How to Love the Condo Lifestyle

By Kay Senay | February 5, 2010 | Popularity: 1% (?)

M.A. (California) asks: “Kay, I want to downsize from my single-family home. I hear all this talk about how great the condominium lifestyle is. Are there any bad things?”

Dear M.A.: Luxury versions, low cost models, and those in between are the types of condos found in big cities, near suburbs, and resort areas. They come in all sizes and shapes. Condominium developments are sprouting up as you can see every time you drive down the freeway. The condominium lifestyle is very popular.

A condominium association is defined as:

Condominium association membership is mandatory and automatic upon purchase of a unit.

All owners are bound by the condominium association’s governing documents.

Assessments (maintenance fees) are mandatory. Each owner is charged in order to operate and maintain the condominium’s property.

Use and enjoyment of the property are for all owners.

Advantages of the condo lifestyle are:

Owning your own home is a wise investment. Why pay rent when you can be building equity?

An income tax deduction may be the interest on your mortgage loan.

Freedom from performing exterior maintenance is a benefit you can enjoy in this lifestyle.

The cost of recreational facilities is shared. Many condominiums offer amenities that you may not be able to afford on your own.

Because of the proximity of your neighbors, when you take a vacation, just lock your door and go! Security systems are “built in.”

All ages can enjoy activities that are planned for social and special occasions.

The board of directors and special committees would welcome your services. If so, you can have some say about the management of the property.

Property values normally increase because condominium living is a very popular lifestyle, and the association makes sure the property’s appearance is professionally maintained.

This lifestyle has a downside:

You may have to “get used to” the lifestyle.

What you can do may be restricted.

You may disagree with your neighbors.

All owners pay assessments (maintenance fees) and special assessments. You may not have any control over the amounts of those assessments.

The board controls colors and styles of the building exteriors and choices of landscape plantings.

Parking may be limited or inconvenient.

The environment may be difficult for the handicapped to navigate.

The board of directors makes decisions in a condominium association. Therefore, you may not be able to have a direct influence on those decisions. You may not like the board’s decisions and letting go of that control can be difficult for some people.

How different is the lifestyle of a condo from living in your own single-family home? “Good-different” if you buy a condominium to reap the benefits you know it can offer. “Bad-different” if you are unaware that there are differences or you have no intention of conforming. Depending on your attitude, you can enjoy your new condominium or you could be annoyed on a daily basis.

Once you understand that you are sharing the operation and maintenance of your home with all the other owners in the condominium association, you can appreciate that you don’t carry the entire burden. You have time to explore your other interests.

Do your homework by having your attorney read the governing documents and rules, or be sure you read them. Then you will know the advantages and disadvantages of living in your particular condominium before you buy it.

Kay Senay is the author of CONDO BUYING & OWNERSHIP MADE SIMPLE: TIPS TO SAVE TIME AND MONEY. This book is full of Kay’s secrets for solving difficult condominium issues. Check our her website at condominium for FREE TIP SHEETS, books, and more helpful articles.

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