Curious about living in a condo, got a few questions (for sale, apartments)

[GaiaGoddess]

I am considering buying a condo because I HATE mowing, shoveling, major home repairs, etc. I also want the use of a pool and gym, and the ability to meet my neighbors in shared areas.

My biggest questions are, since you are paying an association fee, does that cover all your utilities as well? If not, what utilities are your responsibility? I have enough money to put down on most of the cost of an average condo, so my payments would be lower. So I was just wondering what i would have to pay, aside from my mortgage, each month.

Are the walls thin so you can hear your neighbors talking in the next condo? Is it better to live on the top floor or bottom floor? What is your general overall opinion about living in them?

Thank you!

[Justabitoff]

Originally Posted by GaiaGoddess

I am considering buying a condo because I HATE mowing, shoveling, major home repairs, etc. I also want the use of a pool and gym, and the ability to meet my neighbors in shared areas.

My biggest questions are, since you are paying an association fee, does that cover all your utilities as well? If not, what utilities are your responsibility? I have enough money to put down on most of the cost of an average condo, so my payments would be lower. So I was just wondering what i would have to pay, aside from my mortgage, each month.

Are the walls thin so you can hear your neighbors talking in the next condo? Is it better to live on the top floor or bottom floor? What is your general overall opinion about living in them?

Thank you!

No, association fees don't cover your utilities. The fees cover the maintenance of the building, so the gym, the pool, shoveling and plowing, maintenance for the building itself. Water and garbage might be included, but my understanding is utilities for condos are paid for by the owner of the unit.

The walls depend on the quality of the building. And in general, like apartments, it's better to be on top than on the bottom (footsteps).

[Thedosius]

I've long thought about buying a condo for the exact same reasons you are. One of the main things stopping me from doing so is that literally everyone I know who lives in a condo shares their building with at least one total freak who makes group decisions by condo owners very onerous. A friend of mine recently had to pitch in for 'Parking for residents only' signs in their consistently near-empty lot because ONE obsessive-compulsive person in his building harped on it until everyone else just gave in and acceded to his demands.

That greener grass has some major dog poops on it. Know your fellow condo owners before you buy.

[mnlife]

There are a lot of factors to consider. A concrete/steel building will be quieter (but more expensive) than a wood-frame building. What utility fees you are responsible should be disclosed on the listing info. Once you are ready to buy, get a copy of the HOA's legal documentation and budget. Yes it is boring, but important. There should be reserves in the budget. You don't want to get surprised with a big special assessment later because the HOA had no money saved. Look at the rules. For instance, someone who likes gardening may not be able to plant anything outside. Are rentals allowed? If half the units are rented, it feels like living in an apartment building. Are there rules on Airbnb type rentals? That is a real hot button issue these days.

[Citykid3785]

Yes, as others have mentioned, below are just some things to consider about condo living:

Financial statement of HOA
Are there any outstanding special assessments?
Stability of HOA fee over time
Parking situation for guests
Is there a calendar of social events
# of comparable units for sale, condition of your unit vs those for when you sell
Do they allow rentals/air bnb

[GaiaGoddess]

Thanks for the replies everyone! It seems like a lot to think about and do research on. I am trying to earn more money so I am ok with paying extra for things, right now just fed up with constant repairs and upkeep where I live (in a mobile home).