A few years ago, we sold our Florida home and moved to temporary quarters in an apartment complex. I admit to having mixed feelings about this move, even though we didn’t expect to stay there long. Jim and I had not lived in an apartment since we were newlyweds, and I wasn’t sure either of us could handle the problems that go along with such close quarters. Our original plan was to stay there until our very, elderly large dog passed away and then move to a foreign country. But Gator, bless his heart, hung on for 3 more years and by that time the economy, coupled with health and safety issues in our potential home abroad, caused us to rethink those plans. We decided that at our ages, we really needed to settle down somewhere in the United States and not move again.
Jim was certain that he did not want the upkeep and expense again of a house. He was never fond of yard work but was particular about how it was done, thus, making it a lot of work for himself. A lot of discussion ensued, and we decided that a condominium would be the perfect alternative for us. We learned during our 3 years in the apartment that as long as the layout suited our needs and the sound-proofing was good, we’d be fine with condo life where all the landscaping and outdoor maintenance is taken care of for us. We now enjoy our life in a three-bedroom first floor end unit overlooking a pond and a golf course. The amenities are awesome, and there’s even a nice restaurant we can visit if we so choose.
If you are thinking about condo life, there are certain factors you should consider. First, you want to know before you buy if the idea of living close to other people will work for you. If you need private outdoor space around you, perhaps you’d be better off with a single-family home with yard. You’ll certainly want to ascertain if the sound-proofing in the unit you prefer will meet your standards. If you are approaching or have reached senior status, you may not want to be surrounded by lots of young adults who may party loud and long at night. Think about what is important to you and be sure your realtor shows you suitable properties.
Understand what you are buying. You will not own the land outright or the actual building in which your unit sits. You will share that ownership with others. You will be purchasing the space between the walls of your unit. There will be a condo association and as an owner, you will be part of this. Their job is to create and enforce rules and regulations. They handle maintenance and repair issues that arise and deal with disputes and problems. (www.lendingtree.com/mortgage/pros-and-cons-of-condo-living-article). The Association will create Covenants, or rules, for homeowners and tenants to follow. For example, this group determines if pets are allowed, how many and what size. You must gain their approval to make any structural changes to your unit, at least in most cases.
Expect to pay condo fees that pay for the maintenance and repairs on common areas, including the roof. They also pay for maintaining the swimming pool or pools, golf courses and tennis courts and work-out facilities.
If you believe you cannot live with such restrictions and rules in place, then condo living may not be the best option for you.
We are fortunate to have an end unit because the only neighbors on the one side of us are snowbirds and not here often. This makes for a very quiet environment. We don’t hear any noise from the second floor, but that is something you should ascertain before you sign a contract. Some buildings are not made with solid sound-proofing. We do not feel any lack of privacy here, but some condo-dwellers have told me otherwise. Know what you want and be sure that is what you will receive with the purchase you make.
Condominiums offer some nice perks that you may not find in a single-family home. Security was important to me. Our community is gated with a manned guardhouse 24-hours a day. At the very least, you may want the gated amenity. If you live alone and/or security is a concern for you, look for a gated community. We weren’t especially interested in an “over 55” condo development, but those work for some people.
Some of the amenities offered here would be out of reach for our budget if we lived in a single-family home. There are two huge swimming pools, and one has a snack bar and a security guard nearby. Several smaller neighborhood pools also offer places to cool off. Two large workout centers, one of them state-of-the-art, serve the needs of residents. This was a benefit I welcomed because during the heat of Florida summers, I prefer indoor exercise. If such a thing is important to you, put that near the top of your “want” list when you search for your home. For those who play golf or tennis, having those facilities nearby is convenient and may offer lower rates for residents. Not all condos offer the same amenities, so factor those in as you shop.
You will also want to consider the resale possibilities of your location. In some areas, condos are easier to sell than single-family homes. But that isn’t always the case. Study your market. Discuss it with your real estate professional. Ask questions about condos that interest you. You’ll want to know how many vacancies there are, the going prices for those vacancies and how many of the units are being rented out by the owner. If it is an older complex and is completely sold out, ask your realtor to compare the unit that interests you with others for sale in the complex for size and price.
Condo living may not be for everyone but for some seniors, and soon-to-be seniors, the choice may be the best one.
