Many Carlsbad buyers are interested in purchasing condos, for a variety of reasons:

• It's what they can afford in their market
• There is no need to worry about maintenance
• Security issues
• Second or vacation home
• Investment (rental income)
• They want to live in the city or in other areas where detached homes are rare or don't exist

No matter what the reason, there are some things to know about before you jump in and purchase so you make an informed decision. And condo ownership has pros and cons depending on your perspective.

WHAT IS A CONDO?: A condo is a legal form of ownership where there is separate fee interest in a particular space (the unit) and an undivided interest in common or public areas of the development. You have a deed to the unit (unlike in a co-op) and pay property taxes on the condo. You do not own the land (the specifics of condo ownership might vary from state to state). So if you want a home with land that YOU own and you can pretty much do what you want, a condo will not work for you. [photo is of golf course frontage condos in the La Costa area of of Carlsbad]

CONDO DOCS: The condo association (it may be the residents or for larger associations an elected board or even a separate management company) will have a set of rule and regulations (you will often see Condo Docs, as they are called, as well as the By Laws). It is critical that you review these as part of your due diligence when purchasing, since they spell out what you can and cannot do in the association (you might want to rent out the unit for a week at a time in a vacation area but the association only allows a minimum of 6-month rentals). Some condo docs are pretty generic, but others may be quite specific, so you need to see them so you can decide if you can abide by them or not.

VIOLATIONS OF CONDO RULES: Condo associations vary in the degree to which they monitor adherence to the condo docs and how they handle violations. You will want to understand this (even if you don't intend to violate them. You don't do you??). They may levy hefty fees for violations and also required that the behavior stop, or the violation (such as an illegally installed door or fence) be cured. I don't know if any would report problems to your mortgage company but you don't want that to happen, since your mortgage will require you to maintain your property (the collateral) appropriately.

FEES - HOW MUCH?: Another big issue with many condo associations are the fees. Know that you very likely will have monthly fees to pay (just as in some detached home developments). You need to know what these fees are (they are not negotiable). Fees may be less than $100/monthly or in high-end units be many hundreds of dollars (I have seen them over $1000 for certain complexes and condo hotels). Since you don't have a choice about these you need to feel comfortable with the expenses (which is not tax deductible but check with your tax adviser; rental properties may be treated differently for tax purposes). You should also find out if the fees have changed and how often, and if they are proposing a change in the future (the minutes of the condo association meetings are good things to review as well).

FEES - WHAT DO THEY COVER?: Find out what the fees are for. Do they cover exterior maintenance (common)? Grass cutting? The roof? The gate? Does this sound reasonable or not to you? You will find that complexes that have an electronic gate, security, garages, elevators, pools, spas, etc. will tend to have higher fees than those without those services. Fees can also vary by the size of the unit in some buildings, the floor you are on, and so on. So if paying these fees to avoid having to deal with stuff yourself makes sense, great. And having these amenities might be just what you want since you won't necessarily have them in a detached home. Otherwise, condos may bother you.

DENSITY: Recognize that a condo development may be much denser than a detached home subdivision or neighborhood, so there will be many more people about. Plus you may have neighbors living above or below you, as well as next to you (often condos are attached units but there are exceptions).

While these may not be everything you should know and consider, this is a good list to keep in mind if you are not sure whether condo living is right for you.

Want a list of condos available for purchase in San Diego or specific communities? Let me know (phone or text message me at (760) 840-1360 or email me at JDowler@remax.net).

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MORE REAL ESTATE INFORMATION:

Fans of Coastal San Diego - a fun blog about living in the San Diego area, including Carlsbad. I would love to have you stop by and add your own thoughts and recommendations.

Relocation A to Z - everything buyers and sellers need to know about relocation to Carlsbad or anywhere else.

First Time Buyer Central - for new AND experienced buyers