So you are thinking about a condo?

The decision to move into a condo is generally gradual. It could be based on downsizing now that the kids are gone and you really don’t need all that space to clean and maintain. It could also be time for traveling and extended periods away and you don’t want to leave your home unattended. Often though, the main reason is the growing need to live on a single-level without stairs. That was our motivator. As caretakers for my elderly mom and being mid-sixties too, we knew one-level living was critical and a condo made perfect sense. The great part is that condo’s are inherently single-level so there are many choices to fit most pocket books.

If your life journey includes a condominium, here are some tips-lessons learned if you will.

• Location. Is it where you want to be for a long time? Chances are this may be your last home purchase so research well. Is it close (enough) to family so they can visit and assist when needed with minimal travel. This isn’t always an option for a number of reasons but something to consider.
• Demographics. Do you want a “Senior” development for those over 55, or does it matter? Many condos cater to adults with grown children, and grandchildren that visit but don’t live with them like ours. While children are allowed, Condo living is suited more for adults so the mix definitely leans adult.
• Pets. Some allow pets and some don’t. There is a workaround. Have your dog (or cat) registered as an emotional or service animal.
• Amenities. When I was younger and shopping for an apartment, I would always look at the amenities such as pool, gym, and recreation center as a plus. Funny thing is I rarely used them, other than the pool, so it was a waste of money. Consider what is important. If all those things are important, so be it, if not, do you want a good portion of your HOA fees paying for something you may never use?
• HOA fees. They can, and are, all over the map. Study them carefully and don’t just pick the least expensive one. See what they cover and remember, the more units in your community, the lower the HOA fees are generally. Check what percent of the fees are placed into reserves, it should be 15%-40%.
• Reserves. It should be enough to cover anticipated repairs.
• Special assessments. The older the property, the more likely there will be special assessments. Always ask if any are proposed or recently completed.
• Intangibles.  Find out who manages the building and research them. Poor, good, or excellent makes a big difference! Meet the residents and ask them about the community. If possible check the sales history of the property. Do they sell quickly? Is it a desirable condo? Finally, what does your heart and your head say? I had never lived in a condo before now and can’t imagine going back to a single-family home.

This isn’t everything but it will give you some things to consider before making the move. If we can be of any assistance please let us know!