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