|
|
 10 Questions to Ask the Condo Board
Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive — and organized — its members are. You’ll also be alerted to potential problems with the property.
1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.
3. How much does the association keep in reserve? Plus, find out how that money is being invested.
4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs.To determine if the assessment is reasonable, compare the rate to others in the area.
5. What does and doesn’t the assessment cover? Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal?
6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.
7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS®, owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years.
8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly.
9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.
10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments. Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved. |
|
Pros and Cons of going Condo
|
|
Condominiums and townhouses offer an affordable option to single-family homes in many markets, and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your legwork. These are some of the important elements to consider: - Storage. Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.
- Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you dread yard work, this may be the perfect option for you.
- Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.
- Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home — good news if you like to travel.
- Security. Keyed entries and even doormen are common in many condos. You’re also closer to other people in case of an emergency.
- Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees decided by the condo board, whether or not you’re interested in the amenity.
- Resale. The ease of selling your unit may be dependent on what else is for sale in your building, since units are usually fairly similar.
- Condo rules. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets, or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.
- Neighbors. You’re much closer to your neighbors in a condominium.
|
|
|
|
| Aqua :: Naples, FL :: View Details |  | With prices starting in the $2 Millions; Aqua, Naples' most elegant new address, offers a unique and private waterfront lifestyle for refined sensibilities, with amenities that include concierge services, a private yacht harbor with direct access and membership to Naples' most exclusive yacht club. | | Bleu Claire :: Longboat Key, FL :: View Details |  | Nestled along the pristine coastline of Longboat Key is a new level of exclusivity to define beachfront living, the taste of luxury, the reward for a lifetime of accomplishment: Your inspiration. Your dream. Your Bleu Claire. Designed to evoke the feeling of a retreat from the everyday, Bleu Claire on Longboat Key is inspired by the villas of the French Riviera. The community's understated elegance reflects the beauty of its natural surroundings and the enchanting views of the Gulf of Mexico. | | Chinquapin :: Cashiers, North Carolina :: View Details |  | Nestled contentedly in a rolling expanse of the Cashiers area of the Blue Ridge Mountains, there exists a place where home settings and amenities emerge naturally from the land-as if they always have been. It's a place surrounded by pristine national wilderness, so you know it always will be. It's a place where new beginnings and new discoveries spring naturally from every moment out of the spectacular beauty that is Chinquapin. | | Citrus Square :: Sarasota, FL :: View Details |  | A new concept on in-town living is coming to a neighborhood set apart by a new pedestrian-friendly, tree-lined streetscape with quaint open square and distinctive lampposts. Great city location on Orange Avenue just three blocks to Main Street. Walk to your favorite downtown Sarasota restaurants, shopping, and cultural arts. | | Cristal Beach Resort :: Cabrera, Dominican Republic :: View Details |  | Cristal Beach is a luxury residential condo resort on the North Coast of the Dominican Republic with the utmost attention to natural beauty and detail. We offer 2 and 3 bedroom units with the highest finishes along with all ocean views, direct beach access, resort style pool, jacuzzi and many more amenities for you and your guests. | | Firefly Cove At Lake Lure :: Lake Lure, NC :: View Details |  | Set within the natural beauty of Lake Lure and the surrounding grandeur of Chimney Rock State Park, Firefly Cove, with its rich historical past, offers its residents an unparalleled waterfront and mountain lifestyle. Residents will enjoy the Village Commons area which includes the Community Lodge with Billiards and Fireplace Gathering Lounge, Heated Swimming Pool and Outdoor Amphitheater. Also, all residents have direct lake access and may enjoy the Boathouse, Canoe and Kayak Area and Lakeside Docks for fishing, swimming or boating. | | Florida Lifestyle Homes :: Fort Myers, FL :: View Details |  | Florida Lifestyle Homes can provide one-stop shopping for your custom home in the most prestigious areas of Southwest Florida. We have used our financial strength and experience to inventory a substantial portfolio of spectacular home sites in Lee County's luxury home communities of Cape Harbour, Renaissance, Verandah, as well as, Collier County in Quail West, a Ginn Club community. If you are already an owner of a home site or if you have a home site in mind that is not in our inventory, we would be happy to build your dream home where ever you choose. We are proud to have been selected as a preferred builder in the most exclusive waterfront and golfing communities in Southwest Florida. | | Laguna at Riviera Dunes :: Palmetto, FL :: View Details |  | Laguna at Riviera Dunes, situated directly on the beautiful Manatee River, offers a laid-back escape from downtown condominium living at an extraordinary price. Begin and end your day with breath-taking views of the Manatee River or the magnificent Riviera Dunes Yacht Basin. Enjoy relaxing by the pool and private clubhouse. And while you'll savor the casual Florida lifestyle, a short drive places you in the midst of fine dining, exquisite shopping and exciting cultural activities, making Laguna at Riviera Dunes the perfect seasonal or year round home. | | Lely Resort :: Naples, FL :: View Details |  | A close-to-everything Naples location, three championship golf courses and a cosmopolitan atmosphere amid lush natural surroundings has made Lely Resort one of the most sought after addresses in Naples. Lely Resort offers 13 spectacular unique neighborhoods. | | Naples | 701 :: Naples, FL :: View Details |  | Naples | 701 has a distinct tucked-away feeling that hits as soon as you enter the property. Every square foot of space is engineered for optimum use - from closet room to kitchen appliance placement, with sleek fixtures and bright spaces. It's everything you need, and nothing you don't. | | Paseo :: Fort Myers, FL :: View Details |  | Paseo. The way to say "journey". Our way of saying a wonderful place to live. Stock Development presents an exciting new Ft. Myers community designed with a blend of inspired residences, all a stroll away from the Paseo Village Center. With plenty of places and spaces for family and friends to meet and celebrate life. Priced to move you! | | Roco Ki :: Punta Cana, Dominican Republic :: View Details |  | Set along the dramatic headlands and pearl white beaches of the Dominican Republic's fabled eastern shore is a world that offers rich culture, awe-inspiring scenery and a wealth of adventure. This is the place that will redefine luxury living for a new generation. Here is a world where the past is honored; the present is celebrated; the future is boldly envisioned. Welcome to Roco Ki. | | Summer Cove on Siesta :: Siesta Key, FL :: View Details |  | Only Summer Cove on Siesta offers sophisticated, modern, island living on Siesta Key that's move-in ready with a 100% money-back guarantee. While most high-end island communities in the area are selling ideas and pictures, Summer Cove offers buyers the real thing. And by real thing, we mean gorgeous landscapes, luxurious interiors, private elevators, exceptional water views, and the finest in modern, upscale amenities from the low $1 millions. | | The Cove at Celo Mountain :: Burnsville, North Carolina :: View Details |  | The Cove at Celo Mountain elevates the North Carolina mountain living experience to the peak of quality, beauty and enjoyment. Tucked in the spectacular Blue Ridge Mountains approximately 35 minutes from Asheville, NC this dynamic, engaging, boutique community of luxury home sites, lots, villas and cottages is a property that wholly reflects its exquisite natural landscape. Located near historic Burnsville in the heart of the Blue Ridge Mountains, The Cove at Celo Mountain offers a fully rewarding lifestyle and a grounded sense of community deeply rooted in regional values and traditions. Rediscover an America you thought was long gone; Discover a lifestyle where natural beauty meets simple elegance; Discover The Cove at Celo Mountain. Start making your "memories for a lifetime" today. | | The Ivy Naples Grande :: Naples, FL :: View Details |  | For those who want Naples' exclusivity, championship golf and oceanfront elegance, there is The Ivy. Offering more than 3,000 square feet of living, the spacious homes feature the finest interior appointments and grand architectural details. While the private clubhouse provides the residents with the perfect place to meet and socialize with family and friends. | | Vivante :: Punta Gorda, FL :: View Details |  | Set in the heart of the tranquil coastal town of Punta Gorda, this luxury community features gorgeous condominium residences, a Grand Clubhouse, beautiful walking paths and magnificent views of Charlotte Harbor. |
| Hacienda :: Placida, Florida :: View Details |  | Located between the tranquility of the sunrise over Charlotte Harbor and the fiery sunset on the Gulf of Mexico is a magical stretch of Florida's Intracoastal Waterway. Here lies Hacienda, the perfect Waterfront community Nestled among the oldest and most unique tropical destinations on Florida's Gulf Coast. | | Savannah Preserve At University Place :: University Park, FL :: View Details |  | Touch remarkable quality, enjoy spectacular design. Come exclaim over upgrade upon upgrade - acres of granite in kitchens and baths, glass block garden showers, lanais with incredible views from these brand new carriage-style condominium homes. Come hear yourself say the unheard of. "Finally. Now this is worth it." Not to mention, "What a terrific University Park location." Situated near Lakewood Ranch and the new University Town Center Mall. |
Powered by Agent Shield™ | Perrone Construction :: Sarasota, FL :: View Details |  | As Sarasota's premier builder of luxury waterfront residences since 1980, Perrone Construction's reputation for unparalleled excellence is widely acknowledged throughout the community. Our dedication to quality and our commitment to our client remain as strong today as ever. Repeat clients and referrals from former clients account for a good deal of our business, and to our company, this is the highest compliment that we could receive. |
Powered by Agent Shield™ | Jade Condo Hotel Residences & Beach Club :: Manuel Antonio, :: View Details |  | From its stunning perch overlooking the best of Manuel Antonio, Jade Resort Residences & Beach Club will become your personal connection to "Paradise on the Pacific". Jade (Wyndham) Condo Hotel Residences and Beach Club features 190 spectacular designer suites and a private beach club that rivals everything else in Costa Rica. |
Powered by Agent Shield™ Powered by Agent Shield™ |
|
|
|