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I live in an older (built in 1985) condo community consisting of 43 units. We are tucked back into an area consisting of upscale older homes. These units were built with privacy in mind and 13 acres of common area. Wildlife is abundant in the area which we see on a daily basis. For whatever reason, a doe gave birth just 30 feet from my back patio in the Spring of 2010. Simply amazing! We have spectacular views and are only minutes from the beautiful restored downtown area.
This is not a 55+ community but the residents are older because of the desirability of the single story units. A very peaceful community with common sense CC&R's. A few people have lived here ever since they were built & others are long time residents. These condos very rarely go on the market and when they do, they sell quickly if priced right. It is all about location and quality of life.
Like everything else, it seems we only hear of the horror stories of living in an HOA community. Pre-conceived notions may prevent you from living in a maintenance free serene community. As another poster mentioned, do your homework.
Originally Posted by jghorton (Part of the trick is staying away from condos with short-term rentals).
Quote:
Originally Posted by Caladium
What's the best way to do that? Do you need to stick to places with HOA agreements that expressly forbid short rentals?
Yes, HOA agreements that prohibit rentals of less than a minimum of 6-months to a year. Another indicator is low cost rental rates. It is also helpful to look for condos that have 'Tri-Party Lease Agreements' -- These give the HOA the right to collect HOA fees directly from renters (partial rent) if owners are delinquent.
Another thing to watch out for is condos with higher than average HOA fees. Typically, these are brought on by either a high number of renters (who cause added maintenance fees for others because they do not respect the property) ... and/or a high number of HOA delinquencies (which have to be absorbed by other owners).
--- In the case of the latter, watch-out that delinquencies do not exceed 15% of the total units (a Fannie Mae standard recognized by most bank mortgage departments, --which will disqualify new sales from financing on primary markets ... forcing cash sales that will drive overall prices down)
Not to split hairs and some might be legal hairs, but to me:
A condo indicates a unit in multi level builiding similiar to an apartment building.
A townhouse/duplex means to me no unit in front, behind, above, nor below you but could have unit(s) beside you sharing a common wall.
Anything not meeting the above criteria are stand alone homes no matter the size meaning no one ajoining you, no matter how close and in some cases only a few feet.
Not an issue and a best a clarification on my understanding. I have lived in all 3 types.
Not to split hairs and some might be legal hairs, but to me:
A condo indicates a unit in multi level builiding similiar to an apartment building.
A townhouse/duplex means to me no unit in front, behind, above, nor below you but could have unit(s) beside you sharing a common wall.
Anything not meeting the above criteria are stand alone homes no matter the size meaning no one ajoining you, no matter how close and in some cases only a few feet.
Not an issue and a best a clarification on my understanding. I have lived in all 3 types.
It depends on what area of the country you hail from. In the Phoenix area units like mine were called single level townhomes or patio homes. In Sun City, AZ they are called Apt. style homes, twin homes or duplexes. In Pittsburgh they are referred to as condos or carriage homes. Here in my area of Tennessee everything with common walls are referred to as condos.
I discovered when searching for condo style homes on sites such as; Realtor.com or Trulia you have to select apt. style homes, townhomes & condos in the advance search for all properties with common walls to be displayed.
Not to split hairs and some might be legal hairs, but to me:
A condo indicates a unit in multi level building similar to an apartment building.
A townhouse/duplex means to me no unit in front, behind, above, nor below you but could have unit(s) beside you sharing a common wall.
Anything not meeting the above criteria are stand alone homes no matter the size meaning no one adjoining you, no matter how close and in some cases only a few feet.
Not an issue and a best a clarification on my understanding. I have lived in all 3 types.
Actually, a condo describes a form of shared legal ownership. There are multi-story condos, rancher/patio style condos, townhouse/duplex condos, etc. Never heard of an unattached condo, but I'm thinking it's possible.
Actually, a condo describes a form of shared legal ownership. There are multi-story condos, rancher/patio style condos, townhouse/duplex condos, etc. Never heard of an unattached condo, but I'm thinking it's possible.
And correct me if I'm wrong (may also be regional) but you may "own" the structure but you don't own the land it's built on.
Yes, and you cannot have more than one shed in your backyard and it must be a pefab, meaning there be no nails used to put it together. Where my mom lived you were not allowed to hang clothes outside or erect fences. You could, however, mark your property with shrubs.
In my HOA - you can't have any sheds (they wouldn't meet code even if they were allowed). You can only hang clothes outside if no one can see them (hard to do). And there is only one kind of allowed fence - has to be in the back of the house - and confined within the interior of the lines you would draw if you extended the right and left walls of the house. Linear shrub lines along property lines aren't allowed either.
So what. The cheapest houses in my HOA are more than $400k. The most expensive are about $4 million. Who wants to look at a shed from Home Depot or a clothes line? The mileage of other people may vary. It's like if you want to have chickens or goats - buy a place that's zoned for livestock. Robyn
...Yes, HOA agreements that prohibit rentals of less than a minimum of 6-months to a year. Another indicator is low cost rental rates. It is also helpful to look for condos that have 'Tri-Party Lease Agreements' -- These give the HOA the right to collect HOA fees directly from renters (partial rent) if owners are delinquent...
A new Florida statute allows a HOA to collect directly from the renter when the owner is delinquent. Robyn
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Condos with short-term rentals
