Has anybody here own or owned a Condo before?

[BrotherFease]

I am currently in the housing market, and leaning toward Townhouses and Condos. If you have owned one before, can you let me know your experience? Positive or Negative? Was the HOA fees every month worth it? Did you have any issues with HOA Board?

 

[Allan]

I've owned 3 condos. One great experience and one nightmare.

The first was very well maintained and I sold it for a profit.

The third condo I owned was a fairly new building. The idiot board let the reserve fund certificate expire so I couldn't sell the damn thing.

I did finally sell it and the realtor let me know about a year later that the waterproofing over the parking garage failed resulting in a 10k special assessment per unit. Dodged that bullet.

The most important thing - read the monthly board meeting minutes going back a couple of years. Your realtor can get them for you.

They will tell you if there are issues with the building and whether repairs are being done in a timely manner.

 

[SkyChief]

If you have owned one before, can you let me know your experience? Positive or Negative? Was the HOA fees every month worth it? Did you have any issues with HOA Board?

DON'T do it.

Unless you like other people telling you how to live, and what kind of holiday decorations you are allowed to put up. How often you cut the grass . . what kind of vehicles you are allowed to have, etc etc

HOAs SUCK. I am an HOA officer. (treasurer)

 

[maxparrish]

I am currently in the housing market, and leaning toward Townhouses and Condos. If you have owned one before, can you let me know your experience? Positive or Negative? Was the HOA fees every month worth it? Did you have any issues with HOA Board?

Condos are okay as long as: you don't make too much noise, you don't display flags, you make sure all the blinds are neat, there is nothing on the window sills to offend someone, don't expect immediate repairs for HOA related stuff (plumbing, roach infestations, wall hot spots, etc.), have actual parking spots that are yours alone, and don't make trouble.

Otherwise, they are okay but are bad at resolving problems such as the above.

 

[Allan]

DON'T do it.

I think a lot of people who've owned condos would be well within their rights to say this.

Others have had good experiences. Depends on the board.

 

[medi]

This advice is not to be ignored!

The most important thing - read the monthly board meeting minutes going back a couple of years. Your realtor can get them for you.

They will tell you if there are issues with the building and whether repairs are being done in a timely manner.

 

[Hari Seldon]

I am currently in the housing market, and leaning toward Townhouses and Condos. If you have owned one before, can you let me know your experience? Positive or Negative? Was the HOA fees every month worth it? Did you have any issues with HOA Board?

Grew up in one. My dad was on the board for a while. Regarding HOA it depends on what you get. Pool, golf, lawn maintenance, snow removal, capital fund for exterior like roofs and balconies. Always some issues when you get a bunch of different people trying to decide how to live near each other. Our upstairs neighbor was a problem for a while. Parking was an issue. We had a prime spot next to the stairs, someone always using it even though it was numbered.

 

[Safiel]

Just a note of warning.

If you are in Florida, avoid condos right now like the plague. Don't even THINK it.

Lots of issues going on.

 

[Hari Seldon]

Just a note of warning.

If you are in Florida, avoid condos right now like the plague. Don't even THINK it.

Lots of issues going on.

The high rise ones where infrastructure might need repair. The capital improvement assessments are insane.

 

[Allan]

The high rise ones where infrastructure might need repair. The capital improvement assessments are insane.

In Vancouver the high rise condos are getting to the point where the large floor to ceiling windows have to be replaced. The assessments are hundreds of thousands in the larger units.

 

[Threegoofs]

I am currently in the housing market, and leaning toward Townhouses and Condos. If you have owned one before, can you let me know your experience? Positive or Negative? Was the HOA fees every month worth it? Did you have any issues with HOA Board?

Have two condos right now.

Love them. No cutting grass, no shoveling snow, no worries about weather flooding your basement.

HOAs are fine. One of ours has high fees, but delivers lots of service- excellent doormen, maintainable, security, maintain the pool, rooftop, grills, etc. HOA funds are stellar- just did a $1.5MM HVAC project without a special assessment or critical depletion of reserves.

Boards are both populated with competent neighbors, and the building managers are excellent. One has appreciated in value quite a bit, the other not really at all- all market dependent.

 

[Hari Seldon]

In Vancouver the high rise condos are getting to the point where the large floor to ceiling windows have to be replaced. The assessments are hundreds of thousands in the larger units.

Insane. The condo complex I grew up in was strictly town houses and 4 unit 2 floor buildings. The balconies had to be replaced. My parents bought in the early 70s for around 40k. I sold it after they passed for over 200k. Probably up another 50k since then.

 

[Callen]

I am currently in the housing market, and leaning toward Townhouses and Condos. If you have owned one before, can you let me know your experience? Positive or Negative? Was the HOA fees every month worth it? Did you have any issues with HOA Board?

We have a condominium townhouse near Toronto. We love it but you have to be prepared to live by the rules so check out all the rules and make sure they are things you can live with. The other really important thing is to check out the solvency of the condominium association, the amount they have in reserve and also checkout the Property Manager and their reputation. Often newer high rise condominiums have gyms and pools and the like and their fees tend to be much higher so if that's what you are looking at make sure the amenities are things you will really use.

 

[EthanB]

My first property was a condo; it was a fixer upper. At the time, the cost of the mortgage and condo fees were a lot less than renting. All in all, it was a good investment and worked out well. The biggest issue that i had for a while were noisy neighbors; loud music into the night causing me to call the PD so that I could get some sleep. A minor issue for me was that you don't own the exterior of the condo. I came home from a trip and found that my condo building had been repainted a salmon pink in color. Perhaps that's just a Florida thing?

 

[ElChupacabra]

I am currently in the housing market, and leaning toward Townhouses and Condos. If you have owned one before, can you let me know your experience? Positive or Negative? Was the HOA fees every month worth it? Did you have any issues with HOA Board?

I currently live in one and what I'll say is it really depends on the HOA Board. Some are good and are hands-on with addressing maintenance and repairs, and others are far more into micromanaging everything. The latter are the ones I recommend avoiding like the plague, which goes for community HOAs as well. A good way of making that determination is reading through HOA rules of any property you're interested in. If it's a novella length list of rules, avoid.

The other component is how they managed repairs and maintenance which you can inquire about as well. Depending on the age and construction quality of the building, there will always be some major project to tackle. The outcomes are important to know, because some HOAs opt for cheap repair jobs to save money and assessments, but end up in never-ending repairs over long periods of time that don't actually fix the issue. Be sure to check on the association's fiscal management as well. I've been an HOA board member, and it's pretty thankless pro bono work. I was lucky that we had a good board and we were able to make a lot of infrastructure improvements. The board that followed were a bunch of yahoos who complained about assessments without understanding that without the repairs and improvements, the building would deteriorate.

 

[Safiel]

Just saw this:

Condo owners wake up to grim reality that homes are worthless

Florida's condo market has become a nightmare for many residents trying to sell.

www.dailymail.co.uk

Catastrophic situation in old condominium towers, which are rapidly becoming worthless due to mandatory assessments.

Most of the current owners are ****ed.

They are going to have to walk away from their condo with nothing.

Eventually, these towers will have to be torn down and redeveloped.

 

[Safiel]

I double down on my earlier post in this thread.

If you are coming to Florida, avoid condominiums like the plague, unless you have the money to buy in a brand new build.

 

[Hari Seldon]

Just saw this:

Condo owners wake up to grim reality that homes are worthless

Florida's condo market has become a nightmare for many residents trying to sell.

www.dailymail.co.uk

Catastrophic situation in old condominium towers, which are rapidly becoming worthless due to mandatory assessments.

Most of the current owners are ****ed.

They are going to have to walk away from their condo with nothing.

Eventually, these towers will have to be torn down and redeveloped.

It's ugly.

 

[Allan]

Just saw this:

Condo owners wake up to grim reality that homes are worthless

Florida's condo market has become a nightmare for many residents trying to sell.

www.dailymail.co.uk

Catastrophic situation in old condominium towers, which are rapidly becoming worthless due to mandatory assessments.

Most of the current owners are ****ed.

They are going to have to walk away from their condo with nothing.

Eventually, these towers will have to be torn down and redeveloped.

From your article...

In Boynton Beach for example, a two-bedroom, two-bathroom condo at Hunters Run Country Club with access to a resort-style pool and high-end amenities is selling for just $10,000. The owner paid $60,000 for it in 2001. It's now worth $3 per square-foot.

On Marco Island, a one-bedroom, two-bathroom condo complete with water access at Sunrise Bay Resort is listed for $9,000.

In contrast, a newer build nearby on Marco Island with an oceanfront entrance is selling for $629,000.

Yikes!

 

[Fearandloathing]

Grew up in one. My dad was on the board for a while. Regarding HOA it depends on what you get. Pool, golf, lawn maintenance, snow removal, capital fund for exterior like roofs and balconies. Always some issues when you get a bunch of different people trying to decide how to live near each other. Our upstairs neighbor was a problem for a while. Parking was an issue. We had a prime spot next to the stairs, someone always using it even though it was numbered.

I've never lived in one.

But I had my own gardening company for 12 years. I detested condos. Every resident is an "owner" and of course bosses "the help" around. I got sick and tired of being ordered to do shit that had nothing to do with landscaping, like unplugging a sewer line! I could not win. Come in the morning and residents would bitch we woke them up ( at 9am). Come in the evening and they bitch because the missed a "Friends" re-run.

Co-ops. YES! Working with severely restricted budgets in co-ops was a dream because they would take my advice, and de weed etc. long term keeping costs down. The next best customer were large land holding companies who want it pretty and will pay for it.

 

[Fearandloathing]

From your article...



Yikes!

Wow.


That's cheap!


$600,000 + is the cost of a studio, ground floor unit, no amenities, no transit, no cable somewhere out in the valley.....IF you have a great agent!

One bedroom condos in the city start at $1,350,000 no elevator, no view.

 

[bomberfox]

I own one though i quickly found out all my appliances were made when i was born so yay?

 

[MAGAnificent]

DON'T do it.

Unless you like other people telling you how to live, and what kind of holiday decorations you are allowed to put up. How often you cut the grass . . what kind of vehicles you are allowed to have, etc etc

HOAs SUCK. I am an HOA officer. (treasurer)

For the same reasons, I have never bought into a condo or an HOA, If I own the property, other than city or county ordinances, I make the rules.

 

[Hari Seldon]

I've never lived in one.

But I had my own gardening company for 12 years. I detested condos. Every resident is an "owner" and of course bosses "the help" around. I got sick and tired of being ordered to do shit that had nothing to do with landscaping, like unplugging a sewer line! I could not win. Come in the morning and residents would bitch we woke them up ( at 9am). Come in the evening and they bitch because the missed a "Friends" re-run.

Co-ops. YES! Working with severely restricted budgets in co-ops was a dream because they would take my advice, and de weed etc. long term keeping costs down. The next best customer were large land holding companies who want it pretty and will pay for it.

I worked for my condo from 13 doing weeds, raking, snow removal etc. Made a few bucks.

 

[Fearandloathing]

I worked for my condo from 13 doing weeds, raking, snow removal etc. Made a few bucks.

In this day and age you don't go near snow removal.

One little patch of ice and you can be sued to the end of time.

No, if it didn't produce some form of leaf or stem, it was not my problem.