U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 07-05-2012, 05:52 PM
 
561 posts, read 279,829 times
Reputation: 478

Advertisements

I've been shopping around for Condos in the Uptown area (specifically those near McKinney Avenue. Just, for arugment's sake, let's use these two as an example:

Moderator cut: RE listings/addresses from any source cannot be posted within the forums

There are pros/cons to both, but let's just assume that they are fairly equal and that we are just basing them off of price. My goal is to live in a 2br/2ba for a few years (rent out the second room while I live there), move out and continue to rent it out and eventually sell it. I've mainly avoided places with high HOA dues, just because there is no guarantee how much and how quickly they will go up. I've seen some older complexes (similar to the Wyndemere) that were built in the 70s and have HOA dues around $1000 a month, which greatly concerns me. My main concern is that it could scare away potential buyers in the future. It would be hard to sell my condo in the future for a lot of money, if the HOA dues are already $700+ a month. Then again, with, with a condo in the Wyndemere, you may be targeting a different type of buyer who wouldn't mind paying the dues for the facilities.

For me, it's a little scary to own a place where the dues are already so high, but that particular condo that I linked meets my requirements, is in the best complex that I've looked at, and is relatively cheap compared to the other 2br/2ba I've looked at. The problem is those high dues. I really want to know what type of condo would be the best in terms of reselling/leasing it in the future.

Last edited by BstYet2Be; 07-06-2012 at 06:06 AM..
Rate this post positively Quick reply to this message

 
Old 07-06-2012, 02:37 PM
 
218 posts, read 295,040 times
Reputation: 225
Quote:
Originally Posted by DPatel304 View Post
I've been shopping around for Condos in the Uptown area (specifically those near McKinney Avenue. Just, for arugment's sake, let's use these two as an example:

Moderator cut: RE listings/addresses from any source cannot be posted within the forums

There are pros/cons to both, but let's just assume that they are fairly equal and that we are just basing them off of price. My goal is to live in a 2br/2ba for a few years (rent out the second room while I live there), move out and continue to rent it out and eventually sell it. I've mainly avoided places with high HOA dues, just because there is no guarantee how much and how quickly they will go up. I've seen some older complexes (similar to the Wyndemere) that were built in the 70s and have HOA dues around $1000 a month, which greatly concerns me. My main concern is that it could scare away potential buyers in the future. It would be hard to sell my condo in the future for a lot of money, if the HOA dues are already $700+ a month. Then again, with, with a condo in the Wyndemere, you may be targeting a different type of buyer who wouldn't mind paying the dues for the facilities.

For me, it's a little scary to own a place where the dues are already so high, but that particular condo that I linked meets my requirements, is in the best complex that I've looked at, and is relatively cheap compared to the other 2br/2ba I've looked at. The problem is those high dues. I really want to know what type of condo would be the best in terms of reselling/leasing it in the future.
Before answering your own question.... ask the owners assocations specifically what you get for that money spent.... you hand them money, they have to give something back to you. Find out the details of how the HOA dues are spent and then make your decision based upon simple logic.... and a calculator.
Rate this post positively Quick reply to this message
 
Old 07-06-2012, 03:07 PM
 
Location: Allen, Texas
670 posts, read 2,793,740 times
Reputation: 202
I'd find out too. When I lived in California basically it was to cover use of the pool, the garderner's and the road maintenance (I think I can't remember for roads for sure) and $400 a month. My girlfriend here had $500 a month dues and it also covered electric which I thought was odd, but heck it seemed like a great deal to me.
Rate this post positively Quick reply to this message
 
Old 07-06-2012, 04:02 PM
 
32,136 posts, read 50,393,235 times
Reputation: 18093
usually you get what you pay for
and there is not much upside to cheap

being able to charge a cheaper rent because of having a lower HOA fee does not automatically mean that condo is going to be desirable
location, location, sq ft/price, location, amenities
those are probably what drive most renters
Rate this post positively Quick reply to this message
 
Old 07-15-2012, 03:39 PM
 
2,898 posts, read 3,601,862 times
Reputation: 3191
This is a false dichotomy. The question is needlessly limited to "which condo". The monthly assessment on the 240K condo could easily surpass the current monthly assessment on the $190K condo. Monthly assessments and special assessments from either condo can go up without notice. Don't bother asking the condo corporation. Sure that'll give the management company an opportunity charge the seller money for condo information statement. Assuming the condos were created on or after January 1, 1994, the information you would get is set forth at Tex Prop Code §82.153 or §82.157 - pretty lame.

The answer should have been "neither". You'll find that the vendors of these condos tend to encourage heaping financial injury onto you in many different ways. One particularly relevant to your situation might be vendor attempts to get boards to prohibit renting. You never "agreed" to any of it, but condo attorneys and condo management companies routinely encourage boards to adopt "resolutions" prohibiting leasing entirely or purporting to allow only leases and tenants that the "board" approves of. Such "resolutions" might conveniently not show up in the resale certificate. You might want to check the county clerk's records to see if this has already been done. Also check the courts to see how many lawsuits the condos have been or are currently party to. The re-sale certificate only obligates a condo corporation to identify current cases where the condo corporation is a defendant. You could be looking at funding a vexatious plaintiff and not even know it.

Avoid the headache - avoid purchasing condos to begin with.
Rate this post positively Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
Similar Threads
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top