Condominium living is a great way to enter the Laguna Beach housing market. Or, it’s a great way to downsize to your dream community.
Either way, a condominium offers entry into ownership within a community. Unlike detached homes, the condominium’s association handles much of the maintenance. This includes such expensive items as exterior surfaces and structures, roofing, windows, landscaping and pools. They also often have shared indoor spaces such as fitness centers, meeting spaces and even theaters. With someone else to handle the complex stuff, that leaves you free to make the inside your home.
Some condominiums regulate a certain level of changes or upgrades to the interior, but typically, you are free to paint or wallpaper, hang drapes or blinds, and other non-structural improvements.
The same is true of any private yard area. You may be allowed to add pavers, install a hot tub, or sandbox in your private backyard. But there typically are limitations or specific regulations covering the shared walls or fences between you and your adjoining neighbors.
Covenants, Conditions & Restrictions
Condominiums come in various shapes and sizes. Some are high-rise structures with entry through a shared lobby with elevator access. Others are more like townhomes with a ground-floor entry. Others No matter what type of condominium you buy, you’ll have Conditions, Covenants, and Restrictions (CC&R’s). These are the rules that govern the property. And, you have an association. Every owner automatically gains membership in the association. There is no provision to “opt-out.”
The association charges dues to cover the costs of exterior maintenance and landscaping and other costs such as insurance. Typically, due accrue once a month and should be considered part of your regular housing cost. In some instances, the association dues accrue annually.
When you purchase the condominium home, part of the paperwork should include a copy of the CC&R’s and a breakdown of the dues and their payment dates.
Want to Learn More?
To learn more about condominium living, take a look at this Bob Vila article on condo pros and cons. Or check out these newest to the market condominiums available in Morgantown. Then, let us set up a tour for you. Connect with me here.