There are many questions a potential buyer needs to ask when deciding whether condo living will be the right fit. Living in a condo comes with many pros and cons and might not be the right choice for everyone. For some, it will be a great option.
Many people choose to live in a condo to save money until they can buy a house. Other advantages of living in a condo community are the amenities, maintenance and security which are much easier to afford since these expenses are shared by the entire community.
Being able to afford a full time doorman, maintenance and grounds person as well as having a pool, gym and tennis court is quite the advantage to many people, from first-time homebuyer to repeat purchaser downsizing from a large single-family home.
Another advantage of living in a condo community is often its great location. Condos are an affordable way to live in the middle of the city in close proximity to all the city has to offer.
However, there can also be some disadvantages to condo living. All these amenities are paid for through Homeowners Association (“HOA”) fees, which generally are not tax deductible and are payable monthly in addition to mortgage obligations.
Other potential drawbacks of condo living can be the lack of privacy that comes with sharing walls with neighbors and having to live by HOA rules set for the community. For example, restrictions on the number, type and/or size of pets can be a deal breaker for some.
If the ability to rent your condo is important, you should inquire about rental restrictions. These restrictions can prevent you from renting out your condo for a period of time after purchase and may also place a cap on the number of rental units allowed in the community.
Also some communities have common laundry areas but prohibit washers and dryers in individual condo units. Another consideration is that historically the value of condominiums do not appreciate as quickly as single family homes.
There are many more questions you will need to research before you decide to live in a particular condo community. Understanding what you are getting into before you buy by asking the right questions will help you to know what to expect when living in that community.
Condo communities are typically managed by a board selected by people who live in the community so it is a good idea to review the monthly minutes for comments about how the complex is managed.
You will want to make sure you know exactly how many parking spaces come with the unit, if spaces are tandem or side by side and where the spaces are located. Some condos even come with their own private garage. You might also want to check on storage available in the community. There will be no basement or attic for extra storage so it is important you know if you will have a space for extra items.
Century City offers various condo options including townhouses. There are many low rise communities as well as high rise buildings with great views of the city. For those who believe the condo lifestyle will suit their lives, Century City is a great place to start your search for a condo.
For a free courtesy consultation, or information regarding mortgage brokers, contact Bess Hochman, a top Westside Real Estate Broker for more than 20 years. Bess is also distinguished by holding a law degree. This article expresses the opinion of the author. You are advised to consult attorneys and others experts specializing in the issues referenced in this article.
Contact Bess by phone at 310.291.4111 or email Bess.CenturyCityNews@yahoo.com.
“Bess is a master negotiator!” says Michael Donaldson, attorney and author of “Negotiating For Dummies.”
