Are Condo's Right for You?

If you simply drive Kellogg past downtown, you can't help but notice the giant LOFTS FOR SALE signs going up.  A relatively recent phenomenon to Wichita, Lofts are gaining hugely in popularity.  The one pictured here is in downtown Wichita, at Exchange Place.

Their similar cousins, Condo's, are also gaining ground.  The ones pictured here are townhouse style, near McArthur and West Street. There are many styles and floorplans, in many areas of town.

But how do YOU know if a Condo or Loft is right for you?

A condo/loft may be right for you if:

• You do not want the responsibility of exterior maintenance such as painting, roofing, gutters, etc.
• You want some amenities available such as a clubhouse, pool, playground, tennis courts, etc.
• You don't mind close neighbors (similar to an apartment layout but generally better constructed and less "neighbor noise" that filters through).
• You want lower utility bills.

If this sounds like you, consider a Condo/Loft.  What's the difference in these two? 

• A LOFT is typically an open floor plan, more contemporary styled, and generally pricier.  Lofts in the Wichita area run from the $200's and up over $500's.  They are typically only found in the city, particularly downtown areas.  Amenities typically range from work-out areas/gyms to roof-top party-spots.
• A Condo is similarly styled to a home, as far as separate rooms and layout.  Condo's can be found in the city, but also scattered throughout the less-dense areas of the city, and even outlying areas such as Cheney.  They typically have amenities such as a pool, clubhouse, or covered parking.  Some have small "yard" areas for each condo.  These range in price from the $20's and on up to about the $200's. 

Some things to note about Condo's and Lofts:

• There is typically a monthly maintenance fee - this can run from $100/mo (condo) on up to $500/mo (loft).  This fee goes towards the Association's maintenance of the building and facilities.  This varies from building to building, but can mean lawn service, snow removal, exterior home care, exterior insurance, etc.
• Since you have exterior insurance in place through the association, you typically only need insurance coverage for your contents, and even that is generally optional (though recommended!).  This offsets some of that maintenance fee for you, too.
• Some loan programs will not cover a Condo, depending on the number of rental units in the facility.  If too many are rented, they may consider it an investment property and not want to loan on it. 

Sounds great, right?  You get a property that YOU own, you get the tax write-off, and someone else takes care of the hard work? IS there a downside?

Depends on how you look at it!  Here's some possible downers:

• Parking availability ranges from curbside, to carport, to rented garages, to parking garages.  There may not be a lot of it available (sometimes only 1-2 spots per unit).
• Re-sale typically takes a little longer on Condo's, depending on where they are and what amenities they offer.  However, you can generally easily rent the condo out when you are done with it and use the income to offset your next purchase payments!

Still not sure?  If you even think you might like a condo/loft, just give me a shout!  We can always schedule a few to check out, just to see if they're something you might be interested in.  You never know until you go!

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Joel Weihe    Realtor® Txt/Cell: 316.833.2677

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