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Rules, fine print and other people
Posted by Noel (more from Noel) on Mon, 2 Dec 2013 06:48:24
In Reply to: Condo verses single family house, No Snaab, Sun, 1 Dec 2013 15:24:08
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Condos can be fine in the right places, and it's nice to have someone else dealing lawn care, snow removal, etc. But you still pay for all that and more in your condo fee. These can seem reasonable when you buy into the place but you can get whacked with stuff you hadn't anticipated that can really jack up the fees.
For example, I know someone who's monthly fee is going up a few hundred bucks per month for the next three years while the association puts new roofs on all the buildings. Not onerous for all residents, but it is for others.
Have the unit and the overall property inspected by a home inspection company so you can at least have a sense of what expenses might be coming up--like roofs, siding, maybe doors and windows. And also be sure to find out how well capitalized the HOA is. Most are run on a shoestring and don't have much extra to help cover any major expenses. When there isn't much money in their account, it's a matter of when, not if, you'll get hit with a special assessment. Beware condos that have low monthly fees, because they may not have much extra to put toward extra expenses.
Remember, you basically own the interior walls and floors in most places. This may be OK, or not. We think about a condo as we look toward downsizing in the next few years, but it's hard to make the numbers work in terms of paying a condo/association fee every month. A similar sized single family house on a small or low-maintenance lot can be a much better deal and there's no HOA BS and politics to deal with.
Posts in this Thread:
- Condo verses single family house, No Snaab, Sun, 1 Dec 2013 15:24:08
- Re: Condo verses single family house, BobS, Mon, 2 Dec 2013 19:44:44
- The Board, EGD , Mon, 2 Dec 2013 11:02:10
- it CAN be OK, if and only if you are in the know, Notnoel , Mon, 2 Dec 2013 10:38:15
- Re: Condo verses single family house, Larry West , Mon, 2 Dec 2013 10:19:40
- Rules, fine print and other people, Noel, Mon, 2 Dec 2013 06:48:24 <-- Viewing This Message
- Re: Condo verses single family house, andym, Sun, 1 Dec 2013 16:48:41
- Re: Condo verses single family house, MI-Roger , Sun, 1 Dec 2013 15:53:10
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