learn me on buying a condo?

[opus1]

All of the financial items mentioned are good points so I won't restate them.

Biggest thing to consider: how do you feel about following rules? I lived in a townhouse-style condo setup and the bylaws went as far as stipulating that all window-coverings had to have the outside-facing part white. Want a storm-door on your entry door? White frame, full-view glass only. And be ready for people with nothing better to do monitor every thing you do and tattle on you.

All in all, though, I didn't have any problems with that sort of scrutiny until about 6 months before I moved. This was in the early days of satellite dishes and my neighbor put a dish on the roof of his unit, but the property manager thought it was my dish so I started getting nasty-grams about having it removed or I'd be fined, the dish would be removed and I would be billed for the expense. I thoroughly enjoyed embarrassing the property manager at a meeting when he stated that I was being fined because the dish was clearly on the roof of unit "x", and I replied "that may be, but I'm in unit 'y'."

 

[SC Maintenance]

Lots of good ideas - thank you. I really didn't think about checking out the parking garage but that is an excellent idea.

All of my single family homes have been in HOA's. I realize some are more restrictive than others, but I also read all the rules front to back before I bought and would again. I won't get into the good / bad arguments about HOA's - but they do tend to keep the neighborhood looking good. Of course mine were all really large HOA's - so it would be hard for a few crazies to take complete control.

 

[PandaBear]

Condo is a trade off. If you are loaded obviously you want a single family home with a paid gardener to help you maintain it. However if you have to choose between location, cost, size, and quality of the unit, you have to compromise somewhere.

To me it only make sense to buy a condo if I don't want to live too far away from work (or in a good school district) and I need a certain quality (i.e. I need to look like I live a quality life) and I absolutely don't want to rent. I would absolutely not buy a condo as an investment as owner occupied even. People who would overpay to buy a property usually want good school and SFH, at the minimum usually town homes. Condo are usually for young people with less money and would be forced to sell later when they have kids, instead of forced to overpay to buy because of kids.

 

[BMWTurboDzl]

Lots of good ideas - thank you. I really didn't think about checking out the parking garage but that is an excellent idea.

All of my single family homes have been in HOA's. I realize some are more restrictive than others, but I also read all the rules front to back before I bought and would again. I won't get into the good / bad arguments about HOA's - but they do tend to keep the neighborhood looking good. Of course mine were all really large HOA's - so it would be hard for a few crazies to take complete control.

The only big difference is that the condo HOA will insure/maintain* the exterior of the units and the common areas. Common areas begin right outside your front door.

*Windows and doors typically excluded.

I'm getting ready to cause a stir with my HOA by planting a test bed of some shade/drought tolerant Zoysia now that the Bermuda died yeas ago and the pine straw hasn't completely covered everything.

 

[SC Maintenance]

'm getting ready to cause a stir with my HOA by planting a test bed of some shade/drought tolerant Zoysia now that the Bermuda died yeas ago and the pine straw hasn't completely covered everything.

I am about to do this exact same thing under a tree out front. Centipede won't keep - its all weeds. Think I will try plugs - a little more stealth?

 

[Hillbilly Deluxe]

All of the financial items mentioned are good points so I won't restate them.

Biggest thing to consider: how do you feel about following rules? I lived in a townhouse-style condo setup and the bylaws went as far as stipulating that all window-coverings had to have the outside-facing part white. Want a storm-door on your entry door? White frame, full-view glass only. And be ready for people with nothing better to do monitor every thing you do and tattle on you.

All in all, though, I didn't have any problems with that sort of scrutiny until about 6 months before I moved. This was in the early days of satellite dishes and my neighbor put a dish on the roof of his unit, but the property manager thought it was my dish so I started getting nasty-grams about having it removed or I'd be fined, the dish would be removed and I would be billed for the expense. I thoroughly enjoyed embarrassing the property manager at a meeting when he stated that I was being fined because the dish was clearly on the roof of unit "x", and I replied "that may be, but I'm in unit 'y'."

Read the giant, bolded-type three times. All of it. All of it is 100% true. There are 10x more people there than you could ever imagine that live solely to tattle on you and anyone else. 90% of them will never, ever speak of it or their desire. It's some sick, mental issue.


Some people fully enjoy all of this and see no problem with it. It's obvious that many in society agree with this and accept it, I'm sure 2020 just bolstered more into this group. Don't believe me? Open your eyes and look at society today, how they vote, etc.

I love the second paragraph. I would have never said a word, just let the satellite dish get repo'ed.... and enjoyed the ensuing circus on both sides. I love it when the authority of many rules can't coordinate their discipline properly and it causes them time, money and stress.

 

[64bawagon]

"HOA's are the lowest form of Government and often attract sociopaths" My lawyer who does primarily land law.
The biggest problem with an HOA is humans, other than that its a great concept.

 

[JHZR2]

Every property I’ve looked at that has an HOA is either a slum, or has excessive costs (hundreds and hundreds of dollars per unit per month). Lazy people paying for someone else to do something tends to drive that.

 

[atikovi]

If it's a high rise multi-story development, take the lifespan of the building into serious consideration. Avoid anything over 30 years old and stay away from any over 50 especially if it's in a coastal area. A unit at 60 or 70 years of age will have little resale value and the building could require $50 million in structural repairs to keep it from collapsing. If it's 200 unit condo, that's a $250,000 assessment that few owners will pay.

 

[GON]

Lot of great information in this thread.

My two cents, wood be cbs only construction, especially in the interior between units, top floor only, and corner unit only. That criteria reduces very likely/ common risks.