Anyone ever live in a condo? Thoughts?

[MomsSpaghetti]

I am tossing around purchasing a condo as my residence. Not to rent out as a source of income. It is on a golf and ski resort (golf and skiing not included in the monthly fees). The one I am considering is a middle unit of a 4 unit building so it would be sharing both walls with "neighbors". I don't know if they would be filled with loud and drunken skiers or golfers on the weekends or not.

Pros:

• No lawn care,
• no snow removal
• no exterior maintenance to worry about
• cable tv and WiFi included
• trash pickup
• Use of resort gym/pools

Cons

• possibly drunk neighbors on weekends
• resale value?
• Monthly dues could go up
• $300 month fees
• Other?

Anyone?

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[RG48820]

Had a condo -- mine was in a private marina off Lake Michigan with a boat slip out the back door. Having stuff like snow plowing and mowing done was great. Biggest down side is loss of individuality and group vote decisions on most exterior things -- if you have not had a house, you may not know or care.. Make sure to read the bylaws of the association -- especially in regards to assessments and fees. As for noise all you can do is try to get the prospective neighbors to make some noise and see. Talk to the owner/occupant of the other inside unit and see what he/she says. Mine was and end unit --- 2 upper levels with a unit below. Heard more noise from below -- almost none from sides. how thick th walls are and how much insulation is installed. See if anyone has the build docs 2x5 walls & ceilings much better than 2x4.

 

[MomsSpaghetti]

Hey thanks. This particular building appears to have all 4 units for sale so I can't have a sound check. I contemplated an end unit but they are asking $60k more. I've only ever owned homes so the freedom to do what you want is nice. The upkeep isn't so nice though..

 

[Hootbro]

Condo's have their pitfalls. You really have to understand how they assess their fees and the process they use when they want to raise it as you may have little input unless you are a board member. Like HOA's, you get some power trippers on those boards and they can make your life a living hell.

In addition to monthly fees, there may be times where they do a one time large amount assessment for big ticket common area repairs and improvements that may find you have a multi-thousand dollar assessment fee due at once.

 

[MomsSpaghetti]

Thanks for the info. I do have a lot to consider

 

[MF Comics]

I live in one now with my sister in a nice area, love it, except that you hear the neighbors stomping up and down the stairs around 9-noon.

Sometimes, the fee's are ridiculous, but I'm in the middle of everywhere (10 mins Asbury, Long Branch, Red Bank), and not too far from the folks (Helps with Mandatory Sunday Dinners), and on a side note, my town doesn't get as affected by the weather, so there's a misc. bonus


Just my two cents

 

[MomsSpaghetti]

Yeah. I’m really leaning toward it. I’m gonna check a couple houses out first but may end up going the condo route. Once I find out how the management is and how frequently they jack the fees. I’m just thinking 10 years in a condo till kiddo graduates then I can up and head to warmer parts. Sell the condo at that time or rent it out. It’s on a golf/ski resort

 

[MF Comics]

Yeah. I’m really leaning toward it. I’m gonna check a couple houses out first but may end up going the condo route. Once I find out how the management is and how frequently they jack the fees. I’m just thinking 10 years in a condo till kiddo graduates then I can up and head to warmer parts. Sell the condo at that time or rent it out. It’s on a golf/ski resort

In the right area, it's a solid investment, as I'm close to the mall:

https://www.app.com/story/money/bus...ents-heights-could-top-3-000-month/711907002/
https://www.nj.com/monmouth/2018/07/shop_where_you_live_monmouth_mall_redesign_include.html

If it works out, it'll be like those apartments, houses and condos in brooklyn that went from dirt cheap to "omgwtf?!" expensive

 

[MomsSpaghetti]

Whoa

 

[RIPLER]

We bought a townhouse last year as a second home at a ski/golf resort. The townhomes on either side of us are rentals and yet to have issues with renters. We bought at a family friendly ski resort so that may be the reason it's a quieter crowd. Townhomes where we bought are typically 2 or 3 bedroom so you really don't get a lot of people staying there at one time. There are some single family houses that get multiple families renting it that can get pretty rowdy, we call them the party houses. We spend some weekends there when it's not ski season and it really peaceful. Good luck

 

[MomsSpaghetti]

Thanks Ripler. These are pretty quiet from what I understand.

 

[Rummie]

Lots of good advice here. One thing to verify before buying is if the association reserves are fully funded. If not, you can end up with a lot of assessments to pay for maintenance. Newer condos are usually fully funded. Here in Florida we have many older ones that are not.

 

[MomsSpaghetti]

What’s considered newer vs older? The ones I’m looking at are 20 years old

 

[Rummie]

What’s considered newer vs older? The ones I’m looking at are 20 years old

That's pretty new still. I have a place built in 1964 that didn't have proper maintenance for decades. The owners hadn't put away reserves for fixing things along the way. It resulted in 10's of thousands of dollars in special assessments to replace balconies, a dock, roof, etc, etc, etc.

You probably won't have that problem. My personal experience has just led me to give that advice to any one looking to buy a condo or townhouse. Make sure the reserves are fully funded.

 

[MomsSpaghetti]

Ok, would the realtor have that info or do I need to find the association president or something. Also, are they obligated to be truthful?

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