Condos

[kcjules]

I'm hoping to get some insight and opinions, etc. from everyone here at CC about condos :)

DH & I are hoping to own a condo within 6 months (assuming everything goes right). Ideally we would have preferred a house, but we love this condo and it would be our home. We are so sick and tired of paying rent into an apartment we can't keep.

We are first time home buyers, without a lot of knowledge about condos. I have heard they are built to "condo specs." Is that similiar to house specs? I would assume that the walls would be a lot more soundproof than in an apartment.

Anyone own/owned a condo? Could you tell me some pros & cons to the condo? Anything I should know? Is it really different than a house? (Besides having a shared wall with your neighbor)

Anything would be appreciated :) TIA!

[Aimee]

If you can find a condo with good insulation and a good association, it might not be so bad.

We only have one shared-wall neighbor, but I can hear him snoring at night. When their grandchild is over, my house shakes because the child apparently has hooves and runs everywhere he goes (we're a raised structure, though, so that's some of it). When they go up and down their stairs, I feel it. For the longest time, it was like having a SFH, since the unit was a vacation home, but the owners' parents lost their home in Katrina are living there full-time now and so we've got full-time neighbors. Who snore.

I would research the condo association really well before buying. When we bought ours had a "special assessment" on top of our normal dues, to pay for painting. Okay, not a big deal, the seller paid it. Until it was extended for another 6 months because the association got way underbid when they got estimates. When that special assessment was over, 2 months later there was another one for operating capital, because one unit in the association owes nearly $11,000 in dues, and the association won't take the proper steps to garnish these people's wages or somehow get the money.

With Katrina, I expected we'd have some extra fees to pay, for all the cleanup. But, I figured that a lot of it was covered by insurance, including the tree that was on my condo. Well, the association decided that instead of getting an SBA loan like everyone else and then waiting until the insurance settlement, they would just expect all the owners to put out anywhere from $1400 to $2400 in one fell swoop. Um, sorry guys, not happening. Once you get your insurance settlement, I'll be happy to cover my share of the difference, but I'm not writing y'all a pretty sizable check, only to never see my money again when you get your insurance money.

The quality of your association's managers and government can make all the difference. Mine is totally mismanaged and has me ready to bail from this place ASAP.

[kcjules]

Well in our case there are two units attached together, no raised structure.
We can hear everyone stomp up the steps in our apartment complex and the floor shakes in our living room right now. It's annoying and I'm glad these condos aren't like that.

There is only one shared wall in the condo. The first phase was just finished in June so they are brand new :)

I'll post some pics so you all have a better idea of what we're looking at :)

[Asha]

we are condo owners. here are the pros and cons in our condo complex to owning a condo...

pros
condo fees go towards minimal landscaping, snow removal of driveway, and roof repair. - all things i am not interested in taking care of.
only very rarely hear the neighbor.
less expensive than buying a house
can make any changes inside the house that i want to. no approval needed from condo board.

cons
need approval from condo board before i sell the place
can't make any changes to outside w/o prior approval from condo board
must make required repairs (ie porch maintenance) on outside right away
our condo doesn't have any ammenities like a pool, gym, or tennis court which some condos have.

[kcjules]

Thanks rebjc and Aimee! Do you have pictures of your condos? (If you don't mind, of course)

I also like that the landscaping & snow removal is taken care of. What do the fees usually run? I know it varies. I forgot to ask how much they were at this condo.

Here's the place we're looking at.

This would be ours, then we would have only one neighbor to the other side. They are 2 units attached together.
http://smythecramer.howardhanna.com/CRISPhoto/Active/LowRes/1330332/1330332_00.jpg

I would not get the white cabinets. It comes standard in oak.
http://smythecramer.howardhanna.com/CRISPhoto/Active/LowRes/1330332/1330332_01.jpg

http://smythecramer.howardhanna.com/CRISPhoto/Active/LowRes/1330332/1330332_02.jpg
http://smythecramer.howardhanna.com/CRISPhoto/Active/LowRes/1330332/1330332_03.jpg


The model has laminate floors and it looks sharp! However I don't think we will be doing that. The fireplace is also optional too. Some of the add-ons are so pricey. We would be getting the deluxe range w/ microwave and I want the stairs and that little landing to be wood. They can also re-carpet a room for a minimal price, so we may do a room in a different color.

The ceilings are vaulted in the living room & master bedroom. It's 3 bedrooms, 2 full baths, 2 car garage and laundry room. 1600 square feet. Starts off at $140,000, and the most we would add would be about $5000 in extras/changes. Not too bad, huh? Houses for that price are really small and don't have the spacious room sizes that the condo has. Overall, it's a better option for us.

What do you think?

[Asha]

i don't have any pix of my condo, sorry! it's a townhouse/condo like your's. we are the end unit, so we only share a wall on one side. it's much like a house except we share a wall with somebody else. we have an open floor plan on the first floor with a lr, dr, kitchen and half bath. on the second floor we have 3 br's and one bathroom. in the basement we have a finished room and bathroom plus a garage. we also have a small, fenced in yard.

our condo fees are $175/month, and that is very cheap for this area. nyc condos are considerably more than you are paying in ohio. i am jealous!

[Southlooper]

Make sure to check out the record of the developer, if the condo association has any major repairs on the horizon, and if the association is in or planning to go into litigation with the developer.

In the 5 years since our building opened we've had to have the elevator repaired several times, replaced the supposed brand new roof and done major repair on the masonary work. We could have bought a brand new fully loaded Lexus with what we've paid in special assessments. This, unfortunately, is going on all over Chicago. One of the downsides of the housing boom.:mad:

[kcjules]

our condo fees are $175/month, and that is very cheap for this area. nyc condos are considerably more than you are paying in ohio. i am jealous!

Someone my mom knows owns a condo and they pay I think $75 in fees/month. I can't even imagine how much real estate is in NYC.

*********************

Does anyone know what "condo specs" mean in reference to how the condo is built?

[Aimee]

The model is really pretty! Our condo is 25 years old and we've updated just about everything in it, except the kitchen, which already had been done. I don't have any good pictures of it online, but ours is a 2/2 at 1300 square feet. The front area is a living/dining combo, with a small kitchen, and then there's a hallway with a laundry room, one bath, and then the spare room and the master bed/bath. Compact, but it works well for DH and me.

The condos are set up so it's only 2 units per building which isn't so terrible, but like I said above, I can hear them snoring next door sometimes. Ugh.

As for fees, we pay $140/month in condo association fees. Right now we've got a special assessment that bumps up the monthly payment to $200 something. On top of that, they want a check for $1700 for hurricane damages, even though they haven't gotten their insurance settlement yet (um, not going to happen). We've owned this place less than 2 years and have had a special assessment going the entire time we've been here.

Definitely check out your developer/association and get active on your board if you can, to make sure things are run correctly from the beginning and get a say in any assessments.

[andy's di]

We are first time condo owners as well. So far everything has gone well the pros and cons in BC are similar to what rebjc said.

"In the 5 years since our building opened we've had to have the elevator repaired several times, replaced the supposed brand new roof and do major repair in the masonary work. We could have bought a brand new fully loaded Lexus with what we've paid in special assessments. This, unfortunately, is going on all over Chicago. One of the downsides of the housing boom." - Southlooper (I'm sorry I'm still new and don't know how to properly quote :o )

It sounds like you guys are going through what we went and are still going through in BC with "leaky condos". Best advice is to really checkup on the builder and their reputation and see if they have any outstanding lawsuits against them.

One of your best resources on this would be a local Real Estate Agent, they generally know what's up. When FH and I were looking for our condo I'd say 8 out of 10 of them had signs of being leaky :eek: and without his help we wouldn't be so educated or fortunate to get into the great building we did! People here have gone bankrupt over the assessments that have been levied, my mom even got stuck with a $16,000 assessment and I've heard of others reaching $75,000 - not nice for a first time home buyer.

Do your homework and you should be fine :D

BTW the condo looks amazing! And much cheaper than Vancouver! (the average condo price here is $250,000 :rolleyes: )

[dionysia]

OT:

*waves at the third Di on CC*

Di

[off2skl]

We own a condo. 2/2 1100sf and it's about 20 years old. Our assessment is 153 a month and that covers what everyone else ahs mentioned (except we don't need smow removal :) ) and we have the upkeep of 2 pools and tennis courts. Our main problem is that maintenance was not done on the property in the past and we're now faced with having to fix up the complex. Our biggest project right now is redoing our parking lots and some residents are in an uproar over the special assessment (which actually won't officially kick in until Jan 2007). I guess some people would rather have huge potholes and no pride in the community.

One thing I will say is as an owner in an association you should be involved; go to meetings, etc. Know what's going on and help make the decisions instead of letting others do it for you.

Our complex is apartment style and we are on the bottom floor end unit. We mainly hear the person above us (he can be quite heavy footed and we've had some issues when his kids come over and run and jump all over our ceiling).

But, the condo was what we could afford at the time and has actually almost doubled in value in the almost 3 years we've owned it (thanks to the hot AZ market). Only 2 more years before we can move on into a house :)

[Tanya]

kcjules, isn't that a townhouse? With a townhouse, you own the land, but with a condo you don't. Most condos are multi-level units. I owned a townhouse for 4 years, and I really didn't have any major issues. I never once heard our neighbors unless they were in the backyard. Ours was 1800 sq.ft w/ 3 bedrooms/2.5 baths. Maintenance fees were $175/mo. We had a pool and tennis courts. I bought brand new in 2000. The association was not that great but it was being revamped--they brought in a paid property manager whereas before it was run by owners who had it in major debt. Where I live, associations are zoned, so the 30-yr-old run down units across the road were part of ours and our dues went to pay for their new roofs and siding, etc. That was frustrating. We never had assessments applied like the PPs, though, that would be awful!

I had a minor leak in an exterior wall and did go through some issues with the insurance with that. It was just over a year, so the warranty had expired, and I only had insurance on the interior walls and contents, since my dues went towards the outside and exterior walls insurance. It was rather confusing, though, and when I tried to make a claim, they stated they won't make claims that only affect one unit since that's what put them into debt in the first place. They told me I should have my own insurance, which was bogus because then I'd be double-covered. Anyway, I'm glad I bought it, esp. because I got it new, because it was very easy to maintain and we made a decent profit when we sold. But I don't think I'd do it again (in this part of the country) due to all the potential issues that could pop up. My parents recently bought one in MD and things seem to be run differently there.

[MtySheera]

My DH owned a condo when I first met him, which I eventually moved into with him. We had people on both sides of us and upstairs. The one you are considering buying looks a lot better since you only share 1 wall. We had a great neighbor on one side who never made noise, but the neighbors on the side that shared our bedroom wall were noisy, so there were many times we heard them. And the guy above us was also noisy. We could hear every time he vacuumed, which was usually late at night :mad:.
There were also many people in the condos who weren't very considerate. We had large dumpsters around to put your trash in as well as huge recycling bins. But always around the holidays, people would put their boxes in the garbages and fill them up fast. Once they were filled, they would just leave their garbage on the ground. One year it was so bad the garbage company wouldn't take the bins and a nice neighbor went into the enclosures and tried to clean everything up. It was disgusting!!!

When we left, the HOA dues were up to $225.

We ended up selling the condo for double the price and we bought our current house. So it is a great starting point if you can't afford a house. It is a great tax right off and you'll hopefully make some money off of it!!

[kcjules]

kcjules, isn't that a townhouse? With a townhouse, you own the land, but with a condo you don't. Most condos are multi-level units.

Nope, it's a condo. We wouldn't own the land. Here's a picture of the neighborhood right now (the backs of the condos, obviously):

http://img.photobucket.com/albums/v485/kcjules/PA150233.jpg

There are only 2 units attached together. In the first picture I posted, we would have both those garage doors. There is only 1 person on the other side of us, no one above us. The condo is 2 floors.
Where we live, condos are 95% built like this, and only 5% of the time look like townhouses or mulit-level.

Here's townhouses that are condos in that area.
http://www.lifestylecommunities.net/img/uploads/townhomes/pix/WaggonerExterior.jpg

I don't think I could handle having people above me or below me. We deal with that right now and it's annoying.

[lawyergirl25]

Not a condo owner....yet. ;) DH and I have been looking at houses for the last year and a half, but we're really stuck on beautiful older houses that are expensive to buy and expensive to maintain. It's just not in our budget or schedule to buy what we want right now, so we're thinking about buying a condo and buying the house down the road a bit.

We're looking to purchase next summer, so I've been researching and going to open houses for a few months now. I don't know what it is, though, I just haven't gotten excited at the idea of buying yet. I mean, yes, I am excited that I won't be throwing money away on rent, but I haven't gotten too excited about decorating or anything like that. Is it because I haven't found the right place yet? Kind of like people who don't want to get married until they meet their soulmate? I dunno. Maybe I'm just weird. *shrug*

[PLNUBRIDE]

KCJULES

My DH and I lived in a Condo (4 units in one building) in Orange County, CA. We were partial owners with my parents. Just 2 months ago my DH and I relocated to Henderson,NV and purchased a townhome...3 units in one building. We had desperately wanted to purchase a home, but could not afford it.

Anyone, please feel free to correct me if I am wrong, but one of the main differences (but not the only one) between townhomes and condos are that in a condo you do not own the actual structure (outer walls, roof etc) nor the land that the structure is on. Thus, the HOA is the one responsible for insuring the structure and you the homeowner is responsible for content insurance. In a townhome, you own the structure (but not the land it is on) thus you are responsible for insuring both the structure and the contents.

Anyway...I personally feel that the pros of owning a condo outway the cons. I have lived in two condos and I never heard my neighbors. Plus, KCJules, the way your condo is designed you only have one neighbor. Where I used to live that set-up would be called a "patio home". One tiny step away from a single family home. The thing is, owning a single family home doesn't guarantee that you will not have to hear your neighbors. Where I moved from houses are so close together that you can often hear your neighbors...maybe not snoring, but you hear their dog barking, the TV, the stereo, them in their backyard, etc.

Also, I am not sure what they mean by "Condo Spec" but in ours the wall that is shared with our neighbor there is actually 6 inches of what they call "dead space" that is insulated. So, we have our wall, space/insulation, then their wall....so we actually don't share a common wall.

As far as special assessments are concerned...I personally have never exeperienced some of the horror stories posted here, but my dues did tend to go up quite steadily. As far as general HOA rules and regulations...that can very easily happen in a neighborhood of homes. My parents bought a brand new home in which the community had an HOA (which dues were being paid). It was a nightmare....for the 1st 5 years it was crazy. They were constantly being told what they could and could not do with their own home and they actually had due increases just about every year. I guess this is all to say that buying home over a condo might not free you from HOA issues 100%.

I think if you cannot afford a single family home and this condo has what you are looking for..then go for it. I thinik it is a great stepping stone, but one you could be comfortable with for quite some time.

Here are pics of my old place (1,100 sq ft, 2 bed/2 bath)

http://images.snapfish.com/3454%3B%3C6%3B23232%7Ffp336%3Enu%3D3239%3E334%3E%3 B59%3EWSNRCG%3D3233328363333nu0mrj
The single garage is mine with the balcony

http://images.snapfish.com/3454%3B%3C6%3B23232%7Ffp45%3Dot%3E232%3A%3D425%3D% 3C4%3A%3DXROQDF%3E232423745425%3Bot1lsi
Living room/dining room area

HEre are pics of my new place (1,600 sq ft 3 bed/2.5 bath)
http://images.snapfish.com/3454%3B%3C6%3B23232%7Ffp47%3Dot%3E232%3A%3D425%3D% 3C4%3A%3DXROQDF%3E2323%3A5599%3A677ot1lsi
http://images.snapfish.com/3454%3B%3C6%3B23232%7Ffp58%3Dot%3E232%3A%3D425%3D% 3C4%3A%3DXROQDF%3E2323%3A55%3A9%3B%3A37ot1lsi
My actual building under construction. My garage is on the far left

http://images.snapfish.com/3454%3B%3C6%3B23232%7Ffp63%3Dot%3E232%3A%3D425%3D% 3C4%3A%3DXROQDF%3E2323%3A5596%3A33%3Aot1lsi
Partial downstairs...the model

[Asha]

kcjules, isn't that a townhouse? With a townhouse, you own the land, but with a condo you don't. Most condos are multi-level units.

not necessarily, we have townhouse style condos. i'm not quite sure, but i believe the association owns the land in our yard, but we are the ones who have access rights to it. it's not like our neighbors could come use our yard if they wanted to just bc it belongs to the condo. we are lucky bc we are a corner unit, so we have one of the biggest yards; although, we never, ever use, so it's kinda a waste for us right now.

[Sonicstef]

I own a house and we just bought a condo. There are pros and cons to both but they are about the same as far as I can tell for most purposes.

For example, we don't pay any assessments for a house but we pay for all the repairs. And sometimes something major like a leaking roof or broken boiler pops up and thats way more than most assessments. We don't get to make any changes to the front but we also don't have to worry about being responsible for it either.

It really boils down to the fact that with a house you have more freedom and less defined bills...but a lot more risk too. In terms of day to day life, I don't see much of a difference.

[BethElena]

We love our condo! We've had it since Feb. of this year. It was an old mill converted into condos in 1986. Because it originally was an old mill, you tend to hear some things during the night (pipes in the cold, creaky floors) but we don't mind! It's so cool how ours has a stone wall. Here are some pics:
Outside before we bought it in the winter....
http://www.imagestation.com/picture/sraid173/p75edecf3b8ff92d7f24c2dbb3668486e/f3b46a16.jpg
Living room looking toward the gally kitchen:
http://www.imagestation.com/picture/sraid179/p7cac68a346581c1dc5852c703c4da04d/f30f563d.jpg
Stone wall w/ previous owners ugly @ss painting and horrible wall paper job & faux fireplace (which they took with them)
http://www.imagestation.com/picture/sraid173/pb4d47b957bc54f50e9fef7dac765b3a8/f3b46a3f.jpg

I love the fact that we don't have to mow law. We hate doing that sort of thing. So this set up works for us. That price of yours is sweet! Ours was 600+ sqft and cost $104,000. Prices are so different around the country! Our association fees were $200 per quarter(That includes trash, snow removal, general upkeep.), but just went up to $300 per quarter (due to the fact they NEVER raised it since 1986 and are having $$ isues...one of those things we didn't know about until after purchasing. :rolleyes: ) But on the bright side, we couldn't afford anything else. Housing around here is astronaumical!

[AmyE]

Condos are great if you go in with your eyes open, as other posters have noted. Walk around the area again and make a list of all the things the association will have to pay for, either through assessments or insurance: landscaping, tree removal, street/drive upkeep, roofs and walls, falling powerlines, ice storms, etc. Figure out the worst possible scenario if you can, and then ask if the structure of the dues/capital in your association can handle it. Whether your group can deal with the worst case kinda depends on your risk tolerance, but it will help you be prepared.

Also, it's a good idea to compare your mortgage+dues with the rent on a similar place. Interest rates have begun to creep up, so prices should start leveling off or fall in some areas.

[kcjules]

Condos are great if you go in with your eyes open, as other posters have noted. Walk around the area again and make a list of all the things the association will have to pay for, either through assessments or insurance: landscaping, tree removal, street/drive upkeep, roofs and walls, falling powerlines, ice storms, etc. Figure out the worst possible scenario if you can, and then ask if the structure of the dues/capital in your association can handle it. Whether your group can deal with the worst case kinda depends on your risk tolerance, but it will help you be prepared.


Thank you! I will def. check up on that when I go back on Wednesday. I wanted to make sure what the fees covered, etc.

Thanks everyone :) You all have been so helpful.

[Sazoo]

I bought my condo almost 5 years ago (it was new construction at the time). I'm not familiar with the distinction between condo vs. townhouse that some other people here are describing - I've always thought the terms were more in relation to the style of the home - condos are usually "flats" (one-story) while townhouses are multi-story. Using that definition, in our complex there are 40 townhouses, & 3 flat condos (one of which is mine). Technically I don't own the land or the structure, & the homeowner association carries a master insurance policy to cover all of the structures on our property. Also, our yard areas are considered "common" areas, so while I'm in an end unit & have yard area on 2 sides, technically it's not really "mine" - I have to share it with any of my neighbors who might want to use/walk across it. Not that that happens hardly ever, but still.

Anyway, I agree with the pro & con list someone posted earlier. For me it's great not having to be responsible for landscaping & exterior maintenance issues. The downside is that there are restrictions to what I can do on the exterior of my unit, we occasionally (but rarely) hear "neighbor noise", & our association dues go up almost every year. Also, when something major needs to be repaired or whatever, we'll get charged with a special assessment that we have to pay, even if our particular unit isn't affected by whatever the problem is.

My unit is a 2 bedroom, 1 3/4 bath, with a 2-car garage. It's not huge - I think it's about 1,050 SF, or something like that. It was the perfect size for just me when I moved in. Now that I'm married, it's a bit crowded with me, DH, our 2 cats, & all of our stuff. :p We have a neighbor on one side, but we really hardly ever hear any noise from them. My dues started out being $120/month. Now, 4.5 years later, it's $137 & is about to raise to $144 beginning in Jan. 2006.

This past year our association decided to sue our builder for some construction defects that the builder has refused to pay to repair. This is a big mess (moreso for me because I'm on the board of directors for our association right now) & we just approved a special assessment to help pay for some structural investigation work. My portion of the assessment is $640, however I have one of the smallest units in the complex, so owners of the larger units are paying close to $1,000. Aside from this lawsuit, we have not had any significant repair or maintenance issues since I moved in, but then it was a brand new complex so it'll be a few years before some of that stuff starts to kick in.

I cannot second this statement enough:
One thing I will say is as an owner in an association you should be involved; go to meetings, etc. Know what's going on and help make the decisions instead of letting others do it for you.
Don't treat living in your condo the same as living in an apartment. Take responsibility as a homeowner, take pride in maintaining your community - participate in your association! You don't have to volunteer to be on the board, but at least go to the meetings, vote on the issues they ask for your input on, etc. I cannot tell you how frustrating it is for me to see 6-10 people show up at our meetings (out of the 43 total units we have here). :rolleyes:

Off to see if I can find you a picture of our condo - I've got to have one around here on my computer somewhere...

[Sazoo]

The only picture I can find right now is this one from Christmas a couple of years ago:
http://images.snapfish.com/345573%3B923232%7Ffp58%3Dot%3E2329%3D%3A%3B9%3D493 %3DXROQDF%3E232348%3A%3C26455ot1lsi
This is our 2-car garage - our unit is to the left & also behind it. The upper level on the right side of the photo is my neighbor's unit.

[kcjules]

condos are usually "flats" (one-story) while townhouses are multi-story.

Around here it's about 50/50. 50% of the condos are 2 story. I rarely ever see townhouse condos. When I think of a townhouse, I think of a long row of homes. This condo is 2 units attached together.

Thanks, sazoo!

[DisneyGirl]

I really like your condo. Excpet where i live they are not called condos they are called more like duplexes or row houses. To me a condo is where someone lives above or below you.
I can not beleive the price of the beautiful condo is. Where i live a 2 bedroom one bath about 1100 sq feet goes for in a good area at least 230.000.

[Sazoo]

This condo is 2 units attached togetherI'd call that a duplex, maybe? That's what it reminds me of, anyway.

What I like about our complex is that it doesn't look or feel like an apartment complex, like so many condomium properties around here do. Each building has 2-4 units, side-by-side. A few are like mine, one-story units, & the rest are two-stories. The neighborhood really looks like a collection of duplexes/triplexes sort of, except none of the units are on top of each other. It has a nice homey feel to it as you walk down the street, more like a neighborhood of single family residences would feel like, IMO.

Anyway, kcjules, I forgot to mention that the condo you're thinking of buying looks fabulous from the pictures you posted! :) I loved moving in to my new construction condo...everything was perfect & pristine & clean. It just felt different somehow, knowing it was my home & that it had never belonged to anyone else before me. ;)

[kcjules]

I'd call that a duplex, maybe

I suppose you could call it that, yeah.

knowing it was my home & that it had never belonged to anyone else before me

That's our feelings exactly. All of our apartments have had previous people living in them. It will be nice to have something brand new :)

[off2skl]

I cannot tell you how frustrating it is for me to see 6-10 people show up at our meetings (out of the 43 total units we have here). :rolleyes:

We don't get many more to show up at ours (unless they're upset about an assessment or some decision we've made) and we have 259 units!!!!!

[kcjules]

How do property taxes work when you buy a condo? What about homeowner's insurance?

TIA!

[off2skl]

In our city property taxes are based on square footage so houses and condos of similar square footage would be the same. However, since we "own" part of the common areas I believe we pay some property tax toward that (for us that would be pretty low).

As for insurance, companies have condo policies; they differe from homeowner policies in that the outside is already covered by the HOA insurance policy. However, you want more than simply a renter's policy since if anything happens you are responsible for any inside repairs (carpeting, drywall, etc)

[Rancid13]

We've owned our condo for exactly one year as of Jan 7. We're on the 3rd floor in a 3-story building, with one shared wall. We never hear our neighbor, except for the seldom times we can hear water running next door if one of us is in one of our bathrooms. Otherwise, we might as well be living in a detached home, it's so quiet around our complex.

It's a 2 bedroom, 2 bath, ~1100 sf, built in 1983. Fireplace, large balcony, inside laundry, vaulted ceilings, new hardwood put in by the prior owner, it was very clean when we went to move in-didn't have to do anything to make it liveable. We have replaced some light fixtures and faucets to something more our style/taste, but have yet to do any painting of the walls or upgrade the kitchen (cabinets, counter, sinks).

Here are some pros and cons we've found over the last 12 months living in our 46-unit complex.

Pros
*condo fees go towards beautiful landscaping, pool/spa, clubhouse, security gates, subterranean parking, trash removal, mailbox upkeep, elevators, cleaning of sidewalks, stairs and walkways. ($199/month)
*get to use clubhouse to throw parties
*never hear any of the neighbors; very nice neighbors, most of whom we've met
*much less expensive than buying a house, especially in this market (Southern California)
*can make whatever changes to the inside that we want; don't have to get permission from the landlady/landlord like we did when we were renting if we wanted to hang a picture on a wall
*only 46 units in our complex, mostly old folks/retirees so it's always quiet, sometimes eerily so

Cons
*cannot make any structural changes (ie: wall removal, etc)
*need approval from board to make major changes and some minor ones (ie: screen door, front door)
*special assessment that was incurred in April 2005 after the heavy record-setting rains of December-March: $1200 per unit which can be paid in increments of $100/month for 12 months
*no yard, only a balcony

Here's our building from the outside:
http://im1.shutterfly.com/procserv/47b4cc34b3127cce9dfee947ca3100000016108CZNWTZw2ac

Some interior pictures...
http://im1.shutterfly.com/procserv/47b5d602b3127cce9397a259387400000016108CZNWTZw2ac

http://im1.shutterfly.com/procserv/47b5cf33b3127cce95313ca9323400000015108CZNWTZw2ac

http://im1.shutterfly.com/procserv/47b5cf33b3127cce95313c83321e00000015108CZNWTZw2ac

http://im1.shutterfly.com/procserv/47b5cf33b3127cce95313db372b600000016108CZNWTZw2ac

[justHB]

For real estate purposes, our place is classified as a condo, but most people refer to it as a loft.

Specs are:
* 1 mezzanine level (used as a bedroom)
* 1 bathroom
* 1600 square feet (per tax records)
* HOA fee of $379/month

Our HOA fee is pretty high, in general, but it also includes electricity. While it doesn't necessarily work out well for us, there are a couple of recording studios in the building who I'm sure make out quite well since they use so much electricity running their equipment. We also do not have any special amenities like a work out room or pool.

Truthfully, I'm not at all fond of the way our association has been handled or the fact that I'm paying nearly $400/month in extra fees, but at the same time, I don't have to worry about extras like insurance or taking care of the building (not that they do a particularly wonderful job at that either).

As for specifics about living here, we are on the second floor (of four) and share walls on the left and right with our neighbors. One is quiet (mostly) and the other is a horrible beast of a man who has been doing construction since November 2004 and has absolutely no regard for his neighbors (I am home sick today but was woken up at 7:15 a.m. by the sound of continued hammering going on there).

In looking at your condo, I don't think you'll have this problem, but for others, I would always look into who is responsible for the common areas and how payment for those is assessed. Even though our roof and outer walls have nothing to do with our actual unit, repairs to these spaces are dolled out based on the square footage of your home, so those of us with the larger interior units end up paying more for space that is used equally by all.

I could go on and on about the cons of living in a condo, but I don't want to scare ya off. ;)

For us, the major "pro" was the fact that we got into the market and 1.5 years later, our place is worth nearly $100K more than we paid for it. I'm just hoping in the next two to four years we can cash out and get a house.

[mkredhead]

I bought a condo in June and love it. Here are the specs:

- Two story
- Two bedroom
- 1.5 bathroom
- Fireplace
- Kitchen with wood floors
- Carpet throughout
- 1 car garage
- Storage shed
- Patio
- $109/month HOA fees

I share two walls with neighbors, and I never hear them. They claim that they don't hear my yappy dogs either, so that is good. The HOA did a GREAT job clearing snow and putting down ice melt this year when we faced the great white death of 2005. In addition, the lawn is mowed regularly, and the pool area is well maintained.

I wish I didn't have to pay the additional HOA fee, but let's face it....when the grass is growing, I am at work. This is a better deal for me at this point. I'd hate to be the neighbor with the safari grass!

[Asha]

here is a pic of our condo. as you can see, it is a townhouse, but technically it is considered a condo.

http://im1.shutterfly.com/procserv/47b5cc06b3127cce9671f01a742400000025128AaNGLVk1cNP

rancid - your condo is gorgeous!

[Rancid13]

If you are thinking of a condo, carefully do your research on the association you are looking to buy into.

Yes, definitely do your research on the association if you're thinking of purchasing a condo. Get in touch (or have your realtor get in touch) with the property management, or whomever is in control of the HOA, to obtain copies of HOA minutes for the 12 or 24 prior months to see if there are any issues that keep coming up that aren't being taken care of, or to find out if there is any pending litigation going on, or special assessments put into place that you would have to take on.

When we bought our condo, one of the conditions of of our purchase agreements was that prior to closing we would be able to obtain 2-years worth of HOA minutes and any details regarding a pending litigation the HOA had filed against a contracting co. for shoddy work that had been done a few years prior. We also obtained a copy of the HOA rules, CC&R's, and the financial reserves/records. We also contacted the attorney handling the litigation case so we could find out the extent of the litigation (whether a homeowner was suing the HOA, or the HOA was suing a contractor for expenses to be repayed, which turned out to be the latter).

I also want to recommend getting a home warranty, whether you buy a condo or a detached house. We had it written into the purchase agreement that the seller was to pay for a 12-month home warranty from American Home Shield (worth ~$350) which covers a slew of electrical & mechanical problems, plumbing, appliances, etc.

Several months after we moved in, our hot water heater developed a bad leak, leaking into the unit below us and the unit below them. We had to have it replaced and paid a $40 flat fee for the cost & installation of a new one, which otherwise would have cost hundreds more than that. Our neighbors told us no damage was done by the water leaking into their units, they dried it up and all was well (no paint/floor damage whatsoever). Also when we were moving in, due to a miscalculation of distance, our couch ended up going partially through a corner window, shattering it everywhere. Also $40 to remove the glass/frame of the old window and replace it with a brand new one. I just renewed our contract with AHS, should any other problems arise, and you know they would if I'd let the warranty expire and not renew.



Thanks, rebjc! I would much rather have a house than a condo, but it almost wasn't possible for us to get into the Southern California housing market with prices being what they were last January and what they still are. This is our 'stepping stone' to whatever we decide to buy next. (Hopefully something detached with a yard). After hearing horror stories from my parents regarding their first condo (mostly the repairs that were needed before they could even live in it), we feel like we lucked out with ours, which was basically in move-in condition but in need of eventual upgrades.

[kcjules]

thank you all for your comments ~ you're really helping :)

i guess i'm lucky that these condos are brand new. and while something can still go wrong, the chances are less with a brand new structure and appliances, etc.

dh & i went to see the condo on saturday and i asked a bunch of questions. the association fees are only $104/month which i was very pleased about. she also gave us a list of the all the upgrades and the costs. when i get a job, we're going to go over there and run some numbers. she said there are still 3 available, but they are building a ton more as well!

she said that we shouldn't hear our neighbors at all and gave us some specs on the insulation, etc. my dad says that it's very thick and soundproof and shouldn't be a big problem. MIL suggested asking people that already live there, how they like it and if they can hear their neighbors. so we might be doing that too.

keep the advice coming :) thanks again!

[whitlockan]

Wow, ladies your condo's are nothing compared to what we have out here! Yours are more like townhouses, I would love to find a condo like many of yours instead we have apartment style condos; meaning their are 3 floors and 4 units on each floor; selling from low 250's to upwards of 500-900k all for 1,000 sq ft.

We just purchased our condo 2 weeks ago, we havent had any problems though we did purchase in a high sought after area. We have not heard our neighboors once nor anyone tromping up and down the outside steps going to their units. Its very very quite, the most noise we here is from the fire trucks when they pass bye, though its not regularly but still its often enough to become annoying yet easy for you to block out. We have much updates to do since our condo was built in 1991, like update the appliances and paint a little, it just really needs some TLC.

Anyways our dues are 180.00 a month and that covers, garbage removal, master insurance policy, maintinanace for the dog park grounds as well as the community grounds, parking and snow removal. We have no pools no nothing, just a nice little dog park with a common area filled with bbq's and picnic tables. Its a very nice community to say the least.

I say condo living is what you make of it, if you dont enjoy living in close quarters with someone I wouldnt recommend it, but if 1,000 sq ft is enough for two people then you will enjoy it. For us its just my husband and I and two dogs, both small! We really enjoy it for right now, it allows us to save money yet still have nice things. For instance we both drive brand new cars, we have very nice furniture and still own something thus getting equity out of it, much better than paying for nothing.

Its great when you live in big city centers or even between two big city centers because most of your day is spent driving in traffic thus you dont have a lot of time during the week to upkeep much, and your weekends you truely get to catch up rather than repairing your roof or mowing your lawn. We've owned a house previously and I would much rather live in a condo for the mere fact that I get to enjoy my weekends instead of working.

Thats my take on condo living.....Love it Love it Love it!!!

[kcjules]

i just wanted to thank all of you for your comments, suggestions, etc.

i'm VERY pleased to announce that DH bought one of the condos and we close on june 16 :D we are so excited! we're going to be homeowners!

[Asha]

congrats!

[Rancid13]

Congratulations!!!

[kcjules]

thanks so much, rebjc and rancid13! we are so excited :)