Older Condo purchasing guide?

Discussion in 'Sun City General Discussions' started by David Martin, Jul 31, 2019.

  1. David Martin

    David Martin New Member

    Since I am planning my search towards the"older" Condos I'm very open to"lesson" learned thoughts and opinions.

    My first concern is insulation and utility costs? Thanks in advance.
     
  2. BPearson

    BPearson Well-Known Member

    One of the problems with the Sun City homes built from 1960-1978 was the insulation. It just wasn't a "thing" back in those days. Windows and doors were especially bad. The older block houses and condo's had virtually none. Seems to me the block were insulators more so than the wood frame, but still wholly inadequate by today's standards. As we remodeled the house we are in now, adding proper insulation was a priority; as were well insulated windows and doors.

    The bigger challenge in downsizing will be storage. Back in the days when we were being built, people just didn't have as much stuff. I still smile when i think about the move to this house. When we sold the last one (we had moved permanently there in 2003), we still were clinging to crap we brought with us from Minnesota. Go figure. Life will get way simpler if you don't move tons of stuff you aren't using.

    What's even more funny is, i am the last guy in the world who should give advice on downsizing. As i sit here typing, i am surrounded by books i read 10 and 15 years ago. I guess the good news is, if anyone wants to borrow my collection of series of fiction novels, they are more than welcome.

    Emily tried condo living and will have far better tips on getting by than me.
     
  3. aggie

    aggie Well-Known Member

    I would have to be dragged kicking & biting to move into a condo or apartment. I'm not saying it may happen down the road when living in a single family home may get to be too much work, but it's something that I dread. I've only lived in an apartment in my single days way back in the 60s when I escaped the midwest to live the dream near the exciting CA coast. Space and privacy(even a small amount of both) is very precious.

    I agree to do enough research to make sure the expenses, restrictions and neighbors make life a good experience in a Sun City condo.

    Edited to add.....I did return to the Midwest to raise our family in a rural setting where things didn't move quite so fast.
     
  4. David Martin

    David Martin New Member

    Good Sunday evening

    I really do appreciate you folks taking the time to help your newbie get indoctrinated. Really good points for me to understand.

    After owning 3 homes in my lifetime the idea of simplifying my life is very appealing.

    Thanks
     
  5. BPearson

    BPearson Well-Known Member

    Condo ownership will simplify your life DM, at least most of the time. As Emily noted, you do become hostage to the majority, not necessarily a bad thing, unless you are in the minority. And even then, understanding how it works will take some of the stress off.

    Here's the other thing; not all attached housing is the same. There's lots of variations and when potential buyers say condo's, your realtor will assume the broad range of options. They include twin homes, Gemini Twins (grass front, back and sides), quads (4 units back to back), patio homes (normally larger than most true condo's starting at 1800 sq feet), vacation specials (units that are side by side facing the street), garden court apts (units with a garden court, sometimes all grass unless converted) and the Fairway apts (two story of true apt living across from the Fairway rec center. There's a couple more, but i will spare you the nuances.

    My point is, know what you are looking for. There's more Gemini Twins on the market because costs of maintaining the green space are exploding. Between water and upkeep, it's driving folks out. If you have to have green, remember, you will pay for it. Many attached homes have flat roofs. There is an additional cost of maintenance. It used to be the norm to cover them in your monthly but a good number of them dropped it and leave it to the individual owner to take care of. If it is covered, you will pay higher monthly costs.

    The best advice i can give is to look closely at the financials from the HOA. Do they have reserves? Is it managed by officers that live there or have they hired a management corporation to handle it? Have they already replaced the green space with desert landscaping? If not, are they planning on it? A little homework goes a long way.

    Happy hunting.
     
    Emily Litella likes this.
  6. Actually Bill I would like to add to your suggestions. Ask for the past three years of audited financial statements, do they enough cash on hand to cover their current liabilities, do they have a reserve study (they should, if not run) and how old is it (it should be done every five years at a minimum). This will tell you if the reserves
    (which they should have) are enough to cover any current repairs or long term capital repairs plus if any special assessments are planned, for what, how much and for how long.

    Finally, when deciding to buy and you ar unsure, if there is a doubt, then there is no doubt.
     
    Emily Litella likes this.
  7. David Martin

    David Martin New Member

    Umm

    Well, it appears that my pea picking brain needs some more education. You folks have got me thinking about my plans.

    As previously mentioned I have been a homeowner 3 times, as always some were not the greatest experience. I have been encouraged to relocate to the Condominium life where I would only be responsible for the interior maintenance and any exterior needs were the responsibility of the association?

    If I'm understanding correctly It all depends on the individual association and how they have their association set up. In my viewing of individual listings, I have noticed mentions of "new roof" new a/c, etc. Well, it is good to know that but if I'm a new owner and I'm under the impression that the exterior maintenance is included in the fee it certainly would be a disaster to discover that the a/c needs replacement.

    Yes, I'm sure to have an inspection done as a contingency.

    I'm assuming that as the sale is in escrow a copy of the association's rules and regulations are provided?

    It has amazed me over the years that while one realizes that we do live in the desert, the importance of having a grassy lawn seems to be the prevailing opinion. That's an important note to remember for my future search.

    Time to do some studying on Condos.
     
  8. BPearson

    BPearson Well-Known Member

    Virtually all associations take care of the common area David. Your back court yard will be your responsibility. I'm no expert, but i believe there are different obligations under Title 33 based on the size of the HOA and their requirement to meet with you at point of sale. Either way, GdV is right, make sure you have the past three years of audited financials, they will speak volumes. Years back, some of the associations included air conditioning units. Much like roofs, they have gradually gotten out from under those costs because they can vary so widely. The documents will spell out what is and what isn't covered.

    In talking to a realtor the other day, he told me one of the associations with lots of green space now had monthly fees of $300. That used to be unheard of. $150 to $200 was the norm, but even those days are slowly slipping away. Do your research, know what you want, what you are willing/able to spend and then find a realtor who knows what they are doing.
     
  9. aggie

    aggie Well-Known Member

    We have many friends that do live in the various condo-style homes. The main advantages expressed are the lack of outside maintenance, sense of security and ease of packing up to go on trips knowing their house is maintained. One of my concerns would definitely be checking out the roof replacement costs especially on twin homes. Some times each owner can choose to replace their half without their neighbor also replacing which may cause a problem down the road.
     
    Emily Litella likes this.

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