Condo Living - Are Your Ready?

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A condominium is a shared form of property ownership that includes 1) a divided interest - the inside of an apartment, townhouse, part of a duplex, a unit in a mult-family, or detached home; 2) an undivided interest, i.e. roofs, exterior siding, recreational facilities, elevators, etc.; 3) and there can also be exclusive use areas, i.e. parking spaces, decks, balconies, garden areas.

If you are a first time home buyer, you can generally get more living space for the same price as a single-family home, developments tend to be newer, and some offer amenities such as swimming pools, tennis courts, fitness centers.

If you are just too busy or not interested in working around the house, owning a condominium is a good option for you. Exterior maintenance is taken care of by the homeowner association so you don't have to be concerned about exterior painting, landscaping, snow plowing, roof replacement, etc. - the benefits of home ownership without a lot of the work!

SOLD - New Construction at The Regency in Stow
Attached and Detached Townhouses for Adults 55+

A lot of empty-nesters are ready for a change and have someone else take care of things, especially during the winter months! Wouldn't it be nice to just lock the door and go somewhere warm next winter without having to worry about who's going to shovel?

There are a variety condominium options for people over 55+/active seniors in Sudbury, Concord, Wayland, Hudson, Acton, and many of the nearby towns including resales and  new construction. Click here to see condominiums for sale.

Condo living is a great lifestyle if you're someone who wants easy living; doesn't mind having close neighbors; is OK with letting other people make decisions, or is willing to volunteer to be on the Homeowners Association Board of Trustees (HOA), and won't mind trading some personal freedoms in return for convenience.

Buyers know that condominiums/homeowner associations have rules that govern the community. Any offer to purchase a condominium should include a contingency that says the offer is "subject to satisfactory review/acceptance of all documents..." 

Most HOA (Home Owner association) rules are pretty standard, and your attorney can tell you which ones you can expect to find in most places. However, communities can and do amend the rules over the years so rules can vary. Parking and pets and pools seem to be the biggest issues but there may also be rules about holiday decorations, gardening, decks, facility usage; bicycle and baby carriage storage, rental restrictions - some communities do not allow any rentals. Some associations restrict what vendors you can use to replace the windows and doors... Yes, units owners are often responsible for windows, doors; know what you will be responsible for.

Your lender will review the budget and send a questionnaire asking about the overall well being of the development - i.e. number of owner occupied units, if there are any pending lawsuits, special assessments; but as the buyer, it is really important for YOU to read the rules. Only you can know if you'll be comfortable living by the rules that govern the condo development you'll be sharing; and the best time to do that is before you make an offer. Once you accept the condominium rules (or not) you can move forward and enjoy the lifestyle that's right for you!  

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It has been a pleasure representing condominium (including new construction) sellers and buyers in Sudbury and the nearby towns west of Boston for 25+years. If you are planning to buy or sell a condominium, I would be happy to help you. Call 508-596-3501.

Here are some of the condominiums my clients have bought and sold in the towns west of Boston:

 

Audubon Hill, Acton  - 55+

Oak Ridge Maynard

Ingham Lane West Concord

WestRidge Hudson

Springhouse Pond Sudbury

   

Deer Hedge Run Maynard

Regency at Stow

Time for a Condo?

Time for a Condo?

Owning a home can be a lot of work especially when you live in Massachusetts! Anyone who lived here during the winter of 2015 remembers the seemingly never-ending snow storm after snow storm! With a foot in some places last week and blizzard warnings for the next two days, here we go again! After the snow is done, there's fixing the roof, repairing the siding, landscaping - there's always something...

First-time buyers at Oak Ridge, Maynard

Condominium living is exactly the right lifestyle for a lot of people. If you are a first time home buyer, you can generally get more living space for the same price as a single-family home, developments tend to be newer, and some offer amenities such as swimming pools, tennis courts, fitness centers.

If you’re just too busy or not interested in working around the house, owning a condo may be for you; the exterior maintenance is taken care of by the homeowner association so you don’t have to be concerned about painting, landscaping, snow plowing, roof replacement, etc. – the benefits of home ownership without the work!

A lot of empty-nesters also like the idea of simplifying and having someone else take care of things. Wouldn’t it be nice to just lock the door and go somewhere warm next winter without having to worry about anything? Sounds perfect if you’re someone who wants easy living; doesn’t mind having close neighbors; is OK with letting other people make decisions for you or is willing to volunteer to be on the Homeowners Association Board. You won’t mind trading some personal freedoms in return for convenience, right?

“There are no exceptions to the rule that everybody likes to be an exception to the rule.” Charles Osgood

Buyers know that condominiums/homeowner associations have rules that govern the community and offers to purchase a condominium should include a contingency that says the offer is subject to satisfactory review/acceptance of all documents… Most HOA (Home Owner association) rules are pretty standard, and your attorney can tell you which ones you can expect to find in most places, however, communities can and do amend the rules over the years so rules can vary. Parking and pets seem to be the biggest issues but there may also be rules holiday decorations, gardening, decks, facility usage; bicycle and baby carriage storage, any selling or rental restrictions – these days many developments will not allow investors … Some associations dictate what vendors you can use to replace the windows – yes, units owners are often responsible for windows, doors; know what you will be responsible for.

"Active Adults" at their detached townhouse in Hudson

The lender will review the budget and send a questionnaire asking about the overall well being of the development – i.e. number of owner occupied units, if there are any pending lawsuits, special assessments; but as the buyer, it is really important for YOU to read the rules. Only you can know if you’ll be comfortable living by the rules that govern the condo development you’ll be sharing; and the best time to do that is before you make an offer. Once you accept the condominium rules (or not) you can move forward and enjoy the lifestyle that’s right for you!

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About the author: Marilyn Messenger, a licensed real estate broker, Certified Residential Specialist (CRS) and an Accredited Buyer Representative (ABR) associated with Andrew Mitchell in Concord, has sold dozens of condominiums and townhouses (new and resale units) in Sudbury, Wayland, Maynard, Concord, and the towns west of Boston since 1993. As a condominium/townhouse owner and former Board of Trustees Member of a 155 unit complex, she knows how first-hand about buying and selling condominiums and about condo living. Ask Marilyn at 508-596-3501 or marilynmessenger@realtor.com. Search for homes at www.MarilynMessenger.com 

Single-family condo at 9 Ingham Lane Concord - Sold for $895,100

Under Contract - Deer Hedge Run Townhouse Maynard

   

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Do You Like to Share? How About a Condo?

        

Would You Like To Share A Pool?

While living in a condominium is a great lifestyle for a lot of people who want the benefits of home-ownership without a lot of the work, it is important to understand that a condominium is a shared form of ownership. The condominium form of ownership can apply to an apartment-style, townhouse, duplex, or detached single-family home. Condominiums are also common for  business uses including office condos and even retail space. 

Regardless of the condo style you decide to buy, you need to be willing to go along with some rules and restrictions, and possibly having to pay for some amenities, repairs, or improvements that benefit the community but maybe not each individual owner. 

Here is a link to a recent blog post on LinkedIn that talks about some of the things you need to consider if you are thinking about buying a condominium or a single-family home in a community with a home-owner association (HOA).
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Contact Marilyn Messenger for additional information about condominiums and visit www.marilynmessenger.com to search for condominiums Wayland, Sudbury, Maynard, and the towns west of Boston.