The Tomaiolo Realty Group's Blog
A condo can be a great resource in expanding your property search for a home. Condos allow the same benefits of traditional single family home ownership with slightly less hassle. If you have been juggling the idea of buying a condo versus a traditional home, you may be in luck. The first thing you should worry about is whether or not your needs will actually be met by condo living. Do you want a big yard? Are you comfortable having neighbors super close by? Most importantly, you need to make an informed decision that will help you to find the kind of property that’s right for you.
If you want a secure space and living that provides you with easy upkeep, a condo is really a great option. Condos provide many advantages that people may have not even thought of until now.
Condo living has different perks than that of traditional homes. Your condominium complex can include things like a swimming pool, a clubhouse, community events, tennis courts, fitness centers, and more. You won’t get all of these little extras living in a single family home. It can be a great environment for both single people and families alike.
Condos often offer either a gated community or security staff on the premises. These features allow you to feel a lot more secure in your home environment. Security will keep rowdy kids from roaming the property and only allow owners and their visitors. This feature alone may be worth it for many home buyers when shopping for a place to live.
If you’re the type of person who doesn’t enjoy yard work and is not a DIYer, condo living could be for you. Included with your condo fees is the ability to have different things in and around your home taken care of. Although the fees include different extras from place to place, Living in a condo is definitely less work as far as home care goes than a traditional house.
Although condos do include additional fees, the price point of most condos is much lower than that of a traditional home. If you are just starting out, a condo is a great way to ease into homeownership without needing to save up an exorbitant amount of money for a downpayment.
While condo living has many different advantages, they do carry some disadvantages for people. These include:
- HOA Fees
- Lack of privacy
- A difficult sell if you want to move
- You live under management rules
These points can be deal breakers for some buyers. While many relish their freedom from maintenance responsibility, others just want to do as they please with their yard without needing approval. A condo could be a great choice for you in your own situation, you just need to step back and look at the pros and cons.
Purchasing a property in a planned development, gated community or a place with leased land can seem confusing due to regulations. The biggest difference in buying one of these properties instead of a single family home comes with one main difference: additional fees. HOA stands for Home Owner’s Association, which is what you’re obligated to join when you purchase a home within a community. You’ll pay the association monthly or annual fees for the upkeep of community centers and buildings within the complex. Before you decide to buy, it’s a good idea to know how these fees work and how to get the most for your money when purchasing a home with HOA fees.
HOA Fees 101
HOA fees range from about $200-$400 a month. If you’re looking to move into a more upscale community or are looking for a lot of amenities, expect to pay more for your fee. The association may charge an extra assessment if additional funds are needed for projects such as a new roof or a new pool.
All residents in condos or town homes are equally responsible for the common maintenance such as landscaping, garages, fitness rooms, pools, clubhouses and sidewalks. HOA fees are said to help homeowners maintain a certain quality of life within their community and keep the properties safe and pleasant for all residents.
Homeowner’s Associations have certain rules that all residents must follow. These can include what color your house can be, what type of landscaping you can do, if you can install satellite TV, or where you are able to park your car. These rules are pretty similar to the ones that you would need to follow if you were living in an apartment building. If you’d like to do anything outside of the rules of the HOA, you’ll need to file what’s called a variance with the association in order to get approval. All in all, it’s important to obey the rules when you’re living in a property governed by an HOA, otherwise, hefty consequences can result.
Tips For Successful Living In A Community Setting
- Know the rules
- Make sure that the home you want to buy is in compliance with current HOA standards
- Be sure your temperament matches with community living
Questions To Ask About HOA Fees
- How are fee increases set?
- How often do fee increases occur?
- What is covered under the HOA fee?
- What conflicts have occurred in the association and how were they resolved?
- What kind of insurance is on the building?
Home Owner’s Association Fees are a good thing because they prevent major issues like horrible paint colors and parking issues from ruining a community. However, when purchasing a home in a community setting, you need to be smart about what the fees cover and if living in that community has your best interests in mind.
Ready to upgrade from a condo to a house? You'll first need to add your condo to the real estate market to ensure that you can sell this property and buy a new residence. However, selling a condo sometimes can be difficult, particularly for those who are selling a property for the first time.
Fortunately, we're here to help you take the guesswork out of selling your condo. Here are three tips that you can use to list your condo on the real estate market and maximize your property's value.
1. Set a Competitive Price for Your Condo
Spend some time learning about the prices of condos in your area. By doing so, you'll be able to establish a fair price for your condo and improve your chances of generating substantial interest in it.
Condo sellers should look at the prices of similar properties in their respective neighborhoods. This will enable condo sellers to understand how much other condo sellers are asking for their properties, along with how much various condos have sold for over the past few months.
Also, don't forget to include your assets in your condo listing. If you have extra storage space or a covered parking spot, you may be able these amenities into your condo listing to help your property stand out from others.
2. Understand Your Condo Association's Rules
A homeowners association (HOA) sets guidelines and rules for condo owners to follow in a community. And if you fail to comply with these regulations, you may face fines or other penalties from the HOA.
When it comes to selling your condo, it always is better to err on the side of caution. Thus, you should reach out to your HOA in advance to inform the association of your decision to sell your condo. This will allow you to find out whether a homebuyer will need to be approved by the HOA before he or she can purchase your condo.
3. Work with an Experienced Real Estate Professional
Collaborate with a real estate agent who understands what it takes to sell a condo. With this real estate agent at your disposal, you should have no trouble stirring up plenty of interest in your condo in a short amount of time.
An experienced real estate agent will possess many years of condo selling experience and can share his or her insights with you. Plus, if you ever have concerns or questions about selling your condo, your real estate agent will be happy to respond to these queries immediately.
In addition, an experienced real estate agent will go above and beyond the call of duty to sell your property. He or she will host condo showings and keep you up to date about any potential offers. This real estate professional also will provide expert guidance to help you optimize the value of your property.
Hire an experienced real estate agent to sell your condo, and ultimately, you can streamline the condo selling process.