San Diego real estate blog - Peter Toner

In most areas of San Diego, condominiums are still affordable for most home buyers. Whether you’re a first time home owner or are just looking to downsize, condominiums are a hot buy for the 2006 season. Over the past few years condos have appreciated almost as quickly as single–family houses.

Not all condominium complexes are the same and condos have certainly had their ups and downs in popularity with buyers. Not all complexes are managed well and some have very high homeowner’s association fees along with poor maintenance quality. Also some condominium complexes have a very high percentage of rented units rather than units occupied by owners. Unfortunately where there are a lot of renters, there may be little pride of ownership which can make the entire complex less desirable. Having a high number of renters in a complex can also affect the ability to finance so this is definitely something to be aware of.

When looking at purchasing a condo, not only are they more affordable but you are able to lock to door go!! There are no concerns of having to mow or water the lawn or do the gardening. Condo owners do not have to worry about repairs on the outside of the building ~ these repairs falls under the responsibility of the homeowner’s association.

A condo owner basically purchases the air between the walls, ceiling and floor surfaces of specific unit. The actual building structure which includes the walls, foundations, parking area, elevators, roof and outdoor areas, are all know as “common areas”. All common areas are the responsibility of the homeowner’s association which is owned and paid for by the members.

What should you buy – a new or a re-sale condo?

With any older resale condo associations there is usually a good track record of maintenance expenses and monthly fees. Older condos can often have gradually increasing costs as the property ages. Well managed associations will budget for expenses and set aside reserves in order to take care of any special repairs that need to done.

Buyers who purchase brand new condos enjoy the most up to date and modern facilities. These usually come at a price with higher association fees. Unfortunately, sometimes newer condos come with some building defects that have to be sorted out. Usually the builder will take care of these repairs within a pre-determined amount of time.

Some questions to ask yourself …….

* Monthly association fees ~ how do they compare with other complexes in the area?
* Is the homeowners association managed by a professional property manager? Is the financial condition of the association sound and in good order?
* Talk to the residents about how they enjoy living in the complex. That’s really the best way to “hear it from the horses’ mouth” ~ so to speak!
* What is the ratio of owners to renters in the complex?

When looking at a condo conversion ~ you be asking to see a list of exactly what has been upgraded and changed. You may have a new granite countertop but has the electrical and plumbing systems been upgraded. This are crucial questions and you as an educated buyer need to have the correct answers.

Your Realtor will be able to help you with all of your questions and guide you through a successful transaction when purchasing a condominium. To search for San Diego condos for sale click here