If a St Louis or St Charles condo lifestyle sounds interesting to you, here are a few things to consider about living in this type of residence:
When you purchase a St Louis or St Charles condo, you own the space within your condo's walls. The actual walls are co-owned with your neighbor, as well as the common areas like the hallways; building exterior; yard and amenities such as the pool, gym, and walking trails.
Condo Association Fees
Each condo has Association fees that are in addition to the mortgage. These fees are used for maintenance and repairs of the common areas. The Association fees also pay for the landscaping and, usually, trash removal. Typically in the St Louis area, the fees will run proportionate to the amount of amenities that the property offers, ie. Swimming pool, tennis court,etc. Make sure that prior to a contract acceptance on your part that you confirm that there are no "special assessments" pending. If there are, this is something that needs to be addressed at the time, not after you close. Many times you are able to negotiate so that the current sellers become responsible for and pay these assessments.
Condo Association Rules
Associations also have rules. They have regulations about what you can do with your property, including what kind of pets, if any, are allowed. Most Associations don't allow making changes to the exterior of the property. You can paint the walls inside your condominium, but can't paint the outside.
So you've found the condominium that works for you. The next thing to consider is what kind of neighbors you'll have. Disruptive and noisy neighbors can ruin even the perfect condominium. A good thing to do is stop by the condo at different times on different days, so you can get an accurate impression of what living there is really like. Think about looking at the Association's board meeting minute. They'll list what complaints the other owners have, and by looking at those you can get the big picture of life there.
Don't let Association fees and close neighbors scare you away from condominium life. While purchasing a St Louis or St Charles condo is not simpler than buying a single-family home, living in one may be.
Thinking of buying a condo? I can help. Call me now at 314-630-4227or email me at firstname.lastname@example.org .
LINKS: St Louis Condo
Link to information about local condos on your website or link to: http://en.wikipedia.org/wiki/Condo
Condo association fees
Condo association rules