Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Marketing is arguably the most part of your business. Effective marketing generates an abundance of leads. The following contributed post is entitled, How To Generate More Leads At Marketing Events.
Throwing a marketing event can require a lot of organisation and it can be expensive. You therefore want to be certain that it’s going to be worthwhile. Here are just a few tricks that could help you to generate more leads at marketing events.
Provide a demo of your product/services
People are more likely to buy into a product if they can see it in action. By demonstrating your product, you show that you’re confident in its ability to work. If you can’t physically host a demo, you may still be able to create a video demo that helps people to understand how your product or service works. This could even include behind-the-scenes footage of you making your product or delivering your service to gain trust.
Offer exclusive discounts to people attending the event
Offering exclusive discounts at your event can make the people attending more likely to commit there and then in fear of missing out. When offering such discounts, it’s important to know your limits as to how much you can knock off the price – on top of all the expenses involved in hosting/attending the marketing event, you don’t want to be making a loss by offering further discounts.
Hand out free food and drink
Handing out free food and drink at your event can help you to come across more warm and accommodating and it could help to persuade people to become customers. The type of food and drink may depend on the type of event. If you’re trying to sell to wealthy and influential clients, you may want to invest in champagne and canapes. If you’re manning a stall at a trade fair, sweets or cups of water may be all you need to win people over.
Increase your reach by live-streaming events
For all those that can’t make your event, you may still be able to get them involved by broadcasting your event online. This could be useful with events in which you may have personally invited people. There are companies that can help you with webcasting your event. By increasing your exposure, you could increase the potential amount of leads.
Sign people up to your mailing list with competitions
An event could be a chance to host a contest. This could be something as simple as a raffle or a tombola. You could use this contest to encourage people to sign up to your mailing list so that they can receive updates on who won the contest. By getting people to follow your mailing list, you could convert them into customers at a later date.
Hand out business cards, flyers and promotional products
Business card, flyers and promotional products give people attending your event something to take home with them. They can provide a reminder of your event and your brand and they may spur certain people to buy into your services at a later date. There are companies that can design and print these items out for you. Make sure to hand out these out to everyone at your event.
Two key focuses of my blog is Financial Literacy/Money and Business/Entrepreneurship. Many people aspire to be entrepreneurs and have good ideas, but few understand what qualities it takes to be successful. There are specific traits that successful entrepreneurs have. The following contributed post is entitled, 5 Traits Every Entrepreneur Needs To Have.
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It’s easier than ever before to become an entrepreneur, but that doesn’t mean that being an entrepreneur is easy. Far from it! If you’re going to be successful, then you’ll need to first have some capital behind you and a stellar idea. And that’s not all: you’ll also need to have a series of character traits, which will help you to be the best entrepreneur that you can be. Below, we take a look at a few examples. If you don’t yet possess any that we’ve mentioned, then always remember that it’s possible to acquire traits, if you try!
It takes a lot of time and effort to be a successful entrepreneur. Before launching your business, you’ll want to first ensure that you have the required energy levels. We have energy peaks and lows as we go through life, and it’s best if you get started from a strong position (remember, there are things you can do to boost your energy levels if needed). Alongside energy will be your drive, your determination to be a success. Always keep in mind why you want to be successful, not just how you’re going to do it.
A Love of the World
If you’re in the entrepreneur solely as a way to make money, then it’s time to rethink your approach. There are plenty of companies out there who value a dollar above all else; the world doesn’t need another one. In any case, given the time it takes to generate a decent profit, it’s not possible to be driven by money. So if not money, then what? A general desire to improve the world is as good as any other. If you’ve identified a problem, and genuinely believe that your company can help solve the issue, then you’ll have a deep-rooted motivating factor.
Striving Forward
It’s easy to focus on the potential positives of entrepreneurship; it’s much better to focus on the potential hardships. No company goes from strength to strength. There always bumps and mistakes along the way, and it’s how you handle these hardships that’ll determine your long-term success. To learn the art of perseverance, it’s recommended that you learn the stories of existing, successful entrepreneurs. Michael Zima, for example, had setbacks, yet had the belief and drive to carry on until success came his way. There’ll be times when you want to give up. If you’re going to be successful, you’ll need to overcome those doubts.
Optimism
Whether you think you can or you think you cannot, you’re correct. So goes the famous line. If you’re going to throw yourself into the crazy and exciting world of entrepreneurship, then you may as well do so with a positive mindset. Always act like good times are coming!
A Strong Work Ethic
Finally, keep in mind that there’s no substitute for a strong work ethic. You have to be willing to work, work, work in your quest to be successful. It will not happen if you’re not willing to put in the hours.
Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. A key to doing business today is understanding the best types of technology for your business operations. Properly leveraging technologies like the internet can be the difference between your business succeeding or failing. The following contributed post is entitled, Using The Internet To Give Your Business A Competitive Edge.
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Take a second to look around you in a cafe or see what people are doing on the bus or metro to work every morning. What do you see? In the vast majority of cases, you’ll see coffee shops, carriages, and seats filled with people staring at screens or frantically scrolling through feeds. The Internet has changed the way we communicate with others and access information, but it’s also revolutionised the world of business. If you’re looking to drive sales and entice new customers in the digital age, here’s a useful guide to help you capitalise on the popularity of the Internet to give your company a competitive edge.
Learning about digital marketing Traditional marketing techniques, such as print adverts and flyers, can still be hugely effective, but more and more companies are investing money in digital marketing. Consumers spend more time online than ever before, and online shopping has become the primary means of acquiring products for many customers. Even if you don’t sell anything online, it pays to have presence on the Internet. Think about yourself as a consumer, rather than a company owner for a moment. How often you use a search engine, for example, if you’re trying to locate local services or find a product quickly and easily? You might find that you use Google to find a plumber, a restaurant or the best price on a pair of trainers you want to buy. As a business owner, it’s crucial to recognise the influence of the web and to move to ensure you can use it to boost your profits and market your brand.
If you don’t already spend money on digital marketing, it’s worth learning more about techniques like SEO (search engine optimization) and social media marketing, and getting up to speed with the latest trends and the benefits an effective, targeted digital marketing campaign can offer. If you’re not a marketing expert, and you don’t have an in-house marketing team, explore the option of outsourcing, do some research and install the Internet Marketing News skill for Alexa to give you instant access to relevant headlines. Digital marketing can help you compete with rivals, reach out to a huge online audience and create more leads in your local area. Internet marketing trends evolve continuously, so staying ahead of the game will pay off.
Designing a website that works on every level It’s impossible to overstate the importance of a website that works in the 21st century. Regardless of whether you sell products online or not, having a great website that is visible and accessible to interested parties could make all the difference. Focus on designing a site that looks the business, but also delivers on a practical level. Moving from one page to the next, finding information and making a purchase should be effortless. If your site is old, it’s slow to load, or it looks dull and drab, now is the time to revamp your pages, improve user experience, and use the site to lure customers in and encourage them to take that all-important next step. That could be adding an item to the basket and completing the checkout, it could be signing up to email newsletters or it could be making a call to find out more or get a quote, for example. Think about the sites that you enjoy using as a consumer, and always bear your target market in mind. The design and the content should be relevant to the brand and the ideal buyer persona.
Improving your search ranking Your website is up and running, and it looks brilliant. The trouble is that you’ll still not getting many visitors. If this scenario sounds familiar, you’ll need to take steps to ensure your pages and links are visible. To do this, you can utilize SEO to improve your search ranking. When you conduct a search on sites like Google, you’ll be presented with a list of links. As a customer, your attention will almost certainly be drawn to the links at the top of page 1. As a business owner, your goal is to climb as high as possible. If you’re struggling to get past page 5, traffic will be slow. Use SEO-friendly content to ensure that your links appear when customers enter words or terms that are related to the products or services you sell, use social media to promote your business, and keep content fresh, exciting, and interesting. Everything you share should serve a purpose. If you’ve got a blog on your website, for example, and you offer home maintenance and renovation services, useful guides, how-to video tutorials and informative articles are a great idea. SEO is an art, and if you don’t have expertise in this specific area of marketing, it’s worth seeking advice from professionals with industry experience.
Attracting rave reviews Did you know that more than 90% of people now look for reviews before buying a product or choosing which local business to contact or hire? Feedback has never been more important for modern businesses looking to boost sales and client numbers. As social media and consumer review sites are so popular, it only takes a couple of negative reviews to make an impact. In extreme cases, a story can go viral putting a company out of business in a matter of minutes. To maximize the opportunities offered by the Internet and harness its power and influence, it’s beneficial to strive for positive reviews. Focus on customer service, make use of feedback, and go the extra mile to turn 4-star reviews into 5-star ratings. Take both the positive and the negative comments on board, and interact and engage with your customers. Consumers today don’t just want to buy a product. Often, they want an experience.
The Internet has changed the way we behave as consumers and provided businesses with a host of new opportunities to reach new customers, establish relationships with clients and upsell products. If you think your company could be achieving more, consider how you’re using the web, and how you could change your strategy to hit targets. Learn more about digital marketing, sign up for updates on marketing news, and think about what your ideal customer wants. Make sure your website is fit for purpose, and invest in SEO to elevate your ranking and increase traffic. Prioritize customer service, use feedback to improve review scores and ratings, and utilize social media to engage with clients and strike up relationships.
Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A key aspect of any business is its communication – its marketing and its customer relations. In today’s digital world, it’s important to understand how to leverage all tools available to make sure this important component is working for you optimally. The following contributed post is entitled, Breaking Down Your Business’ Barriers.
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Is your business reaching the right people? If not, why not? It’s something that you should be thinking about in greater detail. Small companies can be at risk of staying stagnant and not reaching the growth that they’re capable of, and there could be some simple reasons to blame. Growing your business is all about breaking down those barriers to help you bring new clients and customers on board and start enhancing your profits. Here are some of the things you can do to help your business come out on top.
Is your business targeting the right customers? Some businesses can find that the demographics they think they should be targeting might not be the right groups for them after all. Conducting some thorough research is important to find out who is buying your products and services and how you can attract similar people to your business.
Social media is one of your most useful tools for targeting. With the right approach, you can focus your digital marketing activity so that it closely targets the people who are most likely to engage with your business. If you’re not using social media targeting yet, make it a priority to get started.
Making the most of your online presence
How is your website performing? If you’re struggling to attract visitors then you should think about changing your website to help make it more appealing. The load time to the layout of your website can have an impact on how long someone will stay on it. Therefore, if people are landing on your website, but their stay is short, you need to think about how your web content might be affecting their journey.
However, if the issue is that your page visits are low, you might need to think about creating a better promotion strategy for your website. SEO is one of the most important elements of getting your website seen, and seoexplode.com can help point you in the right direction. Improving the content and the visibility of your website is vital for getting results, so make it a priority to help you drive those sales.
Talk to your customers
How well do you know your customers? If you want to gain an insight into how they feel about your business, then you need to ask them. Polls and surveys can help you gain some interesting insights into your customers’ behavior, and could help you make some big improvements. Before making any significant changes such as your brand name or launching new products, try to get the opinions of your customers first. Asking for feedback at the end of a sale is another way to ensure that you continue to improve your services and give your customers more of what they want.
It can take years for businesses to experience growth, but using some of the methods above can help you accelerate the process. Identifying what your barriers are is the first step towards breaking them, so think about your business’ performance and build strategies that will ensure growth and take your business forward.
The first principle of my blog is Creating Ecosystems of Success and two key focuses are Financial Literacy/Money and Business/Entrepreneurship. A key concern for employers is employee safety. If not properly managed, a lack of safety for your employees can be very costly. The following contributed post is entitled, How Responsible Are You For Employee Health And Safety?
Being an employer us something which most people don’t expect when they are going through school. The idea of having a team of people working for you will seem far-fetched, with the vast majority of the world working for someone else, rather than controlling their own destiny. This makes it very difficult to know what to do if you find yourself in the shoes of an employer, with the responsibilities you have for your team being confusing and often overwhelming. To help you out with this, this article will be exploring the most important of these, health and safety, to give you an idea of what can be done when you’re working to improve this side of your business.
In The Workplace
There are a lot of strict rules in place which govern the way that employees have to be treated in the workplace, along with the sorts of environments they will be exposed to. No matter how hard you work to keep the office or warehouse tidy and safe, though, there will always be a cable or box in the way which could cause an accident. Training is one of the easiest ways to overcome something like this, with the skills you give to your team members protecting you if they ever get hurt by something like this. Along with this, though, it will also make sense to do some research about the laws you have to follow.
Using Machines & Tools
It’s rare to find a job in the modern world which doesn’t involve some sort of machine, with a lot of today’s roles relying heavily on computers to get work done. Of course, though, a PC isn’t really very dangerous, and it will be unlikely that these devices will cause injuries. Something like a tarmac roller or forklift, though, has far more potential to do harm, and you will be responsible for making sure that everyone is trained properly to use them. Along with this, you will also be in charge of maintaining your machines, though companies offering digger and roller hire will often handle this side of the job for you.
On The Commute/Breaks
It can be easy to feel responsible for your employees no matter where they are. During their commutes and breaks, though, they will be in charge of their own safety, and you can will have the chance to step back. If someone has an accident when they’re not on your property or working for you, they will be responsible for their own safety. Of course, though, this doesn’t mean that you can’t help out, with a lot of employees offering self-defense training to their team members to make sure that they are safe on their way to and from their workplace.
With all of this in mind, you should be feeling inspired to start working on this side of your business. There are a lot of people out there who worry about their employee’s health, but this is usually for good reason.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. With all the businesses out it can be tough to be noticed particularly if you have a small store. A key to your success will be getting it noticed and what helps is to situate your operations on a highly trafficked street. The following contributed post is entitled, Can Your Small Store Get Noticed on a Busy High Street.
Small independent shops are a crucial element of our economy and culture. Small stores give consumers options away from global brands. They often offer unique items of high quality, ideal for those of us that don’t want to be exactly the same as everyone else. They are able to provide excellent customer service, something which unfortunately often gets overlooked by larger brands focused on driving sales. These small businesses build relationships with their customers and give people a reason to shop in person, instead of sitting at home and ordering their purchases online. Small stores have many advantages over large chains, and many people love shopping in them.
But, despite knowing all of this, and knowing that your community is keen to support local business, if you own a small store of your own, something that you may worry about is getting noticed. You might have considered moving into out of town locations, where competition is lower, and property is cheaper. But, doing this is a risk, there’s less passing footfall, and your store has to try harder to give customers a reason to travel. On the high street, people are already there. You just need to give them a reason to come inside. If you can get noticed.
Build a Reputation
One of the best ways to get people into your store, instead of through the doors of bigger businesses nearby is by building a great reputation. Use your interactions in store, but also your engagement online, to get to know your customers. Become known as a business that goes the extra mile for their customers, and even do some charity work to boost your reputation in the wider community. Make it so people want to come to the high street for your shop.
Stand Out from the Crowd
Just like everything else, store styles and layouts have trends and fashions. Things become popular and trendy, so every store jumps on the bandwagon. They all look the same. If you want your store to get noticed, be the one that doesn’t follow trends. Be the one that has a strong look, and rocks it. Look at awnings installation, and other colorful ideas to make a statement. Don’t be afraid to try new things and to take risks with your designs. You can always make further changes and tone things down if you need to.
Put Effort into Your Window Displays
Some shops, say Apple, don’t need to worry about what is in their windows. They might not even have window displays. Customers see their logo, and they know enough to decide whether they want to go inside or not. You don’t have this luxury. Your window displays speak for your business. Display your best products and key brand messages, but don’t overcrowd and overwhelm. Keep things simple and show off what is important.
Get Outdoors
There’s nothing to stop you pulling people in from outside. Send staff out to speak to people and give away free samples, set up a stall in your carpark or on the street, print adverts and flyers to let people know where you are. Don’t wait for people to come to you, go out and get them.
Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. While individuals are always coming up with new ideas and inventions to profit from, some there also tried and true methods for generating profits. This contributed post looks and three and is entitled, 3 Business Ideas That Could Be Profitable And Exciting In 2019.
The business world looks very different with every passing year. Thanks to the internet and modern technology, every industry seems to be experiencing rapid changes on an unprecedented scale. That’s why it can be so difficult to keep up with the market. It can also be hard to think of business ventures that might be worthwhile; you might feel as if every idea you have is already dated and irrelevant by the time you piece a plan together. But these are 3 business ideas that could be profitable and exciting in 2019. It’s time to get ahead of the market and make a name for yourself as an entrepreneur.
Copywriting. Okay, copywriting is nothing new, but the medium has changed over the past couple of decades. Thanks to the internet, copywriters now have all the power. They can create their own businesses easily and sell their services to business clients and individuals online. It’s a great way to make money. If you have a talent and a passion for writing then this could be your calling. You could write adverts, email copy, and other forms of documents for big companies. There’s a growing market for such services – plenty of businesses are starting to outsource rather than hiring in-house writers. It’s smarter to start your own copywriting business than to search for employment in copywriting. You’ll make more money by taking out your own contracts and keeping all the profits anyway.
Betting. Another business idea that could be profitable and exciting in 2019 is creating a betting empire. In particular, we’re talking about bookies. Again, much like copywriting, this is not a new type of business, but the industry has changed over recent years. Plenty of online bookies are starting to pop up because it’s an incredibly profitable line of business. You just need to make sure you read up on the industry and get all the necessary software to guarantee your success. You should look into pay-per-head 24/7 bookmaking services. This would give you the software necessary to manage your business. It’s important to keep your company well-structured, and software will allow you to manage everything sufficiently.
Marketing. You could even consider starting a marketing business if you want to create a company that’s profitable and exciting in 2019. As mentioned in the earlier point about copywriting, plenty of businesses are looking to outsource when it comes to certain aspects of their operations. If you can create high-quality marketing services then you’ll have a skill which other companies want. You’ll have the opportunity to make a lot of money by helping other businesses make a lot of money. Obviously, you’ll need to make sure that you and your team know what you’re doing when it comes to the challenge of marketing a company successfully in the modern world. Once you’ve done that, you’ll have a very profitable business model. Just remember that you’ll need to put some of your own advice into practice. After all, you’ll have to market your business well so as to get the word out there.
A key focus of my blog is Financial Literacy/Money. A key aspect of this subject area is understanding the difference investing and saving. Both are very important terms which can actually complement the other. Understanding the two further can change lives. The following contributed post is entitled, The Difference Between Investing And Saving.
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Investing and saving are two fantastic options for anyone looking to be smart with their money. At a base level, they both serve the same purpose; you want to put money aside, with the aim of having more in the future.
But, some fundamental differences show both options have their own pros and cons.
It’s easy for anyone to open a savings account and start saving money. You don’t need much financial know-how at all, just a brief consultation with a financial advisor at your bank will give you everything you need to know. Essentially, you open an account, put as much money as you want in there, and the interest rate sees it grow year by year.
With investing, you have something far more complex. There are loads of different ways to invest, and each option also contains more choices as well. Take the stock market; you have loads of different things to invest in, from futures to options – and everything in between. Then, you have to look at things like option historical data, previous sales, current market trends, and so on. It’s so incredibly complex, making it hard for the average person to get involved. Typically, you need to take in a lot of knowledge to get to grips with stock market investing. Bear in mind, this is just one example, you also have property investment, forex – the list goes on and on. Saving is simple, but investing is definitely very complicated.
When you put money in a savings account, it will increase in value over time. This is due to interest rates, but the catch is that interest rates are usually horrible. In essence, this means you don’t get outstanding returns, and you have to keep your account open for many years before you see anything substantial.
So, saving returns are restricted by interest rates, but investment returns aren’t. Your return on investment varies depending on the market conditions. In some cases, you can earn colossal returns after just a few months – it depends on the investment. If you were to compare savings and investments with regards to their returns, then savings definitely come out second best.
The flip side of this is that investing carries more risks. With a savings account, you haven’t really got any risks at all. The money sits there collecting interest, and you don’t have to worry about anything.
With investing, there are so many variables. A market crash can make your investment plummet in value – or the company you’ve invested shares in could close down. Companies are always at risk of closing, and even if you think you are hedging your bets by checking the Caterpillar shares prices, a company as big as Caterpillar is not immune from any adverse conditions. There is always the notion of risk when you are investing. It’s always worth bearing this in mind, and if you plan on investing in a business, you may want to invest in a company with more sway and notoriety, but this is by no means a “sure thing”. If you invest in property and the property market experiences a dip, then you’re in trouble. The point is that you may get better returns, but you’re taking a bigger risk.
Ultimately, either option is an effective way of using your money. They’re both far better than reckless spending! The best way to summarize the differences is that investing is riskier, more complicated, but can grant higher rewards. Generally speaking, it’s a smart idea to try both ideas if you want to do more with your money.
The first principle of my blog is Creating Ecosystems of Success and two key focuses are Financial Literacy/Money and Business/Entrepreneurship. A key to your organization excelling creating optimal conditions for your functions. Doing so will ensure your organization’s survival. The following contributed post is entitled, Creating A Functional Working Environment For Your Staff.
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Your staff are an important asset to the business, they keep everything ticking over and hopefully, they work on improving the financial success and reputation of the company. So it’s important to create a functional working environment and here is how to do just that.
The place in which your staff work in is highly important because they’re probably in it for the majority of their day. So it has to be an inviting space that staff enjoy working in, rather than one that they dread. One of the ways you can do this is by encouraging your staff to be more organized with their spaces. Set some rules about desk areas and what should be on the desk and what shouldn’t. Give your staff the ability to buy some storage units and other accessories for their working areas so that files and other documents and equipment can be stored away securely and out of sight. A clean and tidy environment will also help with improving the workplace productivity.
Bring In Light & Nature
Two of the most mood-boosting features that you can have in your workspace is natural light and nature. Natural light can transform the look and feel of a space, so get as much of it in as possible. Clear windows from anything that could block out the light and get blinds that allow light to shine through, rather than blocking it out completely. Think of the lighting in your office too, as a bright white light can be quite clinical.
Indoor plants are becoming increasingly popular both in households and businesses, and they create a cleaner atmosphere that you and your staff will be breathing in. Put them in all of the communal areas and encourage your staff to buy for themselves some desk plants to boost their own happiness for their work area.
Keep Communal Areas Pristine
Communal areas are going to get messy, so it’s important to hire in the right cleaners to keep the place in top condition. You should also think about the decor and furnishings that you put into your office. Get some comfortable sofas in the breakout space and some art up on the wall to add colour. Ensure your kitchens are stocked with all the crockery and cutlery need and make sure your bathrooms are regularly checked and maintained. For communal bathrooms, restroom mats are useful to have in order to reduce odours and keep everything hygienic.
Invest In Technology
Technology is certainly an important tool that many businesses need and so it’s beneficial that as a company you are investing in the right technology for your staff to be able to complete tasks as best as they can. And sometimes, lacking certain programmes or work stations can cause problems and there’s even a chance it can hinder the workplace progress overall.
Creating a functional working environment should always be prioritised. Keep those communal areas clean and promote an organized and tidy workspace that everyone can enjoy.
I’m republishing my series regarding considerations for buying condominium units. I originally published it in March of 2015 on the Examiner. I’d lived in my condominium community for six years, and within that time there were quite a few surprises which I wanted to warn first-time home buyers about.
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Some of my earlier pieces discussed my experiences with Dave Ramsey’s Financial Peace University (FPU). Recently at the Alfred Street Baptist Church our class went over module number nine which dealt with real estate and mortgages. In the module, Ramsey and one of his teachers, Chris Hogan discussed several dos and don’ts regarding mortgages and purchasing homes. Some of their key points were:
• Don’t rush into owning if you’re not ready as it can have long-term ramifications if not properly prepared for; • Make sure you have enough money saved up for the down payment and for maintenance; • Make sure the mortgage payment doesn’t exceed 25% of your monthly income and; • Don’t agree to adjustable rate mortgages, interest only mortgages, or 3% or less down mortgages.
Watching the video was humbling for me as my own path to ownership involved some of the very things they said not to do, such as agreeing to a 3% down mortgage – something I did out of ignorance. Just briefly, agreeing to something like a 3% down mortgage is bad because the buyer is ‘over-leveraging’, and it usually creates two loans to payback. This will be discussed in greater detail in a separate piece.
My first home purchase was a condominium unit. It was purchased in 2009, just as the damage and after effects of the Great Recession started settling. It was also just in time to benefit from the $8,500 “Obama Tax Credit”. My unit was particularly close to Washington, DC’s metro system (WMATA) which appealed to me since my car was on its last leg. Being so close to the metro, the unit fell in line with the “Location, Location, Location” rule about real estate.
After getting approved for the financing, and closing on the unit, it seemed to be victory. I jumped from being a renter to an owner and good times seemed to be on the horizon. While the purchase of my condominium unit seemed to be a ‘slam dunk’, and all my years of schooling seemed to be paying off, a great deal of heartache and hardship were on the way.
Neither of my parents were familiar with condominium units. They both owned duplexes in Upstate New York (~2000 square feet total for each house) with front and back yards, and garages. Both their homes were ironically valued less than my condominium unit (~950 square feet). Both of their homes had two separate units under one mortgage, something you can’t find in the Washington, DC area, probably due to local laws and ordinances.
Just briefly a condominium is a building or complex of buildings containing several individually owned apartments units. When you buy a condominium unit, you’re not just buying your unit, you’re also buying into a community with a “Homeowner’s Association”, a “Board of Directors”, and more importantly, common financial interests, costs and destinies. The board is charged with maintaining the complex and taking care of repairs to common areas (walls out), while the unit owners are responsible for the maintenance of their own units (walls in).
This short series on condominium units will discuss:
• Why it’s important to ask the right questions when purchasing a condominium unit; • As a unit owner, why it’s important to plan to keep extra money parked one’s savings and on hand for emergencies; • What happens when condominium associations don’t plan for routine maintenance and how that catches up with unit owners in the long run and; • What happens when the board of directors and unit owners are split on issues concerning their condominium community.
As will be described in part two of this article, there are unique issues to buying into condominium communities. Specifically, the importance of doing one’s due diligence and what condominium communities do when money needs to be raised within the community for emergencies and special projects will be discussed.
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