People buy on comparison. The days of buyers looking at one house/condo and buying it are long gone. Buyers have too much to see today, and it’s critical to price those listings properly whether resale listings or new construction. My team members are listing agents. We know the importance of being competitively priced.
We are marketing three new condo communities, presently. Along with competitive pricing, the condo fees are very important, and the services that each community provides are critical. All of our condo communities are serviced by town water and town sewer.
If a condo community does not have city sewer available and it exceeds a certain number of units, that community must provide a waste water treatment facility on site. The cost of maintaining that entity results in a tremendous expense. This figure contributes to the condo fee and the fee becomes excessive as the EPA continually requires upgrades.
Some builders subsidize that figure while they are managing their communities. Buyers should be diligent about investigating the list of expenses that contribute to the condo fee. If a condo fee is being subsidized by the builder that should be disclosed. The actual expenses need to be disclosed to potential buyers. Make sure you know the real numbers. Eventually, that will be your expense to pay.
Town water and town sewer are features of a condo community that are irreplaceable. Buyers and buyer agents would be wise to investigate the details of the future maintenance of on-site improvements and the expected estimated costs that could result. This will influence your equity position in the future. Know the numbers!!
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Hey Barbara, great post ! Good luck with your condo listings - I've shown a couple - Very nice value!
Thank you, Marcia.....we always appreciate your keeping our listings in mind and showing them.....
Barbara, we have very few condos here in western NC, but I know that when my brother was looking for one in Florida there was a stunning difference in the association fees and what they covered. This is a great wake up article for Buyers AND their agents to review before heading out that door to look. I never thought about some of the expenses that the developer or builder may be shouldering now but could end up the responsibility of the new owner at some time. Good point.
Important facts to know when you're buying a condo................excellent info Barbara.
Barbara: This is very important as an increase in costs could make the condo non-affordable for the owner.
Barbara - Like Mona said, we don't have too many condos in our area. But what we do have are developments with private road maintenance (maintained by the HOA) and shared wells. There are fees associated with that and it's equally important to find out what they are, how many people are contributing and what happens if there's a problem.
Great information!
Cyndi
Barbara ... This is very good advice for Condo Buyers! Our state has some very specific disclosure requirements for Common Area Communities. I used to think that was a pain but I understand how important it is for the succesful operation of the neighborhood!
I cant imagine a condo community surviving long term on well and septic...yicks! I would very leery of future costs maintaining systems wherein you have no idea if your neighbors are treating the systems properly.
Barbara~Great information for the consumer looking to purchase a condo!! If you are in Franklin MA and want to purchase a condo you should give a expert, Barbara, a call!
Melissa....thank you,....I appreciate that...
Linda....the epa continually improves the standards and all existing waste water treatment plants must be upgraded.....
Lisa...it's very important for all potential buyers to understand how future costs work...
Bill and Cyndi....there are many questions that need to be answered....
Anita....there are existing condo communities where that's happening right now....know the numbers...
Roger...necessary information to know.....the higher the condo fee, the less the equity in the future...
Mona....most potential buyers think of that subsidized condo fee as a bonus....all good things come to an end and that fee will eventually belong to the buyer.
Considering the investment people are putting into their future home/condo etc it is vital for them to do their due diligence and have a professional knowledgeable agent from your team Barbara! Contact Barbara Todaro for all your professional real estate needs.
Thank you, Sara.... it's very important to have a clear understanding of how future costs will run....
Barb good information. I've sold many Albuquerque and Rio Rancho condo's but never thought of any them not having city sewage. Another reason to love AR .... Learn something new every day!
Whoa to the poor buyer that gets sticker shock when the real costs of that condo come into full effect. This goes to show a good agent is worth their weight in gold.
John....for those tracts of land that are not serviced by city sewer, there are waste water treatment facilities that are erected to filter the waste water....it's an expensive proposition to install and then maintenance is another issue....
Dale....there are many builders who subsidize their condo fees to make the condo more attractive....eventually, the buyer will pay the 'full boat"....
Barbara that is great information, so many people do not look into such items further. Th eone good thing about banks being so restrictive in loaning on certain complexes is bringing awareness and having peole pay more attention to the financials and future costs.
Hi Scott....there are many condo buyers and their agents who are not aware of what could be going on....
Hi Barbara,
Great stuff. Everything that I deal with is on public sewer and water supply. I never even thought of condo complexes being on a septic system. THAT is an expense!