I'm starting to look for a condo -- any suggestions?

[Presidentcokedupfratboy]

I've called a mortgage broker who has provided my family members with their loans. Now what should I do? any suggestions?

[Tom Yossarian Joad]

1. Trojans.

Oh. CONDO! :evilgrin:

Don't. Find a freestanding home. Resale on condos sucks for a reason. If I want to hear my neighbors, I'll rent an apartment so I can move if I don't like the way they sound.

Good luck.

[Demobrat]

2. When you find a place you're interested in

hire a professional inspector. One who works for YOU only. It will be the best money you ever spent.

[wysimdnwyg]

3. If you're getting a condo

Get it on the top floor. I had one on the first floor, and had water damage from upstairs three times in twelve years. You'll hear your neighbors every time they take a step. And pray they don't have a subwoofer on the floor.

Other than being so close to your neighbors, I think a condo is great. Might prefer a townhouse, though.


Oh, and FWIW, I bought a house last year. Wouldn't go back.

[Presidentcokedupfratboy]

4. Thanks for the advice

A condo is the way I have to go right now -- single-family houses in SoCal are really expensive.

[VOX]

5. If possible, try to locate something unique in a condo...

An end unit, an upstairs unit, a view, back from the street, anything that might distinguish your unit from all the others in any particular complex.

When you are able to sell it down the road, this will make it more appealing and will expedite your sale.

Also, be sure to find out if there are any pending actions by the particular homeowners' association -- this could further reveal what shape the building is in.

Good luck.

[ima_sinnic]

6. make sure you check into the association fees

the fees are like rent that you will never stop paying. for that reason I hate owning a condo. here in north central Florida condos seem to appreciate okay but people forget to consider the "rent" they will be paying on top of mortgage. Our fees do include homeowners insurance, which is a plus, but they have also added an assessment to cover new roofs and vinyl siding on all units, so for now the fees are quite high ($125/month, up from $70 2 years ago).

[TrogL]

7. I used to be on a condo board - including President

I have to run so I'll post more later but briefly...

• Read and memorize the bylaws
  
• Interrogate the condo board
  
• Find out when they replaced the roof and sewers
  
• if in Canada, when did the replace the wiring for the block heater outlet - who pays for it
  
• what's a typical heating/cooling bill
  
• is the condo property as a whole insured
  
• what are the condo fees - what were they other years
  
• is the board planning any major renovations in the next five years - why, why not?
  
• did they pass their last audit
  

[SpaceCatMeetsMars]

11. TrogL's advice CANNOT be stressed enough

I can tell you from experience because I had to get together with neighbors and sue the developers to get it finished and maintained. It was a nightmare. Try to talk to as many of the other condo owners as you can to see if they are happy with the place. If it's a newer condo, be very, very careful.

[Faygo Kid]

8. Rent an apartment; save for a house

The previous poster on association fees has it exactly right. Who needs the ridiculous monthly fees? Money down a rathole. Save for a house; avoid condos.

[madddog]

9. watch out for...

basement units in areas with heavy rain lol. My friend is living a life of hell because her first condo is a basement unit... 2 times already the thing got water in it, requiring extensive repairs and life upheaval.

The two times were hopefully an unlikely to be repeated set of "perfect storm" circumstances, but still...it's been a nightmare for her so far.

[nothingshocksmeanymore]

10. Do you need to stay in the LA area?

If not there are communities where you can buy a home for the cost of a condo in LA. I had a condo once...HATED IT!!! I have yet to see a homeowner's assn that isn't a pain in the ass.

[Presidentcokedupfratboy]

14. Yes, I do have to stay in L.A.

I have my job here and am fairly settled.

I just paid off all my credit cards and feel like this is the time to buy before everything in LA is out of my reach.

[shanti]

12. if you have two bedrooms (or more)

make sure you have two bathrooms! my duplex is a 2/1 and if i had to buy it over again, i wouldn't. one bathroom (and it's a small one) isn't EVEN enough!!

compromise the yard for the interior also. also remember that many trees drop leaves. i bought mine in may. if i'd know what it looked like in the winter, it wouldn't have happened.

i had no one to help me and made a LOT of mistakes when i bought for the first time.

[noonwitch]

13. My mom has had a lot of problems with her condo

It's a two story, townhouse type of structure. She's had water damage, because the association tried to get out of paying for the roof (outside is their responsibility). The condos in her subdivision are divided into two sections-both pay the same rate for association fees, but only the first half get to use the pool and clubhouse, as they are now separate companies, although when she bought the place, they were one and she could use the pool.
She tried to talk me into buying a condo and I refused, I bought a house. The association fees are a rip off, unless you are older or in too poor of health to do yard work and snow removal.

[amazona]

15. my mom was head of a condo board and still on the board

It is an awful lot of work owning a condo. The other posters are right about the fees. And it is even worse than that. Because there is all sorts of infighting about when the fees should be raised and when extra fees need to be raised for whatever reason. It is indeed like rent that you never stop paying, except that you also end up involved in endless negotiation to keep the place maintained or to keep the fees low. If you have a lot of members who are higher income than you are, they can vote for lots of maintenance and additions that you can't really afford. If you have a lot of members on a fixed income (retirees), you will face my mom's problem -- a lot of people trying to keep the fees down, and the place falls apart, and it loses value. The old folks who plan to die in their homes don't care, but if you want resale value, you DO care. My mom has been involved in countless battles to get fees assessed and keep her very large condo in good condition.

I guess my advice is...step carefully and get a "feel" for the condo and the condo association before you buy. It would be better if the condo was mostly owned by folks in your income bracket with similar goals and concerns.

Me, I think I'd go live in a damn tent first. The infighting is fun for her, as she is a people person, but it would make me nuts. The day she got home from quadruple bypass surgery, there were already people knocking on her door with condo "business." Yes, some came to wish her well, but some actually came to bitch about "so and so was watering her houseplants over my balcony" and "so and so has an illegal satellite dish."

I'm not kidding.

Oh yeah, and please read the ENTIRE agreement, and don't buy a satellite dish if they are not allowed on the roof and then try to sneak it in. Your neighbors can and will tattle on you.

Good luck with your search. If you look for people with similar goals, you should be fine.

Oh, and one more thing -- if the condo is one that appeals to lots of retirees, make sure you get a ground floor condo or that your condo has an elevator, not just stairs. Having a handicapped accessible condo makes your unit more valuable. My mom hasn't been able to afford to move up to an "accessible" unit. This might or might not ever be a real concern for you.

[cally]

16. You have to be very careful buying a condo in the US

In general, condos do not increase in value like homes and they often have difficult turnover during economic downturns. Before you buy, think about who would buy this from you in 5 years. If you are in a place where many other condos will be built, you will probably lose. If you buy a condo close to the beach, walking distance to great shops and restaurants, good fitness facilities, then that is a place that will retain its value. Just do your research. Look at turnover rates, increase in value, and who buys. Look at demographic trends for this community. Does your condo fit those?

If I was buying a condo in Cali, which I will do in a few years, I would pick one in a great location. I would make sure there are few other properties to develop.