Buying a condo or townhouse?
I have sold many a condo and townhouse in the 22 years I have been a career realtor, and I even owned a condo or two in my lifetime. Condo living is easy and can be fun and profitable. It used to be that people who could not afford houses bought condos. No more! Now condo living is a choice! So, here is what I've learned and hopefully it will help you.
1. Understand that when buying a condo you are buying one of several homes which are grouped together. You will have neighbors close by, possibly below and above you. If you’re looking for privacy, this may not be your best option.
2. A condo offers a maintenance-free lifestyle. Well, almost. Most condo complexes have associations and management companies that take care of most, if not all of the outside items such as roof, hallways and common areas, trash collection, exterior painting, maintenance and such. This can be a big plus if you don’t know much about these things or have a schedule that does not permit you to do the “handy-work” around a house.
3. Some things that are not included in dues which you may think are, could be: decks and patios, windows, water and/or sewer, etc. Ask the owner or your realtor about which items are the responsibility of the homeowner’s association or yours.
4. For the privilege of having these and other items cared for by the management company, you will have to pay a fee. There are pros and cons to this as with anything. The major pros are: 1. You don’t have to deal with the day to day care of these items; and 2. there is buying power and potentially lower cost so it may be less expensive
5. Read the by-laws and rules and regulations for the complex. Yes, much of it will put you to sleep, but in the many pages of legalese are buried nuggets of information that you need to have. For example, can you have a grill on your deck or patio? What about a pet? Sometimes, pets will be allowed but dogs only to a certain size/weight. The variations are endless. Ask but always confirm with the written documents.
6. Take a good look at the community, buildings and grounds. Are they in good condition? Does it look like the roof needs replacement? Are the grounds, decks, amenities in good condition? If not, there may very soon be special assessments if there are not adequate reserves for the replacement of these items.
7. Speaking of reserves, ask for the budget, P/L, and other financials of the community. Look for adequate reserves. You may not always avoid special assessments but at least you’ll know if the finances are in good shape and what you should expect in the way of future expenses.
Condo living can be wonderful and freeing. Imagine owning your own home and not having to mow the lawn or paint the trim … yet all is taken care of! This venue is particularly attractive to young professionals who work, travel and play without much time left over, or, retirees who have “been there, done that” and now prefer to travel and save their energy for more enjoyable pursuits. If you’re interested in condos in Chatham, NJ such as Sutton Woods or townhouses in Rosevalle, or Madison, NJ real estate townhouses such as Madison Common or Madison Green, please contact us. We also have extensive experience in other exceptional communities such as Moore Estate condos and townhouses in Convent Station and other real estate in Summit, NJ, homes and estates in Short Hills and Harding, NJ, and many others in Chatham, Madison, Millburn, Short Hills, Summit, Florham Park, Convent Station, New Providence and Basking Ridge, the Hills in Bedminster, New Jersey. We look forward to serving you as your condo, townhouse and home specialists. Trish Giassa, Keller Williams Realty Premier Properties 201-960-2090 www.WhereToLiveInNJ.com Info@WhereToLiveInNJ.com
Comments(3)