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Is Condominium Living Right for You?

Is Condominium Living Right for You?

Condominium living is a lifestyle choice that has many perks.  The turn-key lifestyle appeals to many people at various stages of life from the first-time single buyer, to young couples, to the retiring boomer couple looking for no maintenance to invade their well-earned freedom.  Condo life, however is not for everyone.  How to determine is condominium living right for you?

Condominium Living – Is It Right For you?

Because condominium living includes shared resources and commonly owned property, condo developments institute governing rules to take care of the shared property and amenities. The condominium homeowners association exists to create and maintain those Homeowner Association (HOA) rules, with the purpose of maintaining the property and therefore, the property values of the development.

Along with the HOA come not only rules, but fees for the maintenance of the shared property. Are you interested in having no outside maintenance?  Part of your condominium fees will go to regular outside maintenance, as well as common area maintenance, part will go into an account that will handle major upgrades, like roof replacement, siding repair, etc.

Is condominium living right for you
Towns at Maxwell Square

If you’re considering purchasing a Frederick Condominium, there are several questions you’ll want to ask yourself:

 

Pros to Condominium Living:

  • Are you interested in the ability to travel for periods of time without worrying about your home?
  • Are you happy with community life?  Being in close touch with neighbors?
  • Do you enjoy sitting by the pool without a care for the cleaning and upkeep of said pool? Same goes for lanscaping, parking and sidewalks.
  • Are you ok with rules and by-laws?

Cons to Condominium Living:

  • Do you like to putter in the garden?  You’ll have to resign yourself to patio gardening, or a small spot of ground, if possible.
  • Is it important to have some space between you and your neighbor?
  • Are you annoyed at being told what you can and cannot do because of above-mentioned by-laws?
  • Do you have lots of stuff that you don’t want to part with?  Most condos don’t have a lot of storage.  Apart from the occasional 5 X 8 space in the basement or garage, you’d have to rent a storage garage, or impose on that relative with the extra storage space in his garage or basement.

Things to Remember about Buying a Condo

Is condominium living right for you
Maxwell Place Condominiums

In qualifying for the mortgage, the lender will figure in the monthly Condo fee, which will lessen the amount you actually can buy.  Keep that in mind when you are comparing the sales price of a condo and a townhouse or single-family.  (Also remember, the Condo fee is paying for the things you don’t want to take care of yourself.)

Generally speaking, during a “down market” condominiums can be a little harder to sell; more time on the market, less appreciation.  You want to make sure that you’ll more than likely be there for a good 7-10 years to make sure you can re-sell, depending on the market.

Condominium communities often have units that owners rent out. In some communities, the ratio of owner-occupied units to rental units exceeds the limits for FHA rules. That means, in certain condominium developments, you cannot use FHA financing to purchase a condo.

Check Out These Important Issues Before Buying A Condominium:

  • How much are the condominium fees? Naturally, you’ll want to add the fees to your budget. Remember, some of the items these fees cover might remove the costs from other items previously in your budget.
  • What do the fees cover?
  • Is the Condominium community professionally managed?
  • What is the reputation of the management company? Are there any (gasp) lawsuits? A Google search will come in handy!
  • What about the parking? How many spaces and where are they, and where can your
  • What are the Condominium Rules? You will certainly want to get a copy and read them thoroughly. They will be a necessary contingency in your contract, but it is even a better idea to peruse the rules when you first start your home search, if possible.
  • Condominium Associations are required to have money in a reserve fund to take care of major infrastructure improvements when needed over time. Find out how much is in the reserve fund.
  • On a similar note, sometimes Condominium developments collect special assessments to cover unexpected expenses. Find out if there are any special assessments in the near future.

Search for Condominiums for sale in Frederick:

  1. 3 beds, 3 baths
    Home size: 1,880 sq ft
    Lot size: 1,950 sqft
    Year built: 1989
    Days on market: 1
  2. 2 beds, 2 baths
    Home size: 1,268 sq ft
    Year built: 1998
    Days on market: 3
  3. 2 beds, 3 baths
    Home size: 1,630 sq ft
    Year built: 1989
    Days on market: 3
  4. 3 beds, 3 baths
    Home size: 2,054 sq ft
    Lot size: 3,458 sqft
    Year built: 1999
    Days on market: 3
  5. 3 beds, 4 baths
    Home size: 1,638 sq ft
    Lot size: 1,600 sqft
    Year built: 1991
    Days on market: 3
  6. 3 beds, 1 bath
    Home size: 1,071 sq ft
    Lot size: 2,913 sqft
    Year built: 1900
    Days on market: 4
  7. 3 beds, 3 baths
    Home size: 2,785 sq ft
    Year built: 2016
    Days on market: 4
  8. 3 beds, 4 baths
    Home size: 2,104 sq ft
    Lot size: 1,799 sqft
    Year built: 2000
    Days on market: 4
  9. 3 beds, 3 baths
    Lot size: 1,799 sqft
    Year built: 1999
    Days on market: 4
  10. 3 beds, 4 baths
    Home size: 1,892 sq ft
    Lot size: 1,440 sqft
    Year built: 1995
    Days on market: 4

See all Real estate in the city of Frederick.
(all data current as of 2/20/2018)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

If Condominium Living is right for you, you will benefit from using an experience local buyer’s agent who is familiar with the nuances of a Frederick condominium purchase. You can save yourself considerable time and effort in your research with an agent who can guide you to the condominium development that fits your lifestyle… Contact Chris Highland to tour Condominiums in Frederick Md.

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Is Condominium living for you?
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Is Condominium living for you?
Description
There are many perks to condominium living in Frederick MD, also many differences from single-family homes or townhouses, is Condominium living for you?
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Publisher
Chris Highland with eXp Realty
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