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 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 think a lot of people who've owned condos would be well within their rights to say this.DON'T do it.
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.
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 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?
The high rise ones where infrastructure might need repair. The capital improvement assessments are insane.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.
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.The high rise ones where infrastructure might need repair. The capital improvement assessments are insane.
Have two condos right now.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?
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.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.
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.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.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?
It's ugly.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.
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.
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.
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.
From your article...
Yikes!
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.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)
I worked for my condo from 13 doing weeds, raking, snow removal etc. Made a few bucks.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.
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