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Message: <br /><br /> If you are having trouble reading this email, you may view this article online at: http://www.jweekly.com/11850/full/11850/condominium-owners-get-freedom-along-with-restrictions/ <br /><br /> <b>Condominium owners get freedom along with restrictions</b> <br /> Friday, October 15, 1999 | by <p>CHARLENE BALDRIDGE </p> <br /><br /><p>People in all kinds of situations—singles, young couples without kids, couples whose kids are grown, retirees who like to travel—enjoy the freedom and lifestyle afforded by condo life.<br /><br /> Here are some things to consider as you ponder a condo.<br /><br /> "I could never live that close to other people," said my husband when I began lobbying years ago for a condominium close to the city.<br /><br /> He was tired of the commute, too, but wanted his privacy. Our purchase was a two-bedroom condo in a lovely, 31-unit building situated across from a secluded, woodsy section of a city park. The condo association maintained a meadow directly across the street, which afforded a lovely vista and a place for dog owners to walk their animals.<br /><br /> The building was perfect for my privacy-driven mate. It was cleverly designed with just such considerations in mind. And because we purchased a corner unit, we had no windows on the interior courtyard of the building and enjoyed a patio as well. Unfortunately, he grew restless and depressed with no grass to cut, no pool to maintain and no workshop in which to build things.<br /><br /> If you care how your condominium fee is spent, want a voice in the maintenance priorities, and want to help enforce the community rules and regulations, you should become involved in the condominium association.<br /><br /> If you are not skilled in conflict negotiation and communications, however, your involvement could become a source of frustration.<br /><br /> Ralph E. Roberts, the highest volume real estate agent in the country, prefers a condominium association that is professionally managed.<br /><br /> "There are lots of them that are managed by the residents, who are volunteers," says Roberts, who is based in Detroit. "The cost of professional management is a mere $7 to $12 per unit per month. That's a low price for the benefits you receive."<br /><br /> Condominium associations collect a maintenance fee to be used for current needs, such as maintenance of common areas: landscaping, garage entry gates, elevators, pools, window washing and exercise facilities. Another portion of your fee is put into a reserve account to be used for capital expenditures such as boilers, roof and painting.<br /><br /> Government regulations require the board to have an independent, annual assessment of your reserve account to make certain projected replacement and repair costs are funded adequately.<br /><br /> As an individual purchaser you must take into consideration the fact that your assets are being reserved for the future common good. It is a future you may not reap benefit from unless you're in for the long haul.<br /><br /> As a potential condominium purchaser, you must make certain early in negotiations that the condominium association has adequate reserves, has no serious arrears and is considered well run.<br /><br /> Four years ago, I was purchasing a condo on my own when I discovered just prior to closing that I'd not been adequately informed of the financial condition of the association. One homeowner was more than $1,000 in arrears on his maintenance fee and the reserves were entirely inadequate to the projected needs of the building. With the help of my astute real estate agent, I bowed out of the deal.<br /><br /> Roberts suggests that potential condo purchasers contact an agent who specializes in condominium sales and purchases. You must also realize that although the real estate market is hot, condominiums tend to appreciate less and move more slowly than the regular housing market.<br /><br /> "If you make a bad purchase," says Roberts, "it's going to cost you to get out of it. I always suggest you rent for a year or so in an area you know nothing about, say out of state. There are lots of condos available in retirement areas. Decide where you want to be."<br /><br /> The wise person also investigates the rules and regulations thoroughly prior to closing the deal.<br /><br /> "There's nothing worse than moving into the condo with a dog you've had for 12 years only to find out they don't allow pets," says Roberts.<br /><br /> I heard about a condominium association that allows dogs that can be "carried in." The size of the dog allowed would depend upon who was carrying it. Make certain your potential community's rules and regulations are specific.<br /><br /> "Most people don't read the small print," says Roberts. "They just move in and think everything's going to be fine. There are many things you have to be concerned about. Something might seem a really good deal. The reason might be that the restrictions are something most other people can't live with. Make sure you are properly represented." And fully informed as well.<br /><br /> A knowledgeable agent will be able to tell a purchaser if the association is involved in pending litigation and what percentage of the complex is owner occupied. Both these factors affect potential loan requirements and desirability.</p> <p> </p>

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