learn me on buying a condo?

SC Maintenance

SC Maintenance

Joined
Jun 8, 2022
Messages
5,984
Location
Lowcountry South Carolina
I know, get a good realtor and real estate attorney. I will if the time comes.

In the meantime I am just trying to educate myself.

I have been browsing some condo's online. I never figured I would want to share a wall (and roaches) with anyone again, but I also am thinking I don't want outdoor maintenance on 2 places.

So suggestions on where to even start - a book, a website, advice on what not to do - before I even start thinking about thinking about buying a condo?
 
As someone who worked apartment maintenance for a while I'd do a couple of things. First research the heck out of the condo company that runs things. See if there were lawsuits, infestations, or other shady practices that extend to multiple properties. Some condos you are on your own for maintenance but for a set fee per month they will send someone out. Is the condo in a relatively mid-upscale income area? And the big one do they allow low-income tenants? Not to knock broke people but I saw the issue arise on a few apartments that had low income. One guy was selling drugs out of his apartment which finally led to him getting kicked out. Just a few considerations.
 
Do you have some construction experience or knowledge? Just look at the place, what materials its made with, sky lights, silly design features, falling apart at 10 years? Ask about their reserve fund.
I'm no expert but you don't want to be paying for stupid common space or exterior mistakes, or get into a 10 unit building that needs 1M of repairs soon with $100k saved up...
 
I have zero real estate expertise but as a buyer I'd be very concerned about how they can assess or raise fees for CAM, painting etc. You want the place looking nice but you also don't need the most expensive contractor in town giving it a fresh coat every other year.

Also parking rules and how they're enforced and if you like that or don't like that. I mean some will favor strict control, others don't want their friends hassled if they come over for a summer grill session.....but maybe you do want your obnoxious party neighbors' friends to be hassled.

My grandma had a condo when I was in college. The "head lady" of the association was later convicted of embezzling tens of thousands. I always figured it would be pretty easy to do -- at least for awhile-- if you were that type of criminal.
 
My #1 concern would be what % of them are rentals and I would want to know if there are rental limits etc.
Around here, they have detached condos as well, they sort of look like spaced out row houses here.
 
SC Maintenance said:
I know, get a good realtor and real estate attorney. I will if the time comes.

In the meantime I am just trying to educate myself.

I have been browsing some condo's online. I never figured I would want to share a wall (and roaches) with anyone again, but I also am thinking I don't want outdoor maintenance on 2 places.

So suggestions on where to even start - a book, a website, advice on what not to do - before I even start thinking about thinking about buying a condo?
Click to expand...

In response to the condo collapse in Florida many states have been forced to revamp their laws regarding HOA reserves for site repairs/maintenance. On older buildings some residents are getting hit with 5 or 6-figure special assessments which they can not pay so they have to dump the unit for some place cheaper.

You'd hate to buy an older unit and find out a big assessment is due.

mishtalk.com

Florida Condo Owners Dump Units Over Six-Figure Special Assessments

Have a Florida condo? Can you afford a $100,000 or higher special assessment for new safety standards?
mishtalk.com mishtalk.com
 
With condos, you always have association fees that are supposed to pay for the services that you, understandably, do not want to have to perform yourself such as yard maintenance, etc. But, you don’t have to purchase a condo to get someone else to do the maintenance on a property for you. You could buy a single-family home as a second residence and pay for landscaping and contract out the maintenance services, which allows you to decide which services you want to pay for and you have control over who the contractor is. And, along with all the other issues that others have mentioned here, you may find yourself with more flexibility and choices instead of going into an association where you have very little say over what happens; especially the fees that are assessed to you.
 
Get the HOA's financials and scour through them. Learn to understand it all. Read the last 3 meeting's minutes. Then WALK carefully and slowly around the property. Figure out what needs to be replaced, repaired, etc. I mean roofs, siding, retention ponds, paving, water, sewer, trees, landscaping, etc. Look for water drainage issues, damage (foundation walls cracking, etc.), look for erosion, look for everything.

Find out what the HOA dues are, if there are currently special assessments, how much is in reserves, etc.

A GOOD real estate agent should be able to help with this, but they are going to be quick and expect you to really do the work. They can't put 20 hours into this for you and you back out...
 
LowMilesLesabre said:
With condos, you always have association fees that are supposed to pay for the services that you, understandably, do not want to have to perform yourself such as yard maintenance, etc. But, you don’t have to purchase a condo to get someone else to do the maintenance on a property for you. You could buy a single-family home as a second residence and pay for landscaping and contract out the maintenance services, which allows you to decide which services you want to pay for and you have control over who the contractor is. And, along with all the other issues that others have mentioned here, you may find yourself with more flexibility and choices instead of going into an association where you have very little say over what happens; especially the fees that are assessed to you.
Click to expand...
Agree with everything you’ve typed however, in my opinion, an HOA prevents a lot of things that people without HOAs have to deal with otherwise. Examples off the top of my head:
* Living next door to a washing machine and other clutter on the font porch.
* They usually don’t allow flying of flags. I don’t want to see my neighbors flying a state sponsored terrorist flag.
* Number of pets and all that’s associated with that. Picking up after your pet. (Even though most ordinances provide for this, in an
HOA there is a much greater chance of it being enforced.
I could list other reasons if I had more time but you get my gist.

One last thing. My brother lives in an HOA development and was on their board for a few years. He didn’t mind the rules rules and regulations but what he did mind were the serving board members who were on a power trip. He thought they came down too quickly and harshly on people without fully looking into the veracity of complaints before rendering decisions.
 
As a buyer (been living in my condo for 10 years now), I'd look:

  1. Talk to the neighbors if you can, see how they are and get a feel for them; but realize even the nice-at-face-value can party every weekend until 4am.
  2. Ask them how they feel about the HOA
  3. HOA rules and fees
  4. If you're looking at a downstairs condo, see how loud your upstairs neighbors are.
  5. Communities usually are on NextDoor or a Facebook group page. See if you can find your prospective neighborhood on one of those to see what issues the community is having.
 
Most of the two unit condos in my small town are not HOA. You mow your own grass and snow removal.
I own one, but my Son lives in the other half, so we have no problems. Take care of our own bills. Come roofing time we split the bill.
 
Inked said:
Agree with everything you’ve typed however, in my opinion, an HOA prevents a lot of things that people without HOAs have to deal with otherwise. Examples off the top of my head:
* Living next door to a washing machine and other clutter on the font porch.
* They usually don’t allow flying of flags. I don’t want to see my neighbors flying a state sponsored terrorist flag.
* Number of pets and all that’s associated with that. Picking up after your pet. (Even though most ordinances provide for this, in an
HOA there is a much greater chance of it being enforced.
I could list other reasons if I had more time but you get my gist.

One last thing. My brother lives in an HOA development and was on their board for a few years. He didn’t mind the rules rules and regulations but what he did mind were the serving board members who were on a power trip. He thought they came down too quickly and harshly on people without fully looking into the veracity of complaints before rendering decisions.
Click to expand...
Face it hoa board members are there because they flunked out of the police Academy or didn't make it into the military, and no I'm not kidding about that. Many but not all have a huge power trip.
 
My sister is a lawyer and at one of the HOA meeting she attended an off duty cop pulled out a gun and put it on the table so everyone can see.

The condo board was in shambles and fighting within.
 
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