Are You Willing to Share?

Are you willing to share?One important detail about condo living is that you will have to share the building’s amenities with your fellow tenants. While this is no different from bumping into neighbors in a village clubhouse, some people prefer lounging by the pool in their own lawn.If you’re one of those who are particular about their private space, single home ownership might be what you need. In a home all your own, you’re your own total boss. You don’t need to abide by the building rules or worry about disturbing your next door tenants who are just on the other side of the wall.But if you think you’re cut out for condo living, by all means go for it!

Condo Living – Some Disadvantages

Depending on one’s viewpoint, here are some points to consider:

• Payment of Condominium Association fees which are not tax deductible.
• Paying for amenities that you may not use.
• Unexpected increases in monthly fees and for maintenance costs.
• They have a set of rules that can include restrictions on noise levels, outdoor barbeques, pet ownership, renovations and even the interior décor of your unit.
• Poor soundproofing
• Parking is often in a common area not attached to the home.
• Condominiums are more affected by trends in the real estate market. If the market falls, usually condos are the first to suffer, the last to recover.

Know your association

Before buying a condominium, it pays to get to know your neighbors, especially the home owners association (HOA). First of all, find out how much their building dues are and how many times it has gone up in the past five years or so. Ask to see a copy of their building regulations. Some HOAs are very basic and only enforce restrictions on how many people can live in a unit and other safety and security measures, while some even control what sort of Christmas decorations you can put up.

Ask how large the HOA’s reserve funds (used to pay for maintenance and emergency repairs on the building) are. The larger the reserve, the less a chance of an assessment or one-time payment to chip in for an unexpected expense. The smaller the reserve, the greater the chance you’ll be billed for a building repair in the near future. Some states require periodic updates of reserves to be published to HOA members.

Alternative Lifestyle–Condo Living

Condos present an alternative lifestyle for individuals who prefer to be independent and own a place that is affordable and more convenient than buying a house. This idea appeals mostly to single young professionals as well as small families. Condo units offer amenities like guarded parking space, 24 hour security, and swimming pool.

Condominium owners hold rights over their respective units but share responsibility over operating costs and maintenance of the shared spaces of the property – lobbies, hallways, elevators – that are essential to a condominium complex. Each complex is a community, each owner accepts and follows the standard rules and regulations of condo living.

Monthly fees

One of the cons of condominium living is the monthly fee that you need to pay to the homeowners’ association for the general upkeep and maintenance of the building, and in some cases, for the ongoing mortgage or debt incurred when the building was constructed.  Before buying a condo, make sure you find out exactly what the monthly fee covers, and if there are any quarterly, semi-annual, or annual payments to be made. Do the fees include the following?

• utilities
• cable TV
• internet
• heating
• security
• cleaning of the parking areas and other common areas
• maintenance of the building itself (or are owners expected to contribute to emergency funds if maintenance is urgently needed?)

Some Benefits of Getting a Condo

Many buyers consider condominiums as a major investment, and rightly so. Since majority of condos are located right in the middle of bustling cities, the value of condos appreciate when the economy booms. While the same goes true for just about any property, condominiums are particularly lucrative as their location and amenities greatly influencing the renting and selling value.

And because of condos are located in highly strategic locations, residents would be able to enjoy the luxury of having just about everything at arm’s reach. They get to have access to the basic necessitates and a lot more as bigger cities are more often than not more fully equipped compared to smaller towns.

Singer’s Former Condo Goes Platinum

THE Time Warner Center was New York’s premier development when it opened a few years ago, and it has come a long way since.

Back in 2004, Ricky Martin, the pop star, bought a new apartment on the 65th floor of the south tower for $6.8 million.

The apartment is a four-bedroom condominium with 65 linear feet of floor-to-ceiling windows that overlooked Central Park and Columbus Circle, and Mr. Martin sold it in September 2006 for $9.75 million. He pocketed a 30 percent gain.

Since then, he paid about $6.3 million for a condo in another new development, at 40 Bond Street.

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Common areas

These are the usual common spaces in a condominium building that are free for all residents to use. Remember to observe the Golden Rule when in these locations, out of respect for your neighbors. Some good tips are to keep these areas as clean as you would your own personal unit, keep your voices down when in these areas, and never block them with your possessions.

• front stairs
• grounds and lawns
• lobby and reception
• staircases
• hallways
• elevators
• parking floors
• storage areas
•  swimming pools, gyms, workout and recreation rooms
• roof top or viewing deck

Is High Rise Condo Living Right for You? (Part 3)

Read this information before buying!

Parking: In order to accommodate the required number of parking spaces for a high rise condo development, parking is commonly built underground. Generally, at least one underground parking space comes with the purchase of a condo. However, some buildings allow an owner to purchase, sell, or lease out additional parking spaces that may be desired by the other residents. Don’t forget to make sure that the luxury high rise condo project you are considering purchasing in has adequate parking for your guests, preferably close to the elevator and/or close to your unit.

Pets: Thinking about moving into a luxury high rise condo development with your 100 pound Pitbull named Conan? – not likely going to happen! Most buildings do allow domestic pets but have rules against exotic pets – no Snakes in a High Rise! With dogs, there will likely be restrictions on size and sometimes even breed. If you have a dog, make sure that either the condo development has adequate green space to walk your 40lb. or less ‘best friend’ or that there is a park close by. The last thing you want is to have to walk your dog 10 blocks to the park on a toasty 115 degree August afternoon!

Source:  scottsdale-az-condos.com

Is High Rise Condo Living Right for You? (Part 2)

Read This Information Before Buying!

HOA: HOA fees for high rise condos work similar to other HOA’s that you may be familiar with. The dues are paid monthly to cover landscaping, building maintenance, blanket insurance, & reserves. However, in luxury high rise condos, the HOA fee can also cover luxury amenities such as concierge, valet, wine storage, limo transportation, high-end fitness center, & even maid services. The total HOA monthly dues will vary depending on the age of the building, the number of residents, & what’s included in the monthly fee. Before purchasing, also be sure to inquire about both any pending special assessments as well as confirm that they HOA reserve fund is adequate.

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