ResalesIs a Condo the Right Home for You?
Condominiums are hot property right now. While you"ll find plenty of
homeowners who "pooh-pooh" the idea of semi-communal living with strangers
in a high-rise, just as many proponents of condo living are flocking to the
newest and most exclusive properties to sign up before the construction
dust even settles. Take Dallas, for example, where a myriad of new
condominium complexes have been built throughout the city"s Uptown/Turtle
Creek neighborhood, a lush, green district commanding some of Dallas"
highest prices. Properties such as The Mansion Residences, the nearly
finished Mayfair, the legendary 3525 Turtle Creek, and the new Wyndermere
have no problem attracting rosters of the city"s most notable families,
Dallas" most successful movers and shakers and the names that appear in
society columns on a weekly basis.
So why would people with such big bank accounts opt for a condo instead of
a large, sprawling home on a piece of beautifully landscaped property? For
starters, newly constructed condominium complexes are aggressively
advertising themselves, aligning themselves with savvy public relations
firms and successfully creating an aura of exclusivity that attracts the
curious and the serious to consider the advantages of condominium living.
And for those of us -- OK, most of us -- who will never find our names in a
society column the night after we graced a restaurant with our presence,
condos are a good choice, too. While a luxury high-rise might be a stretch
for many of us, condos of all other sizes and prices are an attractive
option for professional singles, couples and even families. The number of
families who have attained the American dream of single-family
homeownership is higher than ever, but it"s still a stretch for some of us.
Condominiums are an excellent middle-of-the-road form of housing. A condo
represents that you"ve graduated from the joys of apartment life (often
associated with just-graduated twentysomethings, although apartments --
particularly luxury apartments -- are attracting residents of all ages for
the convenience and amenities they provide, and they remain probably the
best option for professionals who find themselves transferred on a fairly
frequent basis). A condo represents, whether erroneously or not, that
you"ve grown up and decided to settle down with your transition from the
renters" the buyers" market. But a single-family home is either a bit much
for your budget or your time; after all, a house requires maintenance
inside and out. In short, a house requires time, and few of us have that
these days.
But it"s important to remember that buying a condo isn"t the same as buying
a house. Condo life won"t afford you the same liberties as life in a house.
If you own a house and feel like building a new room onto the back for your
home office, great. Who"s stopping you? If you own a condo, well, you"re
all in this together. You"ve got other residents" needs to consider. You"re
not only forbidden to start building on to your unit, but chances are good
you"re probably sharing walls with your next-door neighbor, and well, he
probably wouldn"t look too kindly on it. So "owning" a condo means you own
your possessions inside of it and to a certain extent, the floor and
ceiling. But you don"t own the walls. You share them and must make
concessions because of that fact.
You"re usually entitled to paint those interior walls, but as far as the
outside of your condo, you"re usually forbidden from planting trees,
shrubbery, a garden, etc., or from painting your unit. After all, that"s
the purpose of joining a condo owners" association.
A condo owners" association is another fact of life when you choose this
form of housing. And while you need to research all of the association"s
terms and dues before you commit to a unit, a well-run association provides
considerable convenience for residents. Association fees, which might seem
steep at first, go toward outside maintenance of your unit and your
neighbors", as well as homeowners" insurance, trash pick-up and outdoor
landscaping. You might find yourself wavering from the idea of moving into
a condo once you"re told the monthly dues, but it"s very likely you would
have spent that much (and perhaps even more) performing indoor and outdoor
maintenance on a house. Condominiums remove the inconvenience of having to
flip through the Yellow Pages and flip a coin to find contractors who may
or may not correct the maintenance problem on your hands ... and they never
happen one at a time.
Considering that a well-run condo owners" association is maintaining your
property and keeping it attractive to passers-by, your property value
should remain high over time, shouldn"t it? In many cases, yes. Condos
often appreciate in value, sometimes exceeding single-family home values in
some areas of the United States. That could certainly be the case in
Dallas, where new construction "deals" in some luxury condominium complexes
begin at $225,000. Consider that many of these buildings offer such
conveniences as exercise facilities, laundry services, underground garage
parking and easy access to the Central Business District, and it"s easy to
see why values increase quickly and significantly.
If you"re looking for a couple of helpful books on the subject before you
sign on the dotted line, check out Your Dream Home : A Comprehensive
Guide to Buying a House, Condo, or Co-Op by Marguerite Smith (Warner
Books, $10.99); or The Co-Op Bible : Everything You Need to Know About Co-Ops and Condos : Getting In, Staying In, Surviving, Thriving by
Sylvia Shapiro (Griffin Trade Paperback, $18.95). Both titles are available
on Amazon.com for a discounted rate.
Also See:
The Rules of Renting a Condo
The "Condo-ing" of America