broader community because financing for manufactured homes in condominium-classified parks completely disappeared for the last couple of years. Except for hard money loans, private financing or VA loans, money simply dried up. Investors shied away from any loan that was not FHA-insured which also included Reverse Mortgage or Home Equity Conversion Loans. And it’s a vicious cycle. Without loans, the sales market becomes stagnan and without sales, appraisers can’t find comparative values to provide a reasonable worth for your home. Read the rest of this entry »