When we were talking about selling our family home, we decided to look at some mid-level condos. I didn’t want to waste a realtor’s time with looking at a listing when were simply “checking out the lifestyle”, so I looked for an open house. I saw a listing that was on the penthouse level of a nice building associated with the adjoining hotel. It had some nice amenities, a good location, wasn’t too old, etc. The asking price was $950K for 4700 sq. feet.
As I perused the listing, I looked for HOA fees. The property fees were $3500. A MONTH. $3500 a MONTH!!! I could hardly believe it. It also mentioned that owners could be hit with assessments down the line. That’s the extent of my foray into condo living. I’m sure HOA fees can be far more affordable depending on various factors, but I’m sure you really need to do your due diligence before purchasing.
Yes, STR is “short term rentals.” I would never buy a condo with a swimming pool (unless it is in a resort area where a pool is a common feature). Pools are black holes in the ground sucking in the HOA money.
Condo HOA meeting minutes should be available upon request. If none are kept, run away. The more boring these minutes are, the better. If you see signs of bickering, that is a red flag.
DH and I have been living in a condo for two years now. We were very motivated to sell our house and considered renting, but wound up choosing between a condo in a brand new 55+ development and a well-established community where we’d have wanted to renovate bathrooms and/or kitchen–which we’d had enough of in the house. The new community was selling out quickly, had only the amenities we wanted (no tennis courts or pools) and we fell in love with the model.
Our initial issues had to do with the quality of construction–and we would not have had to deal with such basics in the older community. Our neighbors are very social, which is fine with me but not so much for DH (he enjoyed poker night until covid took that away) We are very happy to be done with maintaining the house’s exterior, water problems,snow removal and landscaping. The condo owners association was formed early this year, when the builder completed the property, and seems well intention ed but we need to keep an eye on how things go.
In retrospect, we may have been better off in the established community, whose occupants all love living there, paying a (much) higher condo fee, and doing renovations or update over time.
We recently read that Active Adult rental properties are becoming popular in some parts of the country. We may have opted for that option, at least to try it out, if it had been available to us.
We bought a condo as a pieds-à-terre in NYC where our kids live and we love it, no regrets. Location is great, close to many subway lines, restaurants, grocery stores and shops. We have a 24 hr. doorman who can receive packages. No exterior upkeep, just lock up and leave.
A friend of mine, retired, has 3 homes. All 3 are condos and she is very happy to spend time in each place.
Before you buy, make sure you can afford the monthly HOA, review the building financials and board meeting minutes and you have enough financial cushion for any special assessments.
My DIL’s mom sent me a listing for a 55+ community. It was funny to think we are eligible for such a thing. I actually really liked it.
The neighbors is one reason we didn’t like the four-unit brownstone we looked at. Not that they we know anything about them, but it occurred to me that we likely would get to know them well, and what if I didn’t like them? If I knew my besties were in the other three units then yeah, but what if the other owners are jerks? Or I do a STR to a jerk and I’m having to deal with neighbors from a thousand miles away? I liked the anonymity of the larger complex, truthfully. And I’m super extroverted.
I’ve never heard of an Active Adult rental property. I’ll research.
After I got sticker shock from the condo HOA fees on a Dallas property (also forgot to mention that Texas has very high property taxes), I began watching a show about real estate in NYC. The HOA fees on many of those properties made the Dallas HOA fee seem like chump change!
We live in NJ, and every so often, I look at NYC condo listings. Those maintenance fees are like another mortgage! Some new buildings have a relatively low purchase price (for NYC), but their monthly fees are like $4000 !! Once retired, we think maybe short term rentals at different places may suit us better rather than a second home.
You said the winters are snowy. I bet you could do a winter rental for cheap from a Snow Bird couple that winters in Florida. Or maybe you could find somebody to swap a month of dog sitting for accomodations. Or swap places. Not sure how to find these opportunities, just had the crazy ideas.
I was pleasantly surprised at the monthly rates at a hotel in Reston, near Washington DC. Our nightly rate was well under $100/night and included a “social hour” with wine, beer, and a hot entree like salmon or chili or pasta. It also had a continental breakfast. I believe the weekly and monthly rates were significantly lower and all guests could have free shuttle to IAD and places within 5 miles IIRC.
If our kids set down roots remote from our home, we have warned them we will likely get a long term rental near them (during times when weather is favorable). As it is we visit and they visit and there are no little kids involved.
If you live near a golf course, you have to also be exposed to constant pesticides and fertilizers as well as errant golf balls. My parents friends who lived in a subdivision bordering a golf course could never use their back yard or pool—it was constantly getting errant golf balls. Another of her friends developed chronic lung condition from pesticides from golf course.
