Who owns a condo? - Social Anxiety Forum
 
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post #1 of 19 (permalink) Old 10-12-2019, 01:05 PM Thread Starter
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Who owns a condo?


I have enough money for a one bedroom condo but the building structures all look the same to me. What should I look out for? Honestly I like town homes better but they all seem to be 2 + bedrooms. Too much space, too much money. Any suggestions?
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post #2 of 19 (permalink) Old 10-12-2019, 01:34 PM
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How much they have in their reserves. If they don't have much then you may be looking at a special assessment in the future.

Many condos have artificially low monthly HOA dues because they aren't funding their reserves adequately. So to a potential buyer low HOA dues looks great. So they buy the condo but then the elevator needs to be replaced and boom every owner is asked for fork over $30,000.

You also don't want to live in a condo that allows owners to rent out their condos to tenants or do Airbnb.

https://home.howstuffworks.com/real-...s-adequate.htm
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post #3 of 19 (permalink) Old 10-12-2019, 01:57 PM Thread Starter
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Good point. A lot of these condo complexes, in my area at least, were built in the 1970's. Not much of a section if you are a single person.
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post #4 of 19 (permalink) Old 10-13-2019, 10:39 AM
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My monthly condo fees are almost as high as my mortgage. And I get special assessments to fork out extra money on top of that from time to time. Typically at over $1,000 a shot with only 2 weeks notice. So make sure you know how much you're paying and keep an emergency fund. Also, they do inspections on occasion here to make sure we don't have leaky faucets and our smoke detectors are working, etc. Basically, if you own your own (detached) home, you get to decide when you do upkeep; if you own a condo, the board gets to decide and you have to pay whether you can afford it or not. The condo fees are supposed to cover all that, but my board never has funds to cover emergencies (like cracked foundations or broken water mains).

For forty-seven years I've put up with it now. I must stop Christmas from coming ... but how?
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post #5 of 19 (permalink) Old 10-13-2019, 01:20 PM
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The condo fees are supposed to cover all that, but my board never has funds to cover emergencies (like cracked foundations or broken water mains).
Somehow, ours does but I don't know what the dues are. They must not be horrendously high though because my mother would never stop complaining about it if it was. They have had to do some pretty substantial repairs at times and I don't think there has ever been an issue where they needed more money so I don't know. But I have noticed a lot of things around here are falling into disrepair and they're not fixing them at nearly the same rate as they used to. The parking lots are a mess and have been deteriorating for at least the last 2-3 years. Not good sign.

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post #6 of 19 (permalink) Old 10-13-2019, 02:27 PM
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I don't but I have thought about buying one. I hadn't thought of special fees coming up though. Really I'd rather have a separate house but a condo sounded nice since I wouldn't have to worry about the roof or outside. But I would really rather have a small yard though and maybe a garage.

Most of the condos around here require you to be 55+ in order to live there. There are only a few I know of that don't require it.

I probably would have bought a house when they were still cheap if I had known they would be almost double by now.

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post #7 of 19 (permalink) Old 10-13-2019, 02:38 PM
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post #8 of 19 (permalink) Old 10-13-2019, 05:36 PM
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I'd rather have a tiny house on a decent sized plot of land with a big pole barn. The idea of having strangers living in the same building is really off putting to me.
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post #9 of 19 (permalink) Old 10-13-2019, 06:03 PM Thread Starter
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I'd rather have a tiny house on a decent sized plot of land with a big pole barn. The idea of having strangers living in the same building is really off putting to me.
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Yeah, I agree. It's another reason I'm conflicted. I would always feel self conscious playing loud music or watching certain tv shows with them listening in. I don't see many small detached houses though. Have you?
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post #10 of 19 (permalink) Old 10-13-2019, 07:47 PM
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I've been looking for a 1 bedroom condo for 6 months now. I would think places without pools, tennis courts, community party rooms, elevators, etc should have cheaper HOA fees and fewer special assessments.



A house would be nice for the privacy they offer. But I can't touch them at my price point. And I think they'd be too much maintenance.
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post #11 of 19 (permalink) Old 10-13-2019, 08:12 PM
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I do.

Mine is 'apartment' style. Go for that kind. Less space & cheaper, if those are the things that are concerning to you. Less fixing-up will be required when you move in too.

My association very-well managed; I've lived here 3 years and we are doing great financially, no special assessments. Ask the seller about them to find out and really try to gauge the status of the buildings/roads/etc to learn about potential for assessments.

Mine is in a wooded area, quiet and tucked away. Mixed demographics. 2 bedroom, a garage, a porch.

The world is quiet here.
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post #12 of 19 (permalink) Old 10-13-2019, 10:02 PM
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I wish not having a yard was an option with a house. Like I wish you could just fill it with sand or something that doesn't grow. Or maybe just have a solid concrete lot with a house on it instead of having grass. Seems pretty useless to me to have to spend a lot of time mowing a stupid lawn if you don't actually need it. I mean, what use is a lawn other than to look good when it's freshly cut? What's the use of that?

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post #13 of 19 (permalink) Old 10-13-2019, 10:13 PM
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Yeah, I agree. It's another reason I'm conflicted. I would always feel self conscious playing loud music or watching certain tv shows with them listening in. I don't see many small detached houses though. Have you?

Yes, that is always a worry. In my condo, I sometimes hear my neighbours' dog and that bugs the hell out of me, especially during the evenings.


Where do you live? Since you are thinking of buying a condo instead of a house, then I am guessing it's in a big city?
I can't speak with every market, but in my city, a lot of new condos, particularly those built in the last 10 years have been made kinda cheap.
A lot of the demand is fueled by speculation which doesn't really care as much as building quality.
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post #14 of 19 (permalink) Old 10-14-2019, 05:55 AM
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Yeah, I agree. It's another reason I'm conflicted. I would always feel self conscious playing loud music or watching certain tv shows with them listening in. I don't see many small detached houses though. Have you?
They sell kits online and I've seen some made from shipping containers. Right near where I live there's a lake and they sell "cabins" on the lake that are just single wide manufactured homes cut in half. Lots of options.
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post #15 of 19 (permalink) Old 10-14-2019, 09:38 AM
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I wish not having a yard was an option with a house. Like I wish you could just fill it with sand or something that doesn't grow. Or maybe just have a solid concrete lot with a house on it instead of having grass. Seems pretty useless to me to have to spend a lot of time mowing a stupid lawn if you don't actually need it. I mean, what use is a lawn other than to look good when it's freshly cut? What's the use of that?

I agree. Grass is so high maintenance with it needing to be mowed every week. There's no way I want to spend my weekdays working my butt off at my job, and then come home to a weekend of yard work. I see my neighbor across the street do 5 hours of yard work every single Saturday. F that! I'd rather just pay a reasonable HOA fee and have all exterior maintenance taken care of.
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post #16 of 19 (permalink) Old 10-15-2019, 12:53 AM
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I don't see many small detached houses though. Have you?
You could buy an empty lot, buy a manufactured home in a size and design you like, and then have it installed.

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post #17 of 19 (permalink) Old 10-15-2019, 01:11 AM
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You could buy an empty lot, buy a manufactured home in a size and design you like, and then have it installed.
I like the sound of having my home installed.




It sounds professional.

/WYSD
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post #18 of 19 (permalink) Old 10-16-2019, 02:22 PM
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best of luck, OP-- for sure. it must be cool to have your own money for your own place.

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post #19 of 19 (permalink) Old 10-16-2019, 03:12 PM
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I agree. Grass is so high maintenance with it needing to be mowed every week. There's no way I want to spend my weekdays working my butt off at my job, and then come home to a weekend of yard work. I see my neighbor across the street do 5 hours of yard work every single Saturday. F that! I'd rather just pay a reasonable HOA fee and have all exterior maintenance taken care of.
Only mowed my private yard 4 times ... in 3 years. Not high maintenance if you don't care about your yard.

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