OT--pro/con of condos
Member
Thread Starter
Join Date: Mar 2006
Location: phoenix arizona
Posts: 741
OT--pro/con of condos
I'm looking at all of my housing options and am considering a condo.
If you can share any pros and cons you've experienced, I would appreciate it! I have time and don't have to rush to find something, but I did look at a few models today and saw something that might work out.
If you can share any pros and cons you've experienced, I would appreciate it! I have time and don't have to rush to find something, but I did look at a few models today and saw something that might work out.
Member
Join Date: Mar 2005
Location: Arizona
Posts: 928
A few things to look be aware of:
1. condos are sometimes harder to resell then single family houses..Especially in Phx right now - there's a glut of apartments turned condo.
2. Look very closely into the HOA of the condo association..remember that many of the people in your area are also owners.
Heres' one article I found..definately do your research.
http://moneycentral.msn.com/content/...ide/P61933.asp
1. condos are sometimes harder to resell then single family houses..Especially in Phx right now - there's a glut of apartments turned condo.
2. Look very closely into the HOA of the condo association..remember that many of the people in your area are also owners.
Heres' one article I found..definately do your research.
http://moneycentral.msn.com/content/...ide/P61933.asp
Member
Join Date: Jul 2004
Location: Starting over all over again
Posts: 4,426
I got me a condo and I love it.
All of the drawbacks that Minx mentioned are right, as is the article she linked. It's very important to find out if the condo is a "apartment conversion" cuz that makes a huge difference in mortgate and insurance rates.
Take the time to find out how the housing market is doing in your part of the world. Here in Vegas it's rock bottom, a complete buyers market. So pretty much anything is a good deal.
Check all the fine print on the association dues and see what is covered _exactly_. Some include water and electric, some don't. Over here the cost of yard maintenance is high, and with my lousy health it would cost me just as much to hire somebody to maintain a house yard as it does to pay the association to do the condo yard.
Find out what the association insurance covers. Some places only cover the roof, others cover the walls up to the inside wallboard, others only cover the studs, and on and on. The more they cover the less you have to pay on your own insurance, but if _neither_ you or the association cover the studs and there's a claim you could be in a financial pickle.
Try to get an upstairs unit. Bottom units suck, not only cuz of the noise, but if the guy upstairs floods his washer _your_ walls have to be replaced. Houses have fences that need maintenance, condos don't. If the lots are not level then if the neighbor over-waters the fence foundation turns to mud and in a few years the fence comes tumbling into your yard. Old houses can be fixed up, condo's can't because it involves the association, so buy a new condo.
Attend an association meetings. If the majority of folks are senior citizens on fixed income that's good, because they will be staying put, have an interest in keeping the place neat and clean, and they have lots of time on their hands to keep the association management on top of things. Lots of young people is bad because they won't stay for long, and therefore don't care if the association does a good job or bad.
With a house you have no control over your neighbors, if somebody moves in and starts piling junk cars all over the street you gotta problem. With a condo you have lots of control over your neighbors, but they have control over you. If you want to put in a pretty garage door or put in tile on your entryway you're outta luck.
Check what the restrictions are on renting or selling the condo. You want to be able to do either without anybody's permission in case you decide to move or need the cash.
I love my condo, can't imagine ever living in a house again, but that's just my preference and this condo passes all my "tests", otherwise I would not have bought it.
Mike
All of the drawbacks that Minx mentioned are right, as is the article she linked. It's very important to find out if the condo is a "apartment conversion" cuz that makes a huge difference in mortgate and insurance rates.
Take the time to find out how the housing market is doing in your part of the world. Here in Vegas it's rock bottom, a complete buyers market. So pretty much anything is a good deal.
Check all the fine print on the association dues and see what is covered _exactly_. Some include water and electric, some don't. Over here the cost of yard maintenance is high, and with my lousy health it would cost me just as much to hire somebody to maintain a house yard as it does to pay the association to do the condo yard.
Find out what the association insurance covers. Some places only cover the roof, others cover the walls up to the inside wallboard, others only cover the studs, and on and on. The more they cover the less you have to pay on your own insurance, but if _neither_ you or the association cover the studs and there's a claim you could be in a financial pickle.
Try to get an upstairs unit. Bottom units suck, not only cuz of the noise, but if the guy upstairs floods his washer _your_ walls have to be replaced. Houses have fences that need maintenance, condos don't. If the lots are not level then if the neighbor over-waters the fence foundation turns to mud and in a few years the fence comes tumbling into your yard. Old houses can be fixed up, condo's can't because it involves the association, so buy a new condo.
Attend an association meetings. If the majority of folks are senior citizens on fixed income that's good, because they will be staying put, have an interest in keeping the place neat and clean, and they have lots of time on their hands to keep the association management on top of things. Lots of young people is bad because they won't stay for long, and therefore don't care if the association does a good job or bad.
With a house you have no control over your neighbors, if somebody moves in and starts piling junk cars all over the street you gotta problem. With a condo you have lots of control over your neighbors, but they have control over you. If you want to put in a pretty garage door or put in tile on your entryway you're outta luck.
Check what the restrictions are on renting or selling the condo. You want to be able to do either without anybody's permission in case you decide to move or need the cash.
I love my condo, can't imagine ever living in a house again, but that's just my preference and this condo passes all my "tests", otherwise I would not have bought it.
Mike
Member
Thread Starter
Join Date: Mar 2006
Location: phoenix arizona
Posts: 741
Great info. and questions to ask. I'll keep all of this in mind.
(I feel like I need to continue consulting people on everything now. I used to ask my ex about decisions and I'm trying really hard not to this time around. Another thing I have to let go...
(I feel like I need to continue consulting people on everything now. I used to ask my ex about decisions and I'm trying really hard not to this time around. Another thing I have to let go...
Member
Join Date: Dec 2004
Location: Chicago, IL
Posts: 2,333
Mike gave you some very valid points.
I too live in a condo that is only 9 years old. The community is
comprised of 48 units all occupied by owners. The property was
built with the intent that older retired people would live there.
Since single family homes are in excess of $225,000 here it has
forced many to buy condos. Mike has an excellent point since my
community has so many older owners the grounds are immaculate and
everything stays as it should. I am on a ground level unit and
I love it!!!! I have never experienced (yet and knock on wood)
any water damage due to the unit above me. Our ceilings our over
9 feet high and they are made of a material that is soundproofed.
I love being able to enter my patio area with groceries, I have 2 kids
so I have plenty of groceries..don't have to deal with stairs. That will
be a plus if I stay there and the effects of aging kick in!!!!! LOL
We have landscapers so my free time is not spent cutting grass...I do
have several hanging and potted plants and flowers on the patio so I
did not have to give that up.
Drawback....I don't have the privacy that my home provided...ie the
enclosed backyard and deck and swimming pool....
Other than that I am very happy with my condo and the leisure time
it allows.
I too live in a condo that is only 9 years old. The community is
comprised of 48 units all occupied by owners. The property was
built with the intent that older retired people would live there.
Since single family homes are in excess of $225,000 here it has
forced many to buy condos. Mike has an excellent point since my
community has so many older owners the grounds are immaculate and
everything stays as it should. I am on a ground level unit and
I love it!!!! I have never experienced (yet and knock on wood)
any water damage due to the unit above me. Our ceilings our over
9 feet high and they are made of a material that is soundproofed.
I love being able to enter my patio area with groceries, I have 2 kids
so I have plenty of groceries..don't have to deal with stairs. That will
be a plus if I stay there and the effects of aging kick in!!!!! LOL
We have landscapers so my free time is not spent cutting grass...I do
have several hanging and potted plants and flowers on the patio so I
did not have to give that up.
Drawback....I don't have the privacy that my home provided...ie the
enclosed backyard and deck and swimming pool....
Other than that I am very happy with my condo and the leisure time
it allows.
Member
Join Date: Jun 2006
Location: crown point
Posts: 66
+++++
I just sold my condo to buy a house. I loved the condo in the beginning. Find out what the dues are. If they pay for water or anything like that. Also ask if the condos can be rented out. I feel if they can't be rented they seem to stay a little "nicer".
Condo was great. They mowed, shoveled and did ALL the maintenance on the outside. I also had two private outdoor entrances. We just grew out of the condo. I needed a yard for my kids.
I'm a single working mom with a house now. It is SO much work. It seems everytime I turn around there is a major job or repair to be done. It was the faucet last week. Water everywhere. But my dad lives a couple blocks away and my sister and bil live a block away. I get LOTS of help.
Weigh the pros and cons.
Condo was great. They mowed, shoveled and did ALL the maintenance on the outside. I also had two private outdoor entrances. We just grew out of the condo. I needed a yard for my kids.
I'm a single working mom with a house now. It is SO much work. It seems everytime I turn around there is a major job or repair to be done. It was the faucet last week. Water everywhere. But my dad lives a couple blocks away and my sister and bil live a block away. I get LOTS of help.
Weigh the pros and cons.
Member
Join Date: Dec 2004
Location: Chicago, IL
Posts: 2,333
If you have the help or know how to do the repairs yourself a
house is hands down the best.
I sold mine when things started to go wrong and I wasn't able to
keep up alone on 3000 sq. ft of living space and a half acre lot
of landscaping, pool ...so on and so on....
Keep doing your research..and what's best for your pocketbook....
house is hands down the best.
I sold mine when things started to go wrong and I wasn't able to
keep up alone on 3000 sq. ft of living space and a half acre lot
of landscaping, pool ...so on and so on....
Keep doing your research..and what's best for your pocketbook....
Becoming a Butterfly
Join Date: Jun 2006
Location: New York, NY
Posts: 904
Going Condo Myself
Next year when my only child goes off to college I plan to sell the house and buy a condo. I can't deal with the home maintance by myself so I'm on the same track as you are.
The only worry I have so far is that in many cases the condo association can decide on an improvement and just spilt the bill among the condo owners. One woman was slammed with a large bill for some repaving and had no choice but to pay it. I'm not sure how this can be avoided though.
The only worry I have so far is that in many cases the condo association can decide on an improvement and just spilt the bill among the condo owners. One woman was slammed with a large bill for some repaving and had no choice but to pay it. I'm not sure how this can be avoided though.
Member
Join Date: Dec 2004
Location: Chicago, IL
Posts: 2,333
Any improvements made to the property can only benefit you in
the long run. Remember, today your condo/area surrounding it
may not have a problem but 5 years down the road it may. It's
good to have the financial backing of many homeowners as opposed
to just little ole' you. IMO
the long run. Remember, today your condo/area surrounding it
may not have a problem but 5 years down the road it may. It's
good to have the financial backing of many homeowners as opposed
to just little ole' you. IMO
Member
Thread Starter
Join Date: Mar 2006
Location: phoenix arizona
Posts: 741
The condos I'm looking at are still under a mgt. company and have not sold enough for it to be turned over to an HOA. Actually, the HOA would need to be created. It may be beneficial to be one of the new owners before the HOA. I might have some input then.
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