All About Condos

Read This Information Before Buying!

Urban Luxury High Rise Condominiums offer the ultimate lifestyle! From the virtually no maintenace living to the luxury amenities such as a 24/7 concierge, luxury high rise condo living can be a very attractive choice when you are considering your next home purchase. However, below are some things to take into consideration before you are sold on high rise condo living and put in that purchase offer.

Storage: Luxury high rise condo living may not be for those of you who can’t seem to throw away anything you’ve ever owned since childhood! Storage space is precious and costly when it comes to condo living. Consider yourself lucky if the condo you are considering purchasing has a decent size storage closet inside the unit. In most buildings, extra storage is available for lease or purchase. Generally the extra storage is in the underground parking area near your assigned parking space(s). Keep in mind though that limited storage can be a good thing as it will leave you no choice but to rid yourself of all those boxes of ‘stuff’ and allow you to live ‘light’!

Source: scottsdale-az-condos.com

Yep, there is a standard that defines a structure that conforms and is certified to meet environmental standards set by the industry and government. Known as the Leadership in Energy and Environmental Design (LEED), certain developments are taking the cause of dealing with and incorporating environmental factors into their work as part of the structure itself. Power saving, water saving and other environmentally friendly options that will cost more but ensures that the structure is kind to mother earth in the long run. Some buildings maximize the use of natural light with sun scoops and solar heaters for pools and some have optional solar panels that are used to generate power for their tenants. The use of environmentally sound materials is also on the rise, non-polluting and totally recyclable materials that are not only natural but cheaper and pollutes less. Other structures get to take part in alternative energy developments such as wind farms and similar technologies that take advantage of the available natural resources, tapping them for power and other needs. Buildings are some of the most environment impacting structures around and it is just prudent for industry to develop and use newer and greener methods and technologies to lessen the impact of development.

If you are purchasing from an existing development, then there would surely be an association and meetings that are scheduled at regular intervals that discusses issues with he facilities and other tenant concerns. Try to get hold of their past minutes to see just how much control the unit owners have over the building management. Check on the general upkeep and try to get a tour of the facilities and amenities before you purchase. Remember that once you sign your contract, that it is binding and any problems you might have overlooked is part of the whole deal. The association which adjusts funds due to needs is quite responsive to the needs of the general occupant and a well maintained facility is sign of a good working association that addresses tenant needs promptly and shows a tight-knit community.

There are a lot of varying amenities condos and developers offer for their buildings such as reserved parking, tennis courts, swimming pools, round the clock security and other and they vary from developer to developer. These amenities may have more or less depending on the market that developer seeks to capture, the less they offer, the less you have to pay for. All the upkeep and maintenance of these facilities are paid for by all the tenants or unit owners with the costs shared in between them. If you are purchasing a structure to be, or the building and facilities are still to be constructed, then time to completion would be a factor for some projects do experience failures in the construction stage. There are also instances when condos are transformed into rental facilities rather than sold so be sure you get refunds if the developer happens to decide on such a move. Builders like you and me do get into ruts and fewer buyers may have them rethinking their strategies. The move to selling rather than renting happens quite rarely but it is a possibility. Research the developer for past projects to see their success rates and possible litigation history.

Not many can afford to purchase condos for investments or vacation purposes but there are a select few who do have the luxury and do so with gusto as prices continue to fall. Investment/vacation condos can be quite tricky for you’ll have to either be content with having a white elephant of an investment or consider renting the property to somebody else so it remains occupied and maintained when you don’t use it. Be sure to check with the developer who is selling regarding sub-leasing your units for some would not allow it yet some do. Some buyers consider multiple-ownership where several people own the condo itself and agree to use it during different times of the year that shifts to give everybody the chance do experience the full range of offerings in the condo and environment. Check the surrounding areas for developments for they may be sign of the future for your investment.

Homeowners love privacy and they treasure the ability to do almost anything in on their property they want to at any time of the day. Not so in condos for you have to deal with all the building association by-laws and the management rules and regulations. After you get over all those fine print and other formalities you’re on your way to a culture shock from the differences living environments. Condos are most of all convenient for they are mostly located within the metropolitan areas with everything within reach either by walking or a short commute. Demographics used to be a factor but today’s unstable house markets, coupled with high gas prices and a pending recession may see a decline in purchases of such housing units but they truly are cheaper that single housing units.

Since condominiums are a relatively new trend in San Antonio, Texas, the San Antonio Business Journal featured an interesting article about the main difference between traditional detached housing and condominium living: the principle of common ownership and maintenance requirements for the condominium developer even after all units are sold. Often, these requirements and ownership of common areas is transferred to a homeowners’ association by the developer.

Under the Texas Condominium Act, the condominium owner owns rights to the unit itself however specific rights and controls must remain with the developer. Thus, the developer must have a comprehensive document containing the rights and obligations of owners in order to protect the vision for the project.

4. Laches. This defense says that the board did not enforce the rules in a timely manner and it would be unfair to force the resident to comply too late. For example, if you did some renovations that clearly extend your unit or condo space out into the hall or other common areas, the board cannot ignore this and only reprimand you when it is too late to stop the renovations without incurring financial loss.

5. Change of Circumstances. Neighborhood or societal changes can render certain rules useless or unfair. A good example is home businesses, or work-from-home arrangements. Some older buildings may originally have had strict policies about non-residential use of property, however since telecommuting is now commonplace these rules should be scrapped.

2. Waiver. If the association allows rules to be broken by some members then it would be waived, at least temporarily. However the board can still choose to enforce the rules again against all unit owners at any time, with timely notice, proper follow-up, and consistent and fair enforcement of the rules.

3. Estoppel. This is very similar to the previous defense, waiver. The gist is that the board has previously waived or gone against the rules and the unit owner took this as a sign that these rules no longer apply. For example, if the rules state that only residents are allowed to use the pool, but a new condo owner notices that his neighbors bring in their friends and have pool parties every weekend, it would be reasonable for the new owner to assume that this is allowed.

To be continued…

When engaged in an argument with your homeowners’ association about building rules that they think you are not following, it would be helpful to consult this page on condolawyers.com and know your rights.

The basic equitable defenses are explained briefly below, but consult a lawyer in order to ensure that they apply to your particular situation.

1. Unclean Hands. Also known as “selective enforcement”. Simply put, if the association board members are violating the rules themselves or allowing others to violate the same rules they are accusing you of not following (for example, if the building rules say that grilling on balconies are not allowed but the board members themselves enjoy barbecuing hotdogs on their balconies), they have no right to enforce these rules on you or to single you out maliciously.

To be continued…