May 15, 2015
Condo sales have never been higher. In metropolitan cities in particular astronomical housing prices have given rise to vertical living at a discount. No longer are young professionals and retirees the only likely proprietors; more and more people are opting for the low-maintenance, many-amenity alternative to traditional home ownership by buying condos. Yet, there are any number of variables to condo living that should be considered to avoid making a poor housing decision.
Firstly, effectuate a personal evaluation of the management of the complex. For instance, what is the role of the condo board? How can you be sure they are an efficient group before you buy? Because the board is entrusted with the governance of the complex and general management of the condo, it is important the board is competent in its affairs. In addition, it should be noted that finding out whether you or the board is responsible for repairs is an asset in the context of understanding the management.
Equally important to consider are special assessments and regular condo fees, which have been cited over the years as recurring horror stories when it comes to condo ownership. As for the former complaint, special assessments are impossible to avoid but usually don’t happen within the first 10 years. Following that, balconies, roof and elevators can all come into play, in addition to rising condo fees.
Perhaps the most difficult pitfall to avoid when considering condo ownership is buying into a poorly constructed building. Unfortunately, it can be hard to determine from a polished exterior the flaws in the construction or engineering of a building. To this end, you must do your homework. Is the developer known, trusted, notorious? Perhaps news articles have been written about the company or lawsuits filed against it? It is a must to thoroughly look into who it is you are planning on doing business with given of course this is your home we are talking here!
Of course, condo living has a tremendous number of upsides that underline, highlight and italicize why people are by the thousands choosing condos over traditional home ownership. Long gone are the days when vertical living was reserved for young people and seniors. More than ever, singles and couples of all demographics are buying into condo life as a lifestyle and philosophy. That said, there are many factors to condo buying that can turn a good decision to recurring nightmare, and that need assuredly be questioned before making the decision.