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Condominiums

Condos come in several different shapes and styles. They can be Townhouses, Highrises, lofts, or Apartment Style. There are advantages and disadvantages of owning Condos vs. owning a Single Family House

Advantages of Condos

  • Maintenance is Easier
  • Convenient Location
  • On Site Ammenities
  • Less Expensive
  • Better Location
  • Cheaper Home Owners Insurance

Disadvantages of Condominiums

  • Less Privacy
  • Monthly Home Owners Fees
  • Less Freedom for Pets
  • No Privately Owned Yard
  • Shared Walls

Retirement Condos

Retirement Condominium Complexes and Active Adult Communities are becoming increasingly popular. These communites require that atleast one of the owners be a certain age, usually 55. They usually don't allow children under the age of 18 and usually have pretty strict requirements and restrictions. Many retirement communites have very nice ammenities and community centers. The yards are usually taken care of by a Home Owners Association Grounds Crew and these units require little maintenance. Retirement condos are usually single story and don't have stairs. They also usually have wider hallways, and featured tailered for older citizens. The Home Owners fee in retirement communities is usually very expensive. Find Retirement Condos on the MLS.

Things to Consider When Buying a Condominium:

Buying a condo, is a little different than buying other real estate. There are a few things to consider that apply to condominium associations. Different associations cover differnent aspects of housing. Here are a few items to consider when buying condos:

  • What is the monthly HOA fee , and what does it cover?
  • Does it cover insurance? Atleast for the Exterior?
  • Exterior Maintenance, what portion of the grounds are common, what requires individual responsibility?
  • Utilites? Water, Sewer, Trash, Gas?
  • When is the last time the HOA fee adjusted? Is it likely to change?
  • How old is the unit? Does the exterior need repair? If so do the individual owners have an assesment, or does the Home Owners Association take care of everything?
  • What is the associatons Pet Policy? Does it allow pets at all?
  • Is smoking permitted?
  • What are the parking lot rules? How many vehicles are allowed?
  • How thin are the walls, will you hear what is going on in your neighbors unit?

Purchasing a condo is a little more complex than renting an apartment. The commitment is greater as well, and you want to make sure you know what you're getting into before buying.

Condos in Foreclosures

Like all properties that are traditionally bought using credit. Condos also Foreclose. In some metro areas, condominiums are every bit as expensive as single family houses. They have huge mortgage payments, and the borrower just can't make them. Banks have to foreclose.

Buyers, and real estate investors can purchase these properties before they actually foreclose, or after foreclosure when they are HUD Homes or Lender Owned properties.

 

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