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Old 04-26-2018, 03:50 PM
 
Location: Florida -
8,238 posts, read 9,990,552 times
Reputation: 15072

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Looking for the right condo is a lot like looking for the right house. It's easier to do if one has previously lived in a condo and knows what to look for. We're on our third over the past 16-years and will probably never move back to a SFH. But, by now, we know what we are seeking.

The mistake some new condo buyers make is lack of awareness of important condo issues that are less obvious than immediate appearance or location. For example, Are the reserves well funded?; What is the short-term rental policy?; What is the ratio of owner/rental units?; Are there noise and privacy issues when people are there?; What type of ongoing issues are being dealt with by the HOA Board? (see meeting minutes); What pool, pet and parking issues are there (typically the big three in condos)?; Are there any condos delinquent on HOA fees or facing foreclosure? (Note: The other tenants pay for this).
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Old 04-26-2018, 03:55 PM
 
506 posts, read 222,547 times
Reputation: 1314
jghorton, what do you mean by the other owners pay for others who are behind in their payments? By increased HOA fees?

Also, how you can actually find out how large their reserve is? I wouldn't even know what's a good amount to have, anyway.
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Old 04-26-2018, 04:12 PM
 
Location: Florida -
8,238 posts, read 9,990,552 times
Reputation: 15072
Quote:
Originally Posted by Winter Sucks View Post
jghorton, what do you mean by the other owners pay for others who are behind in their payments? By increased HOA fees?

Also, how you can actually find out how large their reserve is? I wouldn't even know what's a good amount to have, anyway.
Somebody has to make up the monthly deficit created by delinquent owners -- The other owners are the only ultimate source of that income ... even if a draw-down to reserves or cuts to operating budgets are the chosen path. If foreclosure units sit on the market for a while, the HOA often only recoups part of the lost fees. (The banks often postpone foreclosing to avoid having the unit hit their books).

Reserve budgets are available through the HOA Board or the Property Manager. These are commonly requested by buyers. When you ask for a 'reserve budget', ask for one that shows percentage of necessary funds. IOW, the reserves might show $xxx in building painting reserves, but the relevant question is: Does the reserve amount match the time when a new paint job is budgeted (typically # of years).
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Old 04-26-2018, 04:28 PM
 
8,768 posts, read 10,329,110 times
Reputation: 13822
Just find another sucker who is dumb enough to buy some overpriced glorified apartment and be done with it. Once it's sold, you can buy another place; be it condo, co-op, house or trailer and complain about that.
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Old 04-26-2018, 05:08 PM
 
5,808 posts, read 3,295,904 times
Reputation: 13547
If you can't afford a regular house, there aren't many other choices. And even homes have their problems sometimes.
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Old 04-26-2018, 05:55 PM
 
Location: Research Triangle Area, NC
3,059 posts, read 2,074,866 times
Reputation: 4520
I am also very confused as to why you'd sell a condo to rent an apartment...... if your main complaint about the condo is that it is too much like an apartment?
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Old 04-26-2018, 06:53 PM
 
Location: San Francisco Bay Area
4,150 posts, read 2,157,557 times
Reputation: 8081
Quote:
Originally Posted by LifeIsGood01 View Post
Rents are only going to go higher.....
Rents go up and down with the market.

Recently I have noticed (from automated email I receive) that Marin County rents (for houses, which is my only interest) are going down. So are Sonoma County rental houses that were not in the fire-affected areas (i.e. Santa Rosa). Granted, Marin County rents are still very expensive, but they are not increasing, and many are sitting on the market longer, so the landlords are dropping rental prices.
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Old 04-26-2018, 07:19 PM
 
1,145 posts, read 854,703 times
Reputation: 1473
Quote:
Originally Posted by oregonwoodsmoke View Post
There has been no time when rents were really affordable and house available to purchase for anyone. When rent was lower, so was the paycheck. It's always been a struggle for low end of the pay scale to afford a place to live.
That's not correct. Until the mid-90's, you could live decently on a modest income. Salaries have flat-lined since then while rent and housing prices have gone through the roof.
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Old 04-26-2018, 08:15 PM
 
25,800 posts, read 49,685,561 times
Reputation: 19248
There are places where rents and homes are still "Affordable"

The last time I was in Michigan and Detroit proper I still couldn't fathom how cheap Real Estate could be coming from the SF Bay Area...
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Old 04-26-2018, 08:51 PM
 
Location: S.W. Florida
1,685 posts, read 664,786 times
Reputation: 4588
Quote:
Originally Posted by inquisitive2 View Post
I purchased a condo two years ago. Itís in a quiet building, in a decent area, but I just donít like condos. To me they are overpriced glorified apartments with their own sets of problems.

I would sell but rents in my geographic area are so high. I would probably have to pay $300 per month increase, at a minimum, to get an apartment.

Very frustrated. I remember the days when homes were affordable and rents for full-sized apartments were manageable.

Anyone else feeling these frustrations? If so have you done anything to combat your frustrations?
Iím scratching my head wondering why you bought the condo in the 1st place. Iím guessing you didnít do your due diligence, fell for a slick sales pitch, or fell in love with the place at 1st sight, or some combo of all of these. At any rate, apparently you are stuck in a place you donít like. So your options are to pony up more a month to rent a place or find something to love about your current place. Make the best decision based on your particular situation and make it happen. No sense settling around making yourself miserable about this.
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