Sela Anamarija. apartments. April 11th , 2017.
If you dont have the time or interest in taking on these labor-intensive chores, many rental companies have an option to pay instead.
If you do find windows that are in need of repair because of drafts or deterioration, you should comment on this the property owner. In some cases, he or she may decide to replace the windows, but more so, they will probably have someone come in and fix the existing windows. If the glass is cracked, you will want this to be fixed as well. Note if there any storm windows as well what there condition is before finishing with the windows.
The good part is that since you have decided now to take a shared accommodation, you can choose comparatively costlier areas too for living as the cost of accommodation is being shared among all the tenants in the house. So you dont have to worry about paying for a big house or for that matter, not even for the area that you choose to live in!!! You can even consider the chic and affluent areas like Kensington, Notting Hill, Hyde Park, etc.
This will typically be 80% loan to value (purchase or refinance) - assuming borrower(s) have good credit (usually a minimum of 660 credit mid-scores for 80%) and the property has a debt service coverage ratio no lower than 1.15 (including any possible seller held 2nd). Regardless of income, most lenders won't approve more than 90% CLTV (combined loan to value including new 1st mortgage and a possible seller held 2nd). So even under the best of circumstances, without the absolute best of credit and HUGE cash reserves and extremely creative financing - you'll need 10% CASH down to purchase most apartment buildings + closing costs + generally at least 6 months of reserves to cover PITI payments. And this is assuming you have a property with 93% + occupancy and verifiable cash flow for the past 2-3 years. Vacant properties (or properties with high vacancy rates or below market rents), hotel/motel conversions and new construction will typically require more cash up front and larger reserves since these types of situations are considered HIGHER RISK to a lender.
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