Posted on October 29, 2011
The decision to buy a condominium involves careful planning to ensure that the buyer acquires the perfect home. Owning a condominium can provide numerous lifestyle benefits but also involves certain responsibilities that should be clearly understood prior to purchase.
Condominiums are unique in that residents own everything inside their unit but the building's structure and the accompanying real estate are owned collectively. This arrangement combines the equity and appreciation characteristics of home ownership with a substantially lower entry price.
Many condominium communities also have a variety of amenities such as a swimming pool, fitness rooms, tennis courts and a clubhouse. These same services obtained through a private club membership would cost substantially more.
Perhaps the greatest advantage in condominium ownership is being relieved from the burden of maintenance. Landscaping and building repairs are carried out regularly to retain the appeal of the property. 24/7 security is also is typically provided as part of the service. Just think, no more cutting the lawn!
It is important to recognize that since condominiums have collective ownership, their homeowners associations are generally much stricter than those in single family neighborhoods. Monthly association fees can also fluctuate as board members establish their annual priorities. Some associations even require board approval before a unit can be sold.
Since the units share common walls, floors and ceilings, noise traveling through poorly constructed buildings can become extremely irritating over time. The lack of any type of yard space and inadequate storage are some of the other negatives associated with condo living.
Posted on October 21, 2011
Admittedly, purchasing a San Diego Condo property is among the largest investments you will make in your life. Hence you should be thorough and certain the Condo you are going buy will not result in remorse as well as future aggravation. To prevent yourself from these pitfalls of condominium ownership some valuable questions to ask include:
1. Is the condo association professionally managed? You will find many larger complexes are Unless it's a new construction, and the management team have not yet been hired, ask the length of time the professional manager has managed the complex. Note: The longer they've been with the property the better. Be suspect of complexes lacking professional management.
2. How do monthly Home Owners Fees look when compared with those of neighboring complexes? For anyone who is using the services of an educated buyer's agent, they must be in the position to supply you with comparative fees. Note: Ask what specifically services are covered within the fees. This could possibly make a significant difference. By way of example, should a gym and cable TV be included, then you certainly should expect an increased monthly condo fee compared with each condo owner paying for their own personal cable and Health club.
3. How fiscally fit may be the condominium association? Prospective condo buyers should request and review current fiscal reports; board of director's minutes from previous meetings; by-laws, rules and CCRs covenants, conditions and restrictions. Do you have unusual situations affecting condo owners? These documents will be available during escrow consequently they are a Contingency of purchase.
4. Are there foreseeable increases in Home Owners Fees or planned assessments. Are there presently on-going discussions about this sort of need? Read through the CC&R'S and the minutes of the previous couple of Associations meetings Note: There should be an ample amount of money in reserve to cover unexpected emergencies and repairs.
5. Ask existing residential owners in regards to what they like best and least about their properties living environment. You could even wish to question them if he or she could do it once more, would they make exactly the same purchase?
6. Most important, the purchase contract possesses a professional inspection contingency. This provision states that after acceptance of one's offer, the Seller should give you as a minimum 17 days to conduct a professional home inspection of the condo boilerplate, have a look at associated common areas and review all pertinent disclosures concerning the property. Time frames on these contingencies are negotiable.
Posted on October 5, 2011
Most people do not have access to a pool or workout room in their house. Nor do they have a basketball or tennis court in their backyard. Indeed, there are some amenities that those people who live in condos have easy access to, while their friends who live in single-family homes would have to join a gym to enjoy the same. Other amenities, including garages, laundry rooms and wood floors, for example, can be found in both condos and single-family homes.
If you live in a condo, the first step to getting the most out of the amenities provided is to choose a building with exactly what you want.
People who live active lifestyles may be especially drawn to condo buildings that have basketball courts, fitness rooms, hot tubs, swimming pools or tennis courts. People who are more concerned about their individual unit may be drawn to those with high-end appliances, in-unit laundry facilities, granite countertops or wood floors. Those who want a sense of community may be drawn to buildings with large public spaces where people can gather, places where they can grill or have a picnic, or places that routinely have social gatherings.
In short, there are a whole host of amenities available in condo buildings, but it is your responsibility to choose that building that best suits your life. And doing so should not be too difficult, as the amenities are both easy to see when you walk through the building, and often are among the key selling points.
So how to get the most of the available amenities? It depends on what you are looking for. If you are a basketball nut and your building includes a court, you can recruit your neighbors and get a game going. Better yet, start a league and play on regular days and at regular times. If you love to grill, buy meat, vegetables or other items you enjoy grilling and make a meal. If the grill is in a common area, bring a beverage with you while you make your food and hang out by the grill. One of your neighbors probably will come and join you. If you love your wood floor, decorate around it and do not cover it up with a bunch of furniture or rugs. And make sure to put pads on the bottom of the furniture so you do not scratch the floor when you move it.