Things to Consider in Buying a Condo
When a homeowner has a needed repair they have to do it themselves, unlike the owners of condos who can get it done for them. In either case, it is going to cost money. For condo associations, it is up to the homeowner's association to find these expected expenses and to fix them. A well run condo association plans for these unexpected repairs and sets condo fees so there is a repair reserve handy to cover any unexpected emergencies. These fees are not completely unused. In fact, the daily and weekly maintenance and landscaping is also paid for by the condo association fees. Along with association fees, there are also association rules that come up with the ownership of condos.
Like many gated home communities, there will be standards and regulations to control the community and to ensure that the complex retains its value, and pristine environment. Many people items on or from balconies has caused quite a stir amongst many condo complexes. This rule was originally put into condo regulations to prevent stringing up laundry or hanging bird feeders which might cause hygiene problems. But now it brings up countless battles over its enforcement against flying the flag.
Sometimes the regulations are too general to sway either way. Some condominiums do not allow pets. Condos that don't allow them are often pressured to admit at least one or two; those that do permit them are pushed into conflict by one owner's nasty poodle. It seems that this rule is too much in the grey to know where to draw the line. Even where the right to own a pet is untouchable, behavior of individual pet owners can cause condo complex wide disagreements.
Certain condos are putting age restrictions on the complex, to keep the lifestyles agreeable. Over-55 developments can be thrown into turmoil if an owner's kid moves back home with ill-behaved teens, or if a bunch of college frat students from Alpha Pi were to move in. Also, many people find that there have been amendments made to the regulations after they have signed all the papers. It would be a heck of a note to be handed the keys to a new condo only to discover a new amendment to the bylaws limiting each owner to one parking space. How scary to leave the Ferrari parked on the street. An extreme example, but some sudden bylaw changes could impact the person's enjoyment of the new condo. Once the condo is owned, they have a vote.
Finally, a new condo owner might find HOA members less than forthcoming. They may not know the answers, they may be worried about repercussions from the seller, other association members or even legal action, or they may simply not want to be bothered, particularly if they are still at the shopping stage. No matter. The answers, or lack of, may be all that is needed to decide in favor or against investing in the condo development. If someone decides to proceed with an offer, there is a lot more research to do and a number of contingencies they need to put in the offer.
