Moving from a House to a Condo
There are many great reasons to move from a house to a condo. Whether you’re downsizing, looking for a more affordable home, or simply want less daily maintenance, it’s easy to fall in love with condo living. But moving to a condo isn’t quite the same as moving to a different house. There are quite a few things to consider that you might not have to deal with when moving into a house. Here’s what you need to know about moving from a house to a condo.
Conveniences of Living in a Condo
One of the things you’ll love most about living in a condo is that there is virtually no maintenance! It’s great to know that the lawn will be mowed, the snow shoveled, and the garbage taken away. Exterior repairs are also handled by the condo corporation, so all you have to worry about is keeping the inside of your home in order.
Depending on the type of condo you choose, there may be on-site amenities that complement your lifestyle. A pool, weight room, media room and convenience store are common features you can find in many condo buildings.
Downsizing to Move into a Condo
Chances are when you move from a house to a condo, you’ll be sacrificing some living space and most likely, storage space. Reducing your belongings in preparation for moving to a smaller home can be a daunting task. Be sure to take stock of the storage available in your new condo and reduce your belongings accordingly.
There are also many larger and outdoor items you just won’t need in a condo. Plan ahead and sell or donate things like your lawn mower, snow blower, shop vac, and patio furniture before your move. A smaller living space also means smaller utility bills. So, while you may have to sacrifice some of your furniture and belongings, you’ll save in other areas.
Condo Fees & Other Expenses
All those conveniences that come along with condo life do come at a cost. And those costs are rolled up into monthly condo fees. Condo fees are paid by all condo owners in order to cover shared costs such as water, insurance, garbage, landscaping, building maintenance and adding to a reserve fund. But not all condo fees are created equal. Be sure to do your research and find out exactly what is covered. Condo fees can be quite expensive and will increase each year, so it’s important to budget accordingly.
What is a Reserve Fund?
The reserve fund is a pool of money used to cover the costs of large and/or unexpected repairs. Ideally the reserve fund is large enough that it will cover any surprise expenses without any out-of-pocket payments from owners. If there isn’t enough money in the reserve fund, the condo board may issue a special assessment.
What is a Special Assessment?
Sometimes, there isn’t enough money in the reserve fund to cover an unbudgeted expense. When that occurs, the bill is paid by the residents. The expense is divided among all units, and each owner is required to pay their share on top of regular condo fees.
To get a clear picture of the financial status of the corporation, you should always have a lawyer review the status certificate. The status certificate contains the financial history of the corporation, including special assessments. It should also reveal any upcoming assessments or increases in fees.
Condo Board & Property Manager
When you own your own home, you are in control of how your budget is spent, who makes repairs, and when maintenance happens. In a condo, the condo board and/or a property management company are in charge of all these decisions.
The condo board is a made up of residents who donate their time to the corporation. They work together to develop common rules and oversee the maintenance and finances. Residents elect their neighbors to the board at an annual meeting. Condo board members usually include a president, vice president, secretary, and treasurer.
The condo board also works closely with the property manager. The property manager handles day-to-day operations and is the first point of contact for residents.
Don’t Be Afraid to Ask for Help
Downsizing can be a big job. And preparing your home for sale is always a lot of work. Don’t be afraid to bring in the right people to help get the job done. Professional organizers, home stagers and an experienced local real estate agent can all be valuable resources when moving from a house to a condo. Contact us today to start a custom search for the perfect condo.