| With the number of 'single people' buying homes | | | | of the repairs i.e. plumbing repairs, can affect other |
| reaching the highest ever and actually overtaking the | | | | people's properties.) |
| number of married buying homes, it would be | | | | Another possible rule that could get in your way is a |
| interesting to know how many of the singles are | | | | no banging after 7.p.m. rule. However, often buyers will |
| buying condos. | | | | snap up an older condo with a view to renovating it |
| Condos are an all-generational property, and although | | | | and making money - so rules must be checked to |
| large numbers of baby boomers buy them up for | | | | ensure that self-renovating will be allowed. |
| retirement homes (particularly in warm Arizona), | | | | Of course, there may be none of these rules in place, |
| condos also make a good starter home for the first | | | | and you may be able to buy an old condo and change |
| time buyer: i.e. singles. | | | | out the bathroom and kitchen and make money on it. If |
| This raises some interesting questions - one of them | | | | you plan on renting, check that renting is allowed, it is |
| being, are condos a good investment? Another is, how | | | | not unusual to have a no rental clause in the rules. |
| seriously must the condo rules, under which all condo | | | | With regard to a condo being a good investment, |
| residents must live, be studied before deciding to buy? | | | | probably any home that gives you the first step up the |
| Do first time buyers realize that when they buy a | | | | property ladder is a good investment. Whatever the |
| condo, they are also buying a unit that comes with a | | | | price, it will increase in value according the local realty |
| set of pre-made rules that must be adhered to. How | | | | market, so it is an insurance against never being able |
| do the rules harmonize with the lives of diverse age | | | | to afford a home! |
| groups who probably have diverse life styles? | | | | However, from a specific investment point of view, |
| All condos have rules which are designed to make for | | | | check out the areas over which you have no control. |
| ease of living for all who live there. The problem lies | | | | One thing that you have no personal control over with |
| with the question 'ease of WHOSE living'? The early to | | | | condos is the common areas. The rugs, hallways and |
| bed/early to rise trailblazers? Or the eat late/sleep late | | | | lobby areas etc are the responsibility of the |
| liberals? It is highly recommended to check all the rules | | | | management. |
| before you sign on the dotted line. Even small | | | | You may not wish to buy a condo where everyone is |
| differences can expand into large problems. | | | | allowed to leave bikes and canoes in the hallways, or |
| So, if you get up every morning at 5a.m. and stretch to | | | | where the rugs and decor in the common areas look |
| music on your balcony before going to golf - make | | | | shabby. This will deter prospective buyers when you |
| sure the rules allow for early risers to make | | | | come to re-sell. |
| 'reasonable noise'. | | | | Remember when you buy a condo, you have to pay |
| What of the dog owner who lets his dog onto the | | | | monthly fees which are used for upkeep - even if you |
| balcony where he can bark loudly at cats, and wake | | | | are not there most of the time; check that they are |
| you up? Another problem is the DIY guy who can only | | | | affordable. And by the way, did you notice that |
| repair and renovate after he finishes at the office. | | | | Phoenix, Arizona is listed as an area to pick up |
| Great! | | | | bargains at the moment , you could live in that lovely |
| Of course, some condo rules state that no | | | | dry climate and never get an ache in your joints or a |
| maintenance or repairs may be done by anyone | | | | wheeze in your lungs, and I hear they have a lot of |
| except the approved contractor and this would solve | | | | places under $150,000! |
| the noise problem. (This rule is in place because many | | | | |