Are your Buyers prepared for Condo living?
This is an excellent post about Condo Living - written by Steve Shatsky a year ago.
It's worth re-reading.
The diversity of condominium owners makes for very lively "discussions" about associations rules and their enforcement. Prior to purchasing a condominium, every buyer receives a copy of the by-laws and rules governing the community, yet it seems that often condo buyers are unprepared for the "compromises" that community living requires. All the time I hear about condo neighbors throwing very loud parties that go late into the night (or early into the morning) as well as loud stereos, home theater systems with surround sound that makes items hung on shared walls vibrate or fall down, and even misuse of common areas like hallways and elevators when a resident pet decides to use one of these areas as a toilet and the owner feels no obligation to pickup after it ("Isn't that why I pay my monthly HOA fees?). And the rules violators always seem to use the same defense... "I should be able to do whatever I want since I own here, pay my HOA fees and this is my home."
As a condo owner, when I hear these complaints around my building I often wonder if or how the real estate agents who sold these people their units prepared them for the realities of community living. Clearly, you give up certain freedoms to live in a condominium. You must live and be respectful of your neighbors in a way that you need not be in a single family detached home. You must realize that your neighbors' property values are tied to yours and when you (or your pet) destroy the common areas that you affect everyone's property values and that the HOA budget is funded by every owner.
When I represent a buyer wishing to purchase a condo, I always have a "lifestyle" conversation with them before I will write a contract for them. Do you live loudly (stereos, parties, etc.) in a way that will disturb neighbors? Do you realize that if you do live loudly that your neighbors will likely have cause against you per the building rules? Do you realize that even in the nicest of condos there will be a certain amount of noise transference between units? Will living by rules that may change and that you may not necessarily agree with bother you to the point of unhappiness? By asking these questions I can help a prospective condo buyer make sure that they will enjoy their new home, and not regret their choice... and that hopefully their neighbors will be glad to have them as neighbors. I want my buyers to not have any surprises or regrets, or to ever call me for a conversation that begins with "Why didn't you tell me that buying a condo means..."
What (if anything) do you do to prepare condo buyers for the reality of their home choice?
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