Are you Ready for Living in a Condominium? | Real Estate

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Owning a condo instead of a single family home can be a great idea, but maybe not for everyone. Much like most things in life there are advantages and disadvantages to living in a condominium, some people find it's the ideal lifestyle and others find it too restrictive. Listed below are some key points you may want to consider before you take the plunge.

Rules and Regulations. If you choose to live in a condominium, you are going to have to abide by thier rules and regulations. The condominiums CC&R's (Covenants, Conditions and Restrictions) define what you can and cannot do. Some common rules you may find are, no pets, no home based businesses and no renting the unit. Before you make a decision to purchase a condo, always ask for and read the CC&R's, after all you don't want to move in only to find that you cannot keep your pet or run your business from home.

Maintenance Free Lifestyle. Don't want to mow the grass or fix that gutter that keeps dripping? If so a condo could be the ideal solution. When living in a condo all the outside work is taken care of by the Home Owner Association. You don't have to cut the grass on the weekend or worry about that leaking roof. Of course you still have to pay for it, you pay a HOA fee which is intended to cover the cost of all outside property maintenance. Sometimes the HOA fee is not enough to cover the cost of major repairs (for example, the property needs a new roof), in this case the HOA can either ask for a one-off payment, or increase the HOA fee.

Outside Space and Living. If you are the kind of person who enjoys pottering around the garden then you will want to think twice before buying a condo. While there maybe some open space associated with the condo complex, it will be common space used by all the owners.

HOA Problems. Unless you live in a very large development the chances are the HOA is run by an elected group of people. Sometimes the HOA is run smoothly with very few problems, but some HOA's like any other business can be run poorly and because of this can experience problems. A poorly run HOA may skimp on property maintenance, have difficulty collecting HOA fees, or not enforce / maintain the CC&C rules and regulations. Pretty soon the condo complex may find itself in financial difficulties. When buying a condo you must always ask for and read the recent minutes from the HOA meetings. This will give you some idea of how well the complex is being run by the HOA, and inform you of possible problems.

Facilities. Larger condominium developments may include some onsite facilities. For example, a swimming pool, games room, gardens, hot tubs, workout room, pavilion, barbecue facilities. If you are the kind of person who will use these then great, if not then remember you will still be paying for them through your HOA fee.

Security. The majority of condominium complexes feature some kind of security. This can range from a keyless entry system to dedicated security guards who vet each visitor. If you are living on your own, elderly, or travel alot, this added level of security can add peace of mind.

About the Author

Thinking of buying a Salt Lake Condo or Park City Utah Condo? Trela and her team of Salt Lake City Real Estate Agents can help you with all your condo buying and selling needs.

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