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The single-family detached home with a yard isn't everyone's American Dream. In high-priced markets with space at a premium, the only affordable solutions for some buyers are condominiums and townhouses.
Condominiums and townhouses are forms of attached housing, homes that share common walls and common areas with neighbors. This type of housing is popular and essential in pricey real estate markets in which only a small percent of households can afford to purchase a home. Condominiums are beginning to proliferate in less-populated areas, too, as an alternative for retirement housing for active adults.
Condominium
Single unit, most often resembling a more finely finished apartment. Found in complexes large and small, high-rise or low-rise. Owner has title to interior space of unit and shared title to common areas in complex. Condominiums are governed by a condominium board of directors (voted by residents) in accordance with bylaws and covenants, conditions and restrictions.
Town house
Two-floor unit sharing common wall with at least one other townhouse. Townhouses commonly found in clusters (rowhouses). Owner has title to unit and land under unit, and shared title to common areas (if any). Some ownership arrangements more closely resemble those of condominiums. Town houses are governed by homeowner association (voted by residents) in most cases.
Know your documents
Before you buy a condominium, you'll want to bone up on the project by yourself or with a real estate attorney. There are several documents you'll want to go over with a fine-tooth comb before you sign any kind of purchase contract. These papers should be available from the condo's board of directors or their representative. They include:
Master deed: The key document in a condo project, the master deed establishes the project as a condominium project. It gives residents the authority to form an operating association and gives the legal descriptions of all individual units and common areas.
Bylaws: These can become sticky in heated board of directors' discussions. Bylaws are the operating rules for the condo association. Among other things, they authorize a budget to be created, the assessment of fees, the hiring of professional management staff and other operating duties.
House rules: These also can become sticky when owners disagree. House rules govern what owners can do in common areas.
Covenants, conditions and restrictions: Private restrictions on the use of project property; usually created by the developer.
Purchase agreement: This is similar to a standard purchase. It should include a cooling-off period during which you can back out and financing and inspection contingencies. Other papers: Current operating budget, current and proposed assessments, financial statement of the homeowners association and any leases, contracts, blueprints or other design plans.
Condominiums may offer maintenance-free homeownership, but not all condo projects are nirvana. Take the time to check out the complex before you buy and look out for these red flags: If more than 50 percent of the units are rentals, think twice about the project. Upkeep may be poor and some lenders will not make a loan on a unit in the complex, which could reduce the long-term value of your investment.
If the condo association doesn't have a healthy reserve fund, beware. If there isn't money to fix major items such as a new roof or plumbing, the members will be hit with a special assessment to pay the tab.
Avoid a condo association in which the board of directors isn't getting along. They will make poor decisions for everyone else in spite of one another. Steer clear of a condo project that is heavily involved in litigation. Lawsuits with builders and other homeowners can put a cloud over the project.
Copyright © 2006 Inman News
All Rights Reserved |
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| |  | South Padre Island Gulf Paradise | Views:3122 | | 3 Condominiums each with a gated entrance | Comments:0 |
|  | South Padre Island Cibola Seaside Oasis | Views:4350 | | A new seaside community offering 34 oceanfront lots. | Comments:4 |
|  | South Padre Island Costa Cantera | Views:3019 | | Pre-Construction Pricing For A Limited Time! Contact us to find out more about this great opportunity! | Comments:0 |
|  | South Padre Island Coconut Grove | Views:2210 | | This 4 unit property features a complex pool, decorative walkways, ample parking, and tropical landscaping. | Comments:0 |
|  | Port Isabel Waterfront Lots on the Bay | Views:3547 | | The best locations in Port Isabel with spectacular views. Development Investment Opportunities. | Comments:1 |
| |  | South Padre Island Mar Oz Condominiums | Views:2570 | | STARTING AT 199,500. Be a part of this condominium complex of 8 units, all 3/2 surrounded by lush landscaping, including a pool with two separate sitting areas for privacy. | Comments:0 |
|  | South Padre Island Pacifica Condominiums | Views:3684 | | Offering luxurious living with an exceptional price tag | Comments:2 |
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| |  | AD Diamond Beach Resort & Spa | Views:3409 | | Luxury condominiums with ammenities such as a movie theater, day spa, indoor pool, and private beach. | Comments:1 |
|  | AD The Dawn Beachfront Condominiums | Views:2764 | | These condominiums offer its owners a unique combination of luxury and value located within minutes of restaurants, golf courses and the shopping district. | Comments:1 |
|  | AD Island Grove Condominiums | Views:1492 | | Two twelve-story towers overlooking the Gulf of Mexico accomodating ninety-six residential units. | Comments:0 |
|  | AD Palisade Palms | Views:4279 | | Oceanfront luxurious condominiums with unparalleled views of the Gulf and resort-style amenities. | Comments:5 |
|  | AD Emerald By The Sea | Views:2730 | | One of a kind 15 story high rise condominium offering breathtaking views, a movie theatre, and four pools at a variety of prices. | Comments:4 |
|  | AD The Biscayne | Views:3372 | | A privately gated beachfront subdivision on Crystal Beach where every lot has a breathtaking view of the beach nestled behind a nature preserve. | Comments:0 |
|  | AD Excelsior Condominiums | Views:2077 | | Twenty-six luxury residences offering One and two bedroom floor plans with distinctive amenities located on Galveston's East End. | Comments:1 |
|  | AD Brownstones On Post Office | Views:2038 | | A new project in Downtown Galveston offering amenities not readily found in current Downtown residences, while honoring the architectural ambiance of some of the oldest Downtown structures. | Comments:1 |
|  | AD Surfside Estates | Views:3131 | | Surfside Estates Beachside includes 21 FEMA Approved 1/2 acre lots in Crystal Beach | Comments:0 |
|  | AD Villas of Las Palmas | Views:2296 | | A new development on Galveston's West End offering the finest of affordable resort living with several floorplans for clients to choose from. | Comments:0 |
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| |  | AD Sailhouse | Views:2099 | | 47 Classic cottage style homes located on Aransas Bay offering amenities. | Comments:7 |
|  | AD The Islands of Rockport | Views:3874 | | A gated community featuring 141 prime waterfront home-sites located off Aransas Bay in Rockport, TX. | Comments:4 |
| |  | AD Lamar Pointe Preserve | Views:3159 | | A 242 acre master planned community including 4 different phases. | Comments:11 |
|  | AD Sea Oaks Village | Views:2657 | | Lots in phase one are complete and phase two of Sea Oaks Village on Chaparral Street in Fulton is still under construction . | Comments:1 |
| |  | AD Sunset Bay | Views:5176 | | A new development located 25 miles east of Corpus Christi offering 1-7 acre lots. | Comments:49 |
|  | AD Palms of Ridge Harbor | Views:3110 | | Residential lots located in a community adjacent to Salt Lake. | Comments:2 |
|  | AD La Salle | Views:3240 | | Coastal-style townhomes in a premier gated community. | Comments:2 |
|  | AD Iron Gator Patio Homes | Views:4404 | | Home lots in a year long resort offering various luxury ammenities. | Comments:11 |
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| |  | AD Sharyland Plantation | Views:5255 | | A 6,000 acre community offering residential lots with luxurious amenities, proximity to office buildings and shopping centers. | Comments:3 |
|  | AD Ventana del Sol | Views:2979 | | Community offering seven different floorplans and has 2 model homes for you to see. | Comments:0 |
|  | AD Northgate Crossing | Views:2838 | | A community offering affordable homes with 5 one-story and 5 two-story floorplans for you to choose from. | Comments:2 |
|  | AD Meadow Ridge | Views:2392 | | Nestled in a lovely country setting featuring a neighborhood park. | Comments:0 |
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Contact Texas Gulf Coast Online |
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We are on your side!
Unless it is clearly indicated, Alice Donahue Real Estate does not represent the owner or seller of these properties, we represent you.
The real estate agency that represents the seller must by law put the seller's interests above yours in the transaction.
This is so important that Texas State Law now requires that you be informed of that fact. Click here to see the Texas Information About Brokerage Services.
Now here is the best part, our services as your buyer's agent cost you nothing, that's right, absolutely zero! Our compensation comes entirely from the seller, which typically means the seller's agent splits their commission with us.
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More and more buyers today are becoming aware of these facts and are using buyer's agents. You wouldn't go to court with the prosecuting attorney as your lawyer, and likewise, you shouldn't go into one of your most important and cherished investments without an expert in real estate on your side.
We do this everyday and that's why we have become one of the Texas Gulf Coast's most popular real estate brokers. |
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Below are two non-profit Insurance and Government sponsored organizations dedicated to the education of both homeowners and builders to make our coastal homes more insurable. They are IBHS.org and FLASH.org
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The I.B.H.S Fortified Living Standards specify construction, design and landscaping guidelines to increase a new home's resistance to natural disaster from the ground up. For information on I.B.H.S. and Fortified...for safer living® click here. |
The Federal Alliance for Safe Homes - FLASH, Inc. is a non-profit organization dedicated to promoting disaster safety and property loss mitigation. Their Mission is to promote life safety, property protection and economic well-being by strengthening homes and safeguarding families from natural and manmade disasters.
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FEMA Coastal Construction |
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What is a community association? A community association may have any number of Names, including homeowners association, property Owners association, condominium association, cooperative, Council of homeowners and common interest Development.
Community associations offer choices, lifestyles, amenities, services And efficiencies that people value. For many, a condominium or planned community can be the most affordable Way to own a home. Others are drawn to the architectural uniformity of the Neighborhood or the landscaping. Still others are attracted by recreational Amenities and social opportunities.
Questions you should ask
- How much are the assessments, and when are Payments due?
- What do the assessments cover?
- What is not covered and, thus, what are your Individual responsibilities as a homeowner?
- What procedures are in place to collect delinquent Assessments?
- How often can assessments increase and by How much?
- What is the annual budget and how does it Compare to similar communities?
- Does the community have a viable reserve to fund Major, long-term maintenance and repairs?
- Have special assessments been levied by the Association on homeowners? If so, for how much And for what purpose?
- Are there restrictions on renting property?
- Do the architectural guidelines suit your Preferences?
- Is the community age-restricted? If so, what is the Policy on underage residents?
- Are there simmering issues between homeowners And the elected board?
- What are the rules with respect to pets, flags, outside Antennas, satellite dishes, clotheslines, fences, Patios, parking and home businesses?
- Are board meetings open to all residents?
Special issues to consider
- Newly developed communities: Determine not only when but also how the Developer plans to transition control of the Community to homeowners.
- Resale: Consult a community association manager or Association officer to determine if there are Unresolved issues pertaining to that property, Delinquent assessments or unapproved Architectural changes, for example.
- Buying to rent: Examine the cc&rs with respect To regulations affecting rentals. Remember, it will be your Responsibility to educate your Renters and ensure they abide By the association’s rules.
- Condominium conversions: You need to be especially diligent To make sure you know exactly what You’re buying. Appearances can be Misleading. Old buildings are old buildings. A snappy, refurbished lobby does not Necessarily mean that the heating system, elevators And roof aren’t due for expensive overhauls.
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