Is Downsizing To A Condominium The Right Decision For You?

By
Real Estate Agent with Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Huntsville AL
https://activerain.com/droplet/47m5

 

Is Downsizing To A Condominium The Right Decision For You?

Is Downsizing To A Condominium The Right Decision For You?

Search for all Huntsville Alabama Condominiums

Downsizing to a Condominium

If you are considering downsizing from your current home perhaps a condominium is the right choice for you. 

Downsizing to a condoHuntsville Alabama has many condo communities and one of the attractions is that Condos can be smaller with fewer maintenance issues and a great alternative when downsizing.  However with condos come HOA’s, and a special set of guidelines so it’s important that you pair up with a real estate agent familiar with details of condo ownership.  Be sure to read the association by-laws as some can be very restrictive.

 Condominium The Right Decision

In exchange for a monthly assessment or association dues/fees, maintenance is provided the condo owners usually by a management firm.  With a part of the dues set aside for larger maintenance jobs or repairs and replacement such as roofs, or siding.  It’s important to know what is covered in the monthly assessment.  The services vary widely from one association to another and may include, common grounds and individual owners yards, exterior insurance, water, pest control, trash removal, cable/TV, snow removal etc.  Don’t assume that the association fee will be cheap!  I’ve seen association fees from $10 a month into the $1,000’s.

 

Many condo buyers never think about checking a condo associations financial records or insurance policy.  You will want to know what is insured as most associations insure from the walls out and you may need to carry a separate insurance policy for “paint in” covering your belongings.   Associations also have to re-certify in order to be approved for an FHA loan…something you need to know before making an offer on a condo.

 You might find this link helpful regarding Condominiums

A little research into a condominium association and complex ahead of time will help to ensure you’ve made the right condo decision and answer the question, “Is Downsizing To A condominium The Right Decision For You”?

While deciding please take this opportunity to see available Condominiums in Huntsville Alabama.

Nick T Pappas 

If you need a knowledgeable real estate professional in Madison or Huntsville Alabama area, why don't you let me Google that for you! I also know outstanding agents in all states and Canada should you need help relocating to a new area.

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Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

There is a lot to consider, but it seems like the best idea for so many people who are looking to downsize and have less work and responsibility.  

Nov 29, 2013 10:00 PM #1
Rainmaker
4,104,687
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nick, there are many factors to consider before making this huge change.    Great information for potential buyers to think about!

Nov 29, 2013 10:22 PM #2
Rainmaker
2,036,474
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Fort Worth, TX
Selling Homes Changing Lives

Nick,

This is a smart post for consumers and buyers considering a condo. The links are terrific too! Your understanding of buyer's needs and curiosity is exceptional.

Nov 29, 2013 10:57 PM #3
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Nick, Some people think it is glamorous, others think it will simplify life. There is a whole lot more to it and checking into it thoroughly is sound advice.

Nov 30, 2013 11:21 AM #4
Rainmaker
1,320,766
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

There's definitely a lot to consider when purchasing a condo and buyers are well advised to do their due diligence.

Dec 01, 2013 02:16 AM #5
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

You have brought up some great points. The insurance issue is a big one. Also you don't have to have covenants that are too restrictive for your lifestyle. Looking into the regulations is very important.

Dec 01, 2013 02:27 AM #6
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Rainmaker
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Nick T Pappas

Madison & Huntsville Alabama Real Estate Resource
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