My wife and I are considering moving to a condo. Since we got married about 10 years ago we have only lived in a house,and we have never been part of an association. Thoughts on living in a condo pros and cons.
Condo Life
- Thread starter catfanbrad
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Where do you live? Certain areas have a much better resale market condos than others. If I lived in NYC, Jersey, Boston, DC, I'd say go for it. But living in Louisville, I know many more people who have sat on condos, only to rent them, because they can't sell them. I understand what you're saying and they certainly have their benefits, but where you live and how long you plan on staying in it would dictate some of my decision.
Like Shock said above, a condo might be a good option in a large city. Something like Louisville or Lexington would be less ideal. Condo financing is also a different beast than your single family residence ( if you need financing.).
After UK I bought a condo when I first moved back to Louisville. Sold it in 2008 right before the market tanked. Could not get today what I sold it for then.
After UK I bought a condo when I first moved back to Louisville. Sold it in 2008 right before the market tanked. Could not get today what I sold it for then.
I don't think you can get a loan on one right now unless the development is fully sold so you may consider that. I would seriously ask if you could go to the next HOA meeting before deciding.
I wouldn't want to live in a condo, but we have pets and prefer privacy over mingling.
On the other hand I would love for my parents to live in a condo. Dad doesn't need any yard to keep up with, and I don't need his yard to keep up with, and it would be good for them to have peers close by.
My bank is financing condos, but we're a medium size community bank,and I'm talking about keeping the loans in-house.
On the other hand I would love for my parents to live in a condo. Dad doesn't need any yard to keep up with, and I don't need his yard to keep up with, and it would be good for them to have peers close by.
My bank is financing condos, but we're a medium size community bank,and I'm talking about keeping the loans in-house.
My wife and I have given some thought to buying a condo but too many negatives. Monthly maintenance fees; lack of autonomy; dependence on decisions of others; less privacy.
One big one for us: Like all developments, over the years today's upper end homes/developments eventually become tomorrow's slums. With condo's, we were concerned that over time owners would begin renting their units out thus for all intents and purposes turning the development into a tenement.
Condos have plusses, but for my money, I'd rather have a house. For what you'd pay in monthly fees, you can hire someone to take care of your lawn and do regular maintenance.
One big one for us: Like all developments, over the years today's upper end homes/developments eventually become tomorrow's slums. With condo's, we were concerned that over time owners would begin renting their units out thus for all intents and purposes turning the development into a tenement.
Condos have plusses, but for my money, I'd rather have a house. For what you'd pay in monthly fees, you can hire someone to take care of your lawn and do regular maintenance.
I've never owned a condo, but my first home purchase was part of an association. When I attended my first homeowner meeting, I wanted to immediately call my realtor and list my house for sale. I had no clue how unbelievably petty and immature a group of 50/60/70/80 year-olds could be. Amazing.
Before going that route, I would (as has been previously suggested) research and even attend an HOA meeting to observe the effectiveness of theirs beforehand. While I can't speak to the quality of life/enjoyment of living in a "maintenance free" condo, I can tell that your quality of life/enjoyment can be significantly impacted by your legally bound neighbors.
Before going that route, I would (as has been previously suggested) research and even attend an HOA meeting to observe the effectiveness of theirs beforehand. While I can't speak to the quality of life/enjoyment of living in a "maintenance free" condo, I can tell that your quality of life/enjoyment can be significantly impacted by your legally bound neighbors.
Been looking at downtown condos pretty seriously the past few months.
Being able to walk to so many things, and having no maintenance is very attractive to us at this point. It's incredible how much time and $$$ we've spent the past few years on various things for our older home.
I'm about as anti-'handy' as one could possibly get...much prefer to spend my weekends relaxing, golfing, traveling, watching sports than taking on one home project after another. Just not my deal.
Being able to walk to so many things, and having no maintenance is very attractive to us at this point. It's incredible how much time and $$$ we've spent the past few years on various things for our older home.
I'm about as anti-'handy' as one could possibly get...much prefer to spend my weekends relaxing, golfing, traveling, watching sports than taking on one home project after another. Just not my deal.
We moved into a condo about 10 years ago thinking that it would be great not having to deal with maintenance issues. Well, that is a total mistake. Our story ---
We lived on the first floor which opened into a grassy area and were told that we could not let our dog outside but had to take her to the end where the concrete was to do 'her business'. (Even though we cleaned up her mess).
But the issue that really made us move was - This condo complex was made of brick and siding. In two of the units, the siding was damaged. The association decided that they would file a suit against the builder and have them repair ALL OF THE SIDING even though the damage was only to 2 units. My husband was an advisor on the board and told them that it was impossible to have the builder repair the entire siding of all the units (100+) but that they probably be able to have the damaged siding repaired. The Association decided against that and subsequently proceeded to assess each owner $3,500 to have their own building repaired.
At that point, we put our unit up for sale and moved but had to paid the assessment when we moved. I don't know if they were able to get the builder to repair the damaged areas because by that time my husband said he didn't want anything more to do with the association/president and quit and we weren't privy to any more information other than the assessment.
As for us, we didn't have the privacy of a home and had to be quiet when we went down the hall (talking softly as not to upset others in the building). My husband and I like the privacy of our own home where we can do want we want without other people telling us what to do.
We have been back in our home for almost 10 years and hope that we never have to go back to the 'condo' life again. We have a nice large yard for our dog and can enjoy sitting on the porch.
Another thing is we have found that we can pay someone to do the things that we can't do. We are lucky that we have found someone to mow our lawn for about $30.00 and we now have almost 1/3 acre. Our maintenance fee a month was around $150 (which included our water only). I know that the maintenance fee has increased more than at that time.
This post was edited on 2/25 10:08 AM by CATS1945
We lived on the first floor which opened into a grassy area and were told that we could not let our dog outside but had to take her to the end where the concrete was to do 'her business'. (Even though we cleaned up her mess).
But the issue that really made us move was - This condo complex was made of brick and siding. In two of the units, the siding was damaged. The association decided that they would file a suit against the builder and have them repair ALL OF THE SIDING even though the damage was only to 2 units. My husband was an advisor on the board and told them that it was impossible to have the builder repair the entire siding of all the units (100+) but that they probably be able to have the damaged siding repaired. The Association decided against that and subsequently proceeded to assess each owner $3,500 to have their own building repaired.
At that point, we put our unit up for sale and moved but had to paid the assessment when we moved. I don't know if they were able to get the builder to repair the damaged areas because by that time my husband said he didn't want anything more to do with the association/president and quit and we weren't privy to any more information other than the assessment.
As for us, we didn't have the privacy of a home and had to be quiet when we went down the hall (talking softly as not to upset others in the building). My husband and I like the privacy of our own home where we can do want we want without other people telling us what to do.
We have been back in our home for almost 10 years and hope that we never have to go back to the 'condo' life again. We have a nice large yard for our dog and can enjoy sitting on the porch.
Another thing is we have found that we can pay someone to do the things that we can't do. We are lucky that we have found someone to mow our lawn for about $30.00 and we now have almost 1/3 acre. Our maintenance fee a month was around $150 (which included our water only). I know that the maintenance fee has increased more than at that time.
This post was edited on 2/25 10:08 AM by CATS1945
The 'association' part of it is our biggest reservation about doing it. Right now we have great neighbors who all help each but aren't in the business of each other. We definitely know that living in a condo isn't 'maintenance free'. Attending an HOA meeting is a good idea because one thing I'm never surprised at anymore is the pettiness of people.
I really enjoy living downtown.
But I prefer renting over owning at this point. Imo, in the current economy so few things are permanent, or have any long term stability, that its nearly impossible for me to consider long term commitment to purchasing real estate.
I will add one more thing - condos are for everywhere, a lot determines what you like, where you want to live, are you single or married and those things you have to decide. It just wanted for us but I have friends who love it. Each individual has to decide for themselves.
Personally not for me. I grew up a country boy and am very uncomfortable outside of the boonies.
I could have gone the condo route...but i didn't want to deal with neighbors and associations. So instead, I live in a van...down by the river.
Lived in a condo near Charleston, SC for a few years and was on the Board for a couple of them. Our time there was a little of a mixed bag...some great times with some neighbors who have become close friends to this day to complete bullshit situations regarding dues/construction. At the time I owned a civil engineering/sub-construction company, so some of those meetings where I basically said "Yeah, false" the entire time were fun.
Overall though, it wasn't a bad experience. I guess it largely will depend on localized circumstances. My father has lived in a condo in Seattle for a decade and a half at this point and, even as a somewhat curmudgeonly older guy with most things, he's loved it.
I will say this: I can't see myself going back to full-time condo living. We purchased an old home in Raleigh, NC that needed some work. Despite a background in "building stuff", I had no idea how to do a lot of that kind of maintenance crap. Dove in headlong enthusiastically, then failed, hated it, got somewhat better, kept failing some but ultimately ended up loving new projects. Many instances of wanting to burn the house down, though.
Overall though, it wasn't a bad experience. I guess it largely will depend on localized circumstances. My father has lived in a condo in Seattle for a decade and a half at this point and, even as a somewhat curmudgeonly older guy with most things, he's loved it.
I will say this: I can't see myself going back to full-time condo living. We purchased an old home in Raleigh, NC that needed some work. Despite a background in "building stuff", I had no idea how to do a lot of that kind of maintenance crap. Dove in headlong enthusiastically, then failed, hated it, got somewhat better, kept failing some but ultimately ended up loving new projects. Many instances of wanting to burn the house down, though.
Condo life is good in a big city (if you can afford a nice one). Also, can be ideal for older folks who want some living space but do not want to deal with the exterior maintenance of a home anymore. I have a few single buddies who are always gone so it makes sense for them as well. More or less bachelor pads for them. Bring girls back on weekends. Pretty much gone the rest of the time.
