Condo Living

[maddy]

With my recent move to New England, I've found myself homeless in a very high priced real estate market. I went out looking at houses last week and by the time my realtor and I got out, over half of them were gone already. Those that were left didn't tickle my fancy at all. As I found myself settling more and more for something I probably wouldn't be happy with I've come to the conclusion that maybe settling for a condo with all the other things I want might be the lesser of two evils. I plan to start looking at condos this week. Has anyone owned or currently own one? Anything I should consider before signing my life away on one? I've owned a house, so I know I should look for all the basic things in a place to live, but am not familar with associations or shared walls...

[IAKaraokeGirl]

Maddy, I lived in one, but it's been...gosh...ten or eleven years since then. I'm sure things could have/have changed in that time, and, of course, geography may also have a play in it.

The one thing to remember, which I'm sure you already realize, is that you do need to take into consideration the association fee. In my case, the fee we paid covered snow removal, grounds upkeep, trash, etc. When figuring your budget, those things (the savings *and* the expense) should be factored in. Not having to do yard work was a *big* plus for me, but you also have to keep in mind that condominiums *can* be a little like apartment living in that, if you have good neighbors, everything is great. If you have less-than-perfect neighbors...

The condominium I owned was an end unit, and we had a garage that was on the "other side." There was just a *little* bit of a kitchen wall that backed up to another unit. I guess it all depends on the architecture of your particular building as to whether a shared wall is really an issue.

Good luck--you know I have my fingers crossed for you!

[osuche]

SOme things to consider:
* COndo fees are not tax-deductible like interest expense, so you're not going to be able to "capitalize" it
* Check and make sure the condo association is solvent. Many associations reserve the right to levy special fees if a catastrophic event or major repair comes up. It sucks to immediately have to pay thousands (unplanned)
* On the same note -- when was the last time the roof was done? Painting? Windows? Water mains? Any other large ticket items coming up? Does the assn have enough money to cover the expense?
* What are the expenses the assn is planning for? When? Are they meeting their saving targets?
* What is the history of the condo assn fees? Do they rise every year? How are increases decided? How much warning is provided?
* Read the condo charter and see if anything makes you nervous.
* Request the last two condo assn meeting minutes -- can you tell anything about how these people make decisions, live together, etc. from the minutes? How often do they meet? Do you think the schedule will agree with you?
* Check out the resale values for similar units in the assn -- what was the average appreciation? Many condos appreciate more slowly than a house. (and how long do units stay on the market?)
* Are there any rules about pets? Renting out your condo if you choose to keep it as an asset? How long you have to wait until you sell it?
* What services do you get for your condo fee? What are the services' frequency? (I've had friends find to their chagrin that mowing was only covered weekly or bi weekly and they had to do any interim maintenance)
* Do you have the ability to plant your own flowers/garden if you want? Are there any rules that must be met?
* Ask about noise control agreements among assn members.
* Is any form of insurance included in the fee? What will you have to insure -- entire property or from the interior walls inward (only slightly more than possessions and interior appliances). There can be a big difference in cost.
* Is there any difference in loan cost (and/or interest rate) for the condo vs. a house? In some states/some brokers there is.

Also keep in mind that the condo assn has the ability to place a lein on the property for unpaid fees, and you *can* loose your condo for missing payments. Not that this would be planned, or anything.......but certainly good to know!

Good luck.

PS -- Your realtor should be able to time your househunting to coincide with when the houses come on the market for the week, and thus give you a chance to bid....if s/he is doing their job. You might want to check with another realtor if you are dissatisfied.

[Lilith]

I do't have anything intelligent to add just wanted to say good luck!

[osuche]

One more thing...PM me if you want any advice on th ebidding/offer process. Did it recently on the west coast.....and yes, we bought a condo. ;)

[maddy]

Wow! I'm glad I asked the questions here. Thanks for the advise so far.

osuche, I have to admit I was getting nervous reading all those questions, but they certainly are helpful and I will be keeping them all in mind.

My realtor is great so far, she's very optimistic that I can find a house. I'm less than optimistic that I will be happy in a house, as I was very spoiled in my first house's age/size/layout etc. and I really feel if I'm going to compromise my wants, that a condo is a better compromise than ending up with a DIY project with no money.

Planning househunting here is difficult, as "good" homes are gone in hours to days at the most. If it's something you think you really want, you have to jump or risk it being gone. I guess it's part of what continues to drive the market even higher.

[osuche]

osuche, I have to admit I was getting nervous reading all those questions, but they certainly are helpful and I will be keeping them all in mind.


((((Maddy))))

I didn't mean to scare you off! Sometimes my engineering brain can be a little TOO thorough.

My apologies. :x:

[fredchabotnick]

* Check and make sure the condo association is solvent. Many associations reserve the right to levy special fees if a catastrophic event or major repair comes up. It sucks to immediately have to pay thousands (unplanned)
* On the same note -- when was the last time the roof was done? Painting? Windows? Water mains? Any other large ticket items coming up? Does the assn have enough money to cover the expense?


The full list is excellent, but pay close attention to these two. I'm fighting this right now, with a leaky roof (and therefore, my ceiling) and a big special assesment. It's not fun.
Good luck.

[BIBI]

Maddy, try to talk to some of the residents other than the sellers.....to get their input to the pros and cons of condo living.

You could also take a chance on renting one if any are available to see if condo living is for you. I know it would be a hassle to move again but it could save you a big headache in the long run.

[WildIrish]

Maddy, try to talk to some of the residents other than the sellers.....to get their input to the pros and cons of condo living.

You could also take a chance on renting one if any are available to see if condo living is for you. I know it would be a hassle to move again but it could save you a big headache in the long run.



Excellent, excellent advice!

[Zephreck]

Just wanted to say good luck on the Condo search. I myself have had some offers to relocate to Rhode Island and California. Both places after researching the cost of living increase versus the amount of salary increase didn't weight out appropriately and found myself staying here in Texas due to it.

Just sucks that a house that is approxe 150 to 200k here in Texas on a good sized plot of land can cost 400 to 600k in other parts of the states. In California land prices are crazy. I have a friend who moved out of her house that was given to her from her parents that was on a half acre lot and even though the house she lived in was so crappy the land was worth so much that by moving to a brand new house that was only on a small lot she saved money.

Most of the technical things you probably need to know has been posted above but I did want to mention one additional thing when looking at Condos alot of them are similar to home owners associations in that they can limit alot of the decisions you make to adding anything to the building. Paint colors, addition of things like swingsets, storage sheds to back yards, or even something seemingly trivial such as Satelite dishes or yard decorations may require permission or even a permit from the organization. So that may be something you may want to look at.

Keep in mind that association rules are typically deed restricted versus city wide ordinances and not all homes or condos are in associations that has such aestetic regulations.

Anyway good luck to you and your family and your recent move.

/wave.

[Coaster]

Must be my Yankee upbringing, but I just can't stand having someone tell me what I can/can't do on property I paid for and am paying taxes on!!!

So condo life is not for me.

Good luck Maddy!

[wyndhy]

we own one now maddy and there is some great advice above. nothing to add really except to say that we like it although moving into a single family is and has been a goal of ours for sometime now.

here's my experience so far...

with the kids it's great 'cause there is a pool and a playground right here for us to visit. tennis courts and weight rooms as well. construction quality can really vary from community to community so don't assume that it will be less than stellar just because it's a condo. i know end units are popular because you won't have neighbors on one side but there is usually major sound insulation between units and being in-between two units will save you money on energy costs. ours has also appreciated right on par with single family homes (taking into consideration sq. footage and property size) could just be the local market though. and not having to take care of the snow removal, grass mowing, etc is nice but i’d deal with (and will soon hafta deal with) all that and more to have a single family.

drawbacks....they do have restrictions on what you can and can't do, although they are usually just concerned with the exterior renovations. it's noisier than a single family....i don't mean the shared walls either... the parking lots/streets are busier, kids are always hanging around and yuckin' it up, dogs galore, busy bodies and gossip mongers.

[maddy]

*sigh* I know... trust me, if I could afford a single family, I'd be in one. I've tried that avenue, and unfortunately either I'd have to pack some metal of my own to keep up with the neighbors, or I'd have to plan on a full renovation. As Zeph pointed out... the market in Dallas is very competitive locally, but can't compare to the NE market. So the beautiful home that I sold for about $150K would easily cost me about $400K here. It makes my head hurt and my heart ache... but I made the choice to move here and now I have to take the consequences that go with it.

I spent all weekend condo hunting and I found them all to be rather unique - and some of course were better than others. I weighed the good with the bad and made an offer and lost it to an earlier and higher than asking price offer. I was prepared to make a second offer in the same complex tonight and my realtor called back to let me know that they were a signature away from accepting an offer. I couldn't compete with the offer on the table. Which leaves me with my #3, which I'm having a hard time coming to grips with in my mind. My gut says don't settle, so I think I'm holding out. I've identified complexes that I would be more happy in and that's where we are focusing. I know complexes that are definitely out of my sight now too.

[Aqua]

My friend in California assures me that living in a condo means you're gay. *shrugs*

:cents:

:p

[fredchabotnick]

My friend in California assures me that living in a condo means you're gay. *shrugs*

:cents:

:p

Huh. I have a condo. I'm pretty sure I like women. :-)
Then again, it's not like I have a lot of dates to back that up... :bang:

[maddy]

I'm anxious for osuche to chime in on the situation ;)

[osuche]

My friend in California assures me that living in a condo means you're gay. *shrugs*

:cents:

:p


Yep. :D I'm a gay man trapped in a woman's body. :p

Aqua, c'mon over here and bend over. :hot: I'll show you what I mean. ;)

[wyndhy]

a thought...since you are most likely spending tons of $$$ on rent right now and are not sure when you'll find the place that you can love, try finding apartments that are for sale. you can build up some equity while you search for a home and see what it's like to live in a community w/o killing your savings for a place you won't be happy in. it would be temporary at least.

i dunno...dumb idea maybe. but we've always regretted renting our first few years here when we could have bought an apartment (which we didn't even know we could do 'til it was too late) and had the means to move into a single family much sooner.

[maddy]

covered, wyndhy - but thanks for the thought ... i'm living expense free at the moment ... but it will be a definite consideration if i lose my free living.

[maddy]

Something I learned today ... as satellite usage was one of my concerns with condo living (I prefer satellite over cable) and several associations don't allow them... well the FCC says they can't tell you no any longer....

http://www.fcc.gov/mb/facts/otard.html

[Winston77]

covered, wyndhy - but thanks for the thought ... i'm living expense free at the moment ... but it will be a definite consideration if i lose my free living.

What's the name of the bridge :D

[maddy]

Heck if I know, I only know it's close to the office and it seems to be large enough to safely shield me from the elements. Chances are that I'd have neighbors though :(

[Zephreck]

*tells himself to NOT sing to Maddy...*

*tells himself to NOT sing to Maddy...*

*claps hands over his lips as the song 'Come back to Texas' tries to rush out of it.*


I bet our bridges are even better here in Texas. Besides I ate at this little family owned mexican restaraunt today. Had cheese enchiladas to die for. I did think of you though as I ate them. :x:

[WildIrish]

That's all fine & dandy...



but we've got seafood. lmfao

[Lilith]

fusion...Fish Taco

[WildIrish]

fusion...Fish Taco


Furry Taco? Hmmm....I might have to try one of those. :slurp: