New Homes & Lifestyles

Condo Buying - Own a Piece of the Good Life

Most of us have heard about the “so called” illusion of home ownership regarding condominium living. Those who consider themselves in the know say—“Well, you don’t really own the land, you know. You merely own the unit itself.” Then there are the extremists who say condominium dwellers don’t even own their unit, they just own the air between the floors, ceilings and perimeter walls. Hogwash! I don’t know about you, but when’s the last time you saw a stand-alone condominium floating out in the atmosphere somewhere? So what exactly do you own as a proud new condominium buyer? Well, let’s analyze things a bit further—shall we!

First of all, let’s be clear on what a “condo” is not—it is not an apartment. Even if it was originally intended to be used as rental apartment homes, it is most likely that its original design has been substantially altered. And, as in the case of many condominium home conversions in Arizona, the original intent by the builder was to be used as condominium homes and they were converted to apartment homes. However, no matter the circumstances, whether your condominium home was an apartment home in the past it is definitely no longer the case—and here’s why.

Rights of Ownership
As a condominium home owner—you do have all the rights of ownership. While it is true that you own the air space within your individual residence, you also own a joint interest in the common ground or land, amenities and recreational facilities. You pay a share of the taxes; you receive a share of the returns, and you benefit from all of the equity you build in your condominium home.

I often wonder if those who “pooh pooh” condominium living have ever actually lived in one of the incredibly beautiful downtown lofts with all that lush landscaping that they never have to touch with a pair of trimmers? I wonder if they have ever enjoyed one of those fully equipped fitness centers or Olympic size pools for which they never had to purchase equipment or clean—and all because their association fees actually went to providing some dynamic and exciting amenities besides a trail that travels along a grassy wash.

Different Perspective
Okay, if we have convinced you that condominium does mean ownership, then perhaps we are well on our way to showing you a different perspective on condominium living. Here are a few more things to consider. Are you a seasonal visitor who resents paying all those winter rental fees with nothing to show for it? Why not try purchasing a condominium?

Just think—if you had come to this conclusion last year, you could have saved yourself a trip to the laundry room every week by simply taking advantage of all the offerings many developers are including in their condominium homes.

Instead of that drab laminate countertop that who knows what has been previously sliced and diced up there by other tenants, you could be enjoying beautiful granite countertops and cherry cabinets. You could walk into your master bath and be surrounded by sheets of floor-to-ceiling cultured marble. And, you could be breakfasting on your private balcony facing the rolling greens of a well-manicured golf course—right in the heart and excitement of the city. I’ll own that vision—what about you?

Is It Right for You?
Instead of worrying yourself over what part of the common grounds you can put a stake into, what you should be considering is whether or not condominium living is right for you. More and more buyers are answering yes to that question, as can be witnessed by the dozens of new condominium communities in the Valley. You can bet that developers are not going to be wasting their time and money on something nobody wants to own.

However, if you are wrestling with that question, you may be on the brink of making a big mistake—whether you decide to own or not to own. Since we want you to make an informed and accurate decision about condominium living, we suggest you ask yourself these five easy questions:

• Do you like the excitement of living near or in the city?
• Would you feel safer knowing that your neighbors would definitely notice a stranger carrying out furniture and electronics from your residence if you decided to take an extended vacation?
• Do you love to swim, workout, play golf, shoot pool and have friends over, but there is no way you can do all that in your current home?
• Are you spending every weekend mowing the lawn, skimming the pool and painting your trim, all the while praying that your roof will last you through one more season?

OK, What’s the Downside?
Let’s be honest, there are some sacrifices no matter what type of dwelling you decide to own. One of the most important things to consider is the noise factor. You will want to step inside the actual residence you are thinking about owning and test the noise factor. If it is a model, it may have been strategically placed in a location with minimal noise. It never hurts to talk to the neighbors to hear their take on the noise level.

Parking may be another issue. If you have more than one vehicle to house, you may find some challenges with the parking situation. Some condominium homes have only one assigned parking space, leaving you to search for another available one in their limited guest parking areas. But, if you are renting an apartment—isn’t that what you are doing now? Those that have attached garages are great, but even some of those will be single-car parking.

Association fees can also be substantial in condominiums that have great locations, amenities and added facilities. If these are things that appeal to you, offset the costs by dropping your membership to the gym and using your own convenient fitness center just two doors down. Keep in mind, you no longer have to pay someone to maintain your yard, pool and that huge home while you are busy working and commuting. In many cases, you will be much closer to work as well, and with the sky-high gas prices, that just might cover your additional association fees.

You have a lot of thinking to do before deciding if condominium living is for you, but not to worry—you will have plenty of time to do so during your commute or while you are outside on that ladder—just let your mind run away with you. Perhaps it will take you to that new downtown loft that caught your eye when you were out with your friends last Friday night.