Tell me about owning a condo.

[Jalapeñomel]

We put an offer in on a condo, and our reality is cautiously optimistic. I'm trying not to get my hopes up, but it's too late for that. And it has a pool!

Do you like living in a condo? Did you do an regular inspection or not (or what the interwebs are calling a condo inspection)?

[lilac05]

We live in relatively LCOL, so SFH are affordable. We rented a townhouse in CA & liked it overall. Some of the community rules were pretty obnoxious, but that kind of comes with the territory. We rarely heard neighbors, but that would be something I'd check carefully (noise levels).

I'd definitely do an inspection. Most loan companies/banks won't give you a mortgage without one anyway. Ask friends for a referral, don't just take the first one your agent recommends.

[verycontrary247]

I didn't own a condo, but I rented one for a few years.

The cons: didn't utilize the community pool because there were a ton of annoying under-supervised tweens there all the time, the landscaping people would always show up super early in the morning when I was trying to sleep, had restrictions on stuff that could be on the patio (got a nastygram when I tried to put my bike out there).

The pros: I didn't have to do yard work

[Jalapeñomel]

Apr 30, 2016 11:57:08 GMT -5 verycontrary247 said:

I didn't own a condo, but I rented one for a few years.

The cons: didn't utilize the community pool because there were a ton of annoying under-supervised tweens there all the time, the landscaping people would always show up super early in the morning when I was trying to sleep, had restrictions on stuff that could be on the patio (got a nastygram when I tried to put my bike out there).

The pros: I didn't have to do yard work

Oh tweens....ugh.

[anaps28]

We had a condo back in NY and I loved it. We did do an inspection when we bought.
I loved having a doorman , a covered parking spot and not having to shovel snow. We were at the end of the hallway so we rarely heard anyone else except the lady who lived across from us.

[pumpkin]

I have a town home and love it. For me it's great that I don't have to worry about the exterior and landscaping, though I have done quite a bit with my tiny backyard area. I occasionally hear my neighbor's on one side, but rarely. I really like the location of my TH in the complex and am really happy with my decision. We don't really have any common amenities other than a small BBQ area, a small playground, and a few green spaces.

[melmel48]

I own a condo and it has been nothing but hell, however that is because the other owners are dipshits. I do like not having to worry about a yard. We have a property manager who got our quotes and set up the work to be done when we had our driveway paved, so that was nice. It sucks here because we have delinquent home owners and we also have an owner who stupidly paid cash for his unit and didn't get an inspection. Claims he didn't know we were getting the driveway done and is delinquent on his portion of the driveway. He is also refusing to get the siding done because he put all of his cash into purchasing his unit. I got an inspection; it was required by the bank, but I would have had one anyway. I feel they are very important.

I like to think I am a rare case though! I hope you have a much better experience!

[starlily]

I own a condo, which I rent out now.

Pros: No yardwork. The HOA's rules weren't crazy or over the top. Easy access to a pool and gym. Gated community. We were in a upstairs, corner unit, so it was relatively quiet.

Cons: Our garage wasn't attached to our building, which sucked in bad weather. Although home prices in the area have fully recovered from the recession, condos in the area are still underwater for the most part. You might also want to check the proportion of renters to owners in the complex -- it can sometimes affect resale ability. We also noticed some quality of life issues as our complex shifted from being owner occupied to renter occupied. Unfortunately we unknowingly contributed to that issue with our 2nd tenant.

ETA: Be sure to ask to see the HOA's latest reserve study and current financials if you haven't already.

[miso]

I really liked living in our downtown condo.

My husband's family owned it before I lived there, so I have no experience with inspections.

Our building was mostly professional and/or Korean and/or old people. Very well-maintained all around.

[Jalapeñomel]

Apr 30, 2016 12:54:27 GMT -5 melmel48 said:

I own a condo and it has been nothing but hell, however that is because the other owners are dipshits. I do like not having to worry about a yard. We have a property manager who got our quotes and set up the work to be done when we had our driveway paved, so that was nice. It sucks here because we have delinquent home owners and we also have an owner who stupidly paid cash for his unit and didn't get an inspection. Claims he didn't know we were getting the driveway done and is delinquent on his portion of the driveway. He is also refusing to get the siding done because he put all of his cash into purchasing his unit. I got an inspection; it was required by the bank, but I would have had one anyway. I feel they are very important.

I like to think I am a rare case though! I hope you have a much better experience!

Did you an inspection that was specific for condos or just a regular home inspection?

[Jalapeñomel]

Apr 30, 2016 12:56:46 GMT -5 starlily said:

I own a condo, which I rent out now.

Pros: No yardwork. The HOA's rules weren't crazy or over the top. Easy access to a pool and gym. Gated community. We were in a upstairs, corner unit, so it was relatively quiet.

Cons: Our garage wasn't attached to our building, which sucked in bad weather. Although home prices in the area have fully recovered from the recession, condos in the area are still underwater for the most part. You might also want to check the proportion of renters to owners in the complex -- it can sometimes affect resale ability. We also noticed some quality of life issues as our complex shifted from being owner occupied to renter occupied. Unfortunately we unknowingly contributed to that issue with our 2nd tenant.

ETA: Be sure to ask to see the HOA's latest reserve study and current financials if you haven't already.

No rentals with this HOA.

Our loan is through first time home owners, so they do all the financial stuff for us, which is really nice.

[Deleted]

We looked at condos for about a year before we left NYC.  So, while I haven't personally lived in one I have good friends that do and I did ask around a lot.  It really depends on the particular building.  Most had some sort of pet policy---some didn't allow any and some had restrictions.  Most of the elevator buildings did not allow you to have a washer/dryer and had a laundry room with particular hours.  There were rules about the balconies that usually allowed no grilling etc.  I think all of the ones I looked at had a floor covering policy; like 50-75% of floors must be carpeted. Parking was not included in the ones I looked at and they only allowed you to have one spot per condo.  Also, the monthly HOA/maintenance can sometimes go up if say the building needs a new roof or boiler.  My friend's maintenance was usually $450 a month, but went up to $800 for a year due to a new roof and boiler being needed in the building.

The good points were that they were more affordable than SFH and you don't have to shovel snow, mow grass, etc.  Just make sure to know all of the policies so there are no surprises.

[Jalapeñomel]

Apr 30, 2016 13:42:51 GMT -5 @blueyes623 said:

We looked at condos for about a year before we left NYC.  So, while I haven't personally lived in one I have good friends that do and I did ask around a lot.  It really depends on the particular building.  Most had some sort of pet policy---some didn't allow any and some had restrictions.  Most of the elevator buildings did not allow you to have a washer/dryer and had a laundry room with particular hours.  There were rules about the balconies that usually allowed no grilling etc.  I think all of the ones I looked at had a floor covering policy; like 50-75% of floors must be carpeted. Parking was not included in the ones I looked at and they only allowed you to have one spot per condo.  Also, the monthly HOA/maintenance can sometimes go up if say the building needs a new roof or boiler.  My friend's maintenance was usually $450 a month, but went up to $800 for a year due to a new roof and boiler being needed in the building.

The good points were that they were more affordable than SFH and you don't have to shovel snow, mow grass, etc.  Just make sure to know all of the policies so there are no surprises.

This condo isn't in a building, it's more like a townhouse (outside of NYC proper). This has a garage, washer/dryer and a dishwasher!

I have heard that maintenance can go up, which sucks.

[Deleted]

Apr 30, 2016 13:51:51 GMT -5 Jalapeñomel said:

Apr 30, 2016 13:42:51 GMT -5 @blueyes623 said:

We looked at condos for about a year before we left NYC.  So, while I haven't personally lived in one I have good friends that do and I did ask around a lot.  It really depends on the particular building.  Most had some sort of pet policy---some didn't allow any and some had restrictions.  Most of the elevator buildings did not allow you to have a washer/dryer and had a laundry room with particular hours.  There were rules about the balconies that usually allowed no grilling etc.  I think all of the ones I looked at had a floor covering policy; like 50-75% of floors must be carpeted. Parking was not included in the ones I looked at and they only allowed you to have one spot per condo.  Also, the monthly HOA/maintenance can sometimes go up if say the building needs a new roof or boiler.  My friend's maintenance was usually $450 a month, but went up to $800 for a year due to a new roof and boiler being needed in the building.

The good points were that they were more affordable than SFH and you don't have to shovel snow, mow grass, etc.  Just make sure to know all of the policies so there are no surprises.

This condo isn't in a building, it's more like a townhouse (outside of NYC proper). This has a garage, washer/dryer and a dishwasher!

I have heard that maintenance can go up, which sucks.

Oh awesome! A townhouse is definitely a much better situation, IMO.  Good luck!!!! I'm guessing you're heading north of the city? How are the taxes up there?  One good thing is that it's usually a little less in a condo.  

[Jalapeñomel]

Apr 30, 2016 14:09:40 GMT -5 @blueyes623 said:

Apr 30, 2016 13:51:51 GMT -5 Jalapeñomel said:

This condo isn't in a building, it's more like a townhouse (outside of NYC proper). This has a garage, washer/dryer and a dishwasher!

I have heard that maintenance can go up, which sucks.

Oh awesome! A townhouse is definitely a much better situation, IMO.  Good luck!!!! I'm guessing you're heading north of the city? How are the taxes up there?  One good thing is that it's usually a little less in a condo.  

Expensive! It sucks.

[starlily]

Apr 30, 2016 13:51:51 GMT -5 Jalapeñomel said:

Apr 30, 2016 13:42:51 GMT -5 @blueyes623 said:

We looked at condos for about a year before we left NYC.  So, while I haven't personally lived in one I have good friends that do and I did ask around a lot.  It really depends on the particular building.  Most had some sort of pet policy---some didn't allow any and some had restrictions.  Most of the elevator buildings did not allow you to have a washer/dryer and had a laundry room with particular hours.  There were rules about the balconies that usually allowed no grilling etc.  I think all of the ones I looked at had a floor covering policy; like 50-75% of floors must be carpeted. Parking was not included in the ones I looked at and they only allowed you to have one spot per condo.  Also, the monthly HOA/maintenance can sometimes go up if say the building needs a new roof or boiler.  My friend's maintenance was usually $450 a month, but went up to $800 for a year due to a new roof and boiler being needed in the building.

The good points were that they were more affordable than SFH and you don't have to shovel snow, mow grass, etc.  Just make sure to know all of the policies so there are no surprises.

This condo isn't in a building, it's more like a townhouse (outside of NYC proper). This has a garage, washer/dryer and a dishwasher!

I have heard that maintenance can go up, which sucks.

This is where looking into the reserve study helps. It gives projections of what maintenance the HOA will need to do over the next 5-10 years, and estimated costs, which you can then cross-reference with the financial statements (looking particularly at the number of owners in default) to see the likelihood of increased fees. So make sure the people who are handling the financial stuff for you go over this.

I used to be on the HOA board.

[Gato]

We had a townhouse condo in NJ for 4 years. It was pretty sweet, and the people we shared a wall with were great. Since our LR, DR, and bedrooms were on the outer walls, and the garage/bathrooms/utility stuff were on the shared wall, we almost never heard noises from the other side. Also good: after Hurricane Sandy, the condo association handled cleanup, removing downed limbs, and replacing roof materials.

What I also never appreciated about the NJ condo was that in a development of 50+ units, there wasn't much drama that we had to deal with. If a few units weren't paying the condo fee, the guy who handled running the association had to deal with it, not us. Now, we share a house with one other unit, people who live overseas and rent it out, and we have not had an easy time communicating with them or getting them to pay up for things. So be very careful if you're going into an arrangement like that.

[fryjack2]

If you care about resale, look into what the condo market is like where you are buying. We have a condo in a major city and will never have a problem selling. We have friends who rent out their condo ( it's a condo but is what I know as apartment buildings are like. Lots of buildings with club house and pool, etc.) because they Couldn't sell it in the town they are in.

Look at the reserve funds. Look at the budget and projected capital improvement projects. Look at how many owners are delinquent in paying fees.

Make sure you read your condo docs so you know who is responsible for repairs to things like your windows, your sidewalk, roof, etc.

Ask if the management company has been working with the building long and what services they offer-plumber, painters, etc.

Good luck!! I mostly love condo living. But that's because I'd rather pay someone to do house upkeep than do it myself

[8675309]

We had town home before we bought our house. I didn't really have many complaints about it other than parking. No one would come over because it was an 80/20 shot you would NOT be able to park.

[janegold]

Our inspector inspected both our unit and the building systems, common areas and exteriors.

[Jalapeñomel]

Thanks everyone! I appreciate your input!