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Old 08-16-2010, 04:41 PM
 
68 posts, read 90,365 times
Reputation: 49

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I am looking to start my life and as has been said elsewhere (https://www.city-data.com/forum/chicago-suburbs/1053429-best-suburbs-new-housing-stock.html) I am looking at Northwest Indiana for new housing stock. However, at first, I was only looking at houses. I noticed how townhomes/condos/lofts were on average, cheaper. I want to ask questions regarding living in town homes/condos/lofts.

First off, how is it? Do you feel that have any privacy at all? Can you hear what the people upstairs are doing? Having lived on houses since born it is kind of unsettling knowing that someone is living above me.

What amenities come in your unit? What amenities should come in "cream of the crop" condos? I know that this varies but when I start browsing for condos/lofts I want to know if the price is justified or if I'm getting ripped off.

I also know that condos usually come with some kind of HOA fee. What do they do with this money? How much is your HOA fee? I know that this varies but it would be extremely useful if I can get an average. How about property tax, do you still have to pay property tax? How is the property tax assessed?

Fourth, are you able to use your unit for collateral the same way that you are able to with a house?

Overall how is the experience? Supposed a friend asked you, would you recommend it?
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Old 08-16-2010, 05:12 PM
 
4,097 posts, read 11,492,433 times
Reputation: 9135
Visit any real estate person and they can describe how each legal type of ownership works. Condos, etc. are pretty much the same all over the country. Your questions are so broad that it would take a book. In fact, there are a number of helpful books on exactly this topic in your local library or book store. Look under real estate right close to personal finance.
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Old 08-17-2010, 07:38 AM
 
Location: Valparaiso, IN
63 posts, read 196,418 times
Reputation: 35
HOA's average 100.00 usually that includes scavenger, snow removal, lawn maintence, club house.
Equity is Equity whether a house, condo, townhome etc...
Financing on a Condo can be tough because they can not go FHA unless there are a ton of rules followed by the association and then approved through FHA. Conventional and Cash on condos generally.

Property tax is paid just like on everything else.
I can't stress enough when looking at condo's townhomes etc... Talk to the neighbors they have insight as to whether the place is quiet or kept up.

Feel free to call with any other questions.

Last edited by nwihomes4sale; 08-17-2010 at 07:38 AM.. Reason: adding
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