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For all of our lives we lived in single family homes ... but, as we got older and moving toward retirement, we decided to try condo living (specifically oceanfront). That was in 2002. Since then, we have owned two condos and just purchased our third. We find that condos suit our lifestyle and interests and will most likely live in condos for the rest of our lives.
A few things we like are affordable oceanfront living; lack of individual responsibility for maintenance, upkeep etc. (I have worked on HOA boards to 'get the work done'); HOA-influenced standards for 'neighborhood' upkeep, parking, behavior; quiet, private environment; ease of pick-up-and-travel living; property value protection (within an established range).
The notion that condo living is similar to apartment living is generally a by-product of lower-end, converted apartment-type condos with excessive, short-term renters and poorly managed HOA's. This has not been our experience because we have avoided these situations going in.
Which do you prefer and why? ... What has your experience been? Do you think condos offer a good lifestyle for you?
Which do you prefer and why? ... What has your experience been? Do you think condos offer a good lifestyle for you?
I definitely prefer living in a single family home. My first purchase was a condo and I lived there for 3 years. The building was horribly managed and the HOA was a disaster. I tried twice to run for the board and lost by a very small margin both times. I am 100% convinced that the people on the board when I lived there were scamming the system and getting money off the top somehow. The books simply did not add up and the HOA wasn't forthcoming with information.
Now, in a well run building, I think living in a condo can be a great thing. The building I lived in had concrete floors, so I never heard my neighbors or had issues of that nature. I loved not having to worry about exterior maintenance.
I think there are definitely pros and cons to both condos and single family homes. I'm more of a control freak and living in a condo just doesn't work for me. Especially with the high assessments that are common here in Chicago. If the assessments are low/reasonable then I don't mind giving up some control and letting someone else handle the maintenance. But, unfortunately that wasn't my experience with condo ownership.
If I ever do consider a condo again I would look for a few things:
1. A well maintained and up to date looking building (where the common areas obviously receive attention and regular maintenance).
2. A board of directors that is EASY to get in touch with and is willing to meet and speak with you to discuss concerns.
3. Assessments that are on the lower end. In a condo building that has no grass or exterior areas to maintain and very limited common elements, the assessment shouldn't be 35% of your mortgage payment. The fees should make sense in proportion to what you receive for them.
Like I said, condos can be great, but as long as I'm physically and financially capable of maintaining a single family house, that will be my preference. I definitely learned my lesson after that first purchase...
For all of our lives we lived in single family homes ... but, as we got older and moving toward retirement, we decided to try condo living (specifically oceanfront). That was in 2002. Since then, we have owned two condos and just purchased our third. We find that condos suit our lifestyle and interests and will most likely live in condos for the rest of our lives.
A few things we like are affordable oceanfront living; lack of individual responsibility for maintenance, upkeep etc. (I have worked on HOA boards to 'get the work done'); HOA-influenced standards for 'neighborhood' upkeep, parking, behavior; quiet, private environment; ease of pick-up-and-travel living; property value protection (within an established range).
The notion that condo living is similar to apartment living is generally a by-product of lower-end, converted apartment-type condos with excessive, short-term renters and poorly managed HOA's. This has not been our experience because we have avoided these situations going in.
Which do you prefer and why? ... What has your experience been? Do you think condos offer a good lifestyle for you?
I agree especially when rentals are held down, the HOA does not try to scrape buy as in not have the money to perform proper maintainence, standards are upheld, and it is managed on a day to day basis by a professional management company.
If/when I get to the stage that I just don't want to be bothered by the responsibilities of owning the roof and the lawn...
I'll probably not want to be bothered by the responsibilities of owning everything in between either.
If/when I get to the stage that I just don't want to be bothered by the responsibilities of owning the roof and the lawn...
I'll probably not want to be bothered by the responsibilities of owning everything in between either.
1970 to 1976 I lived in a private home. I took care of all.
1976 to 1992 I lived in a townhouse with the HOA doing all outside (building and land) maintenance. My 1st introduction to carefree living.
I lived in private home from 1982 to 1992. I did everything and soon missed the carefree living.
In 92 I bought a townhouse and HOA did all outside (building and land) maintenance. Carefree living again.
In 2002 I bought a private home. HOA maintained common grounds but my house and land was my concern. I soon had enough of maintenance and was kicking my butt for leaving carefree living.
In 2010 (at age 68) I bought a private, smallish, stand alone patio home. The HOA does all outside (house and land) maintenance. I am so happy to be back to carefree living. Makes me wonder why I ever left this style of living. I am here to stay.
If I ever do consider a condo again I would look for a few things:
1. A well maintained and up to date looking building (where the common areas obviously receive attention and regular maintenance).
2. A board of directors that is EASY to get in touch with and is willing to meet and speak with you to discuss concerns.
3. Assessments that are on the lower end. In a condo building that has no grass or exterior areas to maintain and very limited common elements, the assessment shouldn't be 35% of your mortgage payment. The fees should make sense in proportion to what you receive for them.
Unless the structure is a tent, condos have exteriors, a roof, windows, plumbing, electrical, maybe elevators, maybe a lobby, HVAC of common areas, paved parking and walkways, screens.....
Sooner or later everything wears out and must be replaced. The purpose of reserves is to put aside funds for eventual restoration and replacement of all common elements. Well managed associations have independent and objective reserve studies that tell them how much needs to be put aside each year to for capital spending.
There are associations in the greater Chicagoland area wth annual assessments that range from $25.00-5000.00+, no different than in any major metropolitan area. No 2 are exactly alike.
OP: What do you mean by property value protection?
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