Living in a Condominium Association has Pros and Cons
Owning your own home is exciting, but it can be a nerve wrecking process especially for first-time buyers. Whether this is your first home, an investment property, or you have been a condominium lover for years, each new purchase comes with its fair share of ups and downs. It’s important to consider your budget, the amount of time you have on hand for maintenance, and what you are hoping to gain from living there. Here are a few things to keep in mind before investing in a condominium association.
Is the location promising?
Buying a home in a condominium association is like any other real estate – location matters. A comfortable location is imperative for happy living. Take the time to research the school district, crime rate, and quality of local activities. Having this information up front will help determine if the location matches your ideal dream home.
How much work upkeep will be required?
Oftentimes, landscaping maintenance and simple exterior fixes are taken care of by the condominium’s HOA while interior repairs are the responsibility of the homeowner. If you’re worried about what sort of upkeep you will need to provide, don’t be afraid to ask or review the association’s public documents.
What is included in the association fees?
Owning a condo will require a maintenance fee paid to the association. This fee typically covers the costs of amenities such as a pool or fitness center as well as community upkeep like landscaping and snow removal. Each association is different, so find out what your fee would be and ensure this is considered as part of your overall budget.
What is the community culture like?
Check with residents in the area to see what the neighborhood culture is like. Do they enjoy living there? What are their top reasons for staying? Is there anything they dislike? If you are worried about getting honest opinions, check the minutes from an HOA board meeting or plan on attending one to see what types of complaints or topics are discussed. You’ll want to live in an atmosphere that matches your personality.
What are the community rules and regulations?
Request to see HOA rules and regulations ahead of time to determine if the neighborhood is a good match. You’ll want to understand all anticipated constraints and guidelines before moving in.
Is the HOA board relevant?
Not all HOA boards are created equal. Some are more active than others. Check to see how involved the board is in the local community by checking the website for updates, having conversations with other residents, and connecting with the board members before purchasing in a condominium association. Neighborhoods with active boards often have a more enjoyable living experience.
If you or your association is looking for better community living, contact the team at AR Management today for additional information or a proposal.