Condominium Developments: What are the pros and cons?
Sometimes the term "downsizing' may mean moving from a subdivision setting or a from living on a larger parcel of land to a "condo." Well there are differences.
Think of living in an attached condo as living within the boundaries of a Home Owners Association where there are rules and a lot more 'structure" of things called 'Bylaws" to live with and by.
Some of the Pro side of the discussion are:
Outside Upkeep- Somebody else does it.
Show removal, someone else does it.
Grass cutting, someone else does it.
Painting and repairs, yep, someone else does it.
To be sure you have control of what you have inside the walls. You can paint remodel, but down special flooring and make it as cozy as you please. Outside there will be restrictions on what one
HOA dues are more than just a monthly bill. This is the money collected by the Board of the Association for upkeep and to pay those somebody else fees.. The board may have a Management Company to bill and collect. Ultimately if you don't pay
your dues, the association can foreclose on your home. You will either pay or they will sell your condo and kick you out. There is a legal process here, but bottom line it is important to know the serious
consequences. When I encounter the situation with a potential seller when they are delinquent in their HOA dues, we have to have a serious talk. For more information on this topic please talk to an attorney
or a licensed real estate professional. And, talk to the board to work out some form of catch up plan if the condo association board is willing to do that.
When shopping for a condo, be sure to look at all aspects, the desirability, noise concerns and upkeep of the streets and entry to the development
Just remember, in a Condo, you are responsible for the : walls, floors, and ceilings that are owned by all residents; HOA dues has to be paid and kept up to date; covenants are what the condo association has to follow and owners sign on for and they contain the conditions, and restrictions And finally the value depends on the desirability of entire development and the inside upkeep of the individual unit.