Higher-Rise Condos provide an enjoyable way of life, such as luxury amenities not out there in most single-household properties. At the very same time a higher-rise condo does not call for a lot of of the common upkeep and chores that come along with a regular dwelling. Sounds like a win-win, proper? But is it seriously the proper selection for YOUR way of life?
Right here are a handful of pros and cons to look at when deciding if living in a higher-rise condo is proper for you:
Storage: Are you a packrat? Is your garage filled with products from the 70's that you just cannot component with? Preserve in thoughts that space is at a premium in higher-rise condos. In reality your month-to-month HOA dues will most most likely be primarily based on the square footage of your condo, so do you seriously want to be paying a month-to-month charge for space that is just collecting junk? This could be a PRO as conveniently as a CON for higher-rise living. There is a freedom that comes with simplifying and receiving rid of baggage, and nothing at all will expedite that method like moving into a higher-rise condo! Most buildings have some sort of added storage out there for a value, or there could be one particular currently paid for and integrated with some units. Be positive to ask about this when hunting.
Pets: Lots of buildings let prevalent domestic pets with some size restrictions, but nothing at all exotic (you do not seriously want a python loose in a 50-story tower). If you happen to be “pet-averse” you should not have a challenging time locating a constructing that is pet-no cost, or at least substantial-dog-no cost. If you have a dog, be positive that the constructing has sufficient green space nearby. It could appear like 3 or 4 blocks to the nearest lawn is not far proper now (hey the stroll is very good for me, proper?), but could appear like miles on a cold, rainy January morning.
Noise: A condo tower is a neighborhood, and consequently it has guidelines which govern the neighborhood to maintain absolutely everyone delighted. A single of these strictest guidelines is usually noise manage. Most condo buildings have a “quiet period” from mid-evening to early morning in the course of which residents will have to maintain the noise down. Look at your private schedule – do you perform late and then like to listen to music to unwind? Do you sleep days and perform nights? This could be a challenge as most building requires location in the course of weekdays and in some cases can be heard all through the constructing. House theaters are incredibly well-liked now also, so if you just commit $30,000 on the most recent and greatest you could want to maintain it on the ground (or purchase headphones).
HOA Dues: This is a prevalent point of contention for higher-rise purchasers. The dues are paid month-to-month to the association to cover the upkeep, employees payroll, insurance coverage, reserves and repairs for the constructing. These charges will differ considerably based on elements such as the age of the constructing, the quantity of residents to share the charges, what is integrated in the charge (some buildings consist of electrical energy), and the luxury amenities provided. Just before you let HOA dues maintain you from acquiring a higher-rise, do an “apples to apples” comparison with your present costs. For instance, if you happen to be in a dwelling now and thinking about a higher-rise, calculate what you commit every month on insurance coverage, upkeep, repairs, lawn care, pool care, trash pickup, utilities (if integrated), fitness center membership, and so on. That should really give you a superior understanding of how HOA dues could replace, and not add to, your present costs.
Lease Units: There are additional restrictions about leasing out your unit in a higher-rise than there are with a common dwelling. Some buildings forbid lease units, some limit them, and other people could call for that a possible tenant be authorized by the condo board. Be positive you know the building's policies ahead of you move in and locate out that you happen to be not in a position to lease your condo out should really you need to have to.
Amenities: A single of the fantastic positive aspects of higher-rise living is use of the buildings prevalent amenities. These can variety from common pool and exercise space to 24-hour valet, wine cellars and roof-prime club rooms. Of course the additional extravagant amenities usually come with larger HOA dues. Inform your agent up front what is critical to you so that you can concentrate on relevant buildings exactly where you will have precisely what is proper for you.
Parking: Most condos will come with assigned parking in a prevalent garage. How a lot of spaces are integrated depends on how a lot of the original (or subsequent) owner bought with the unit. The quantity of spaces has a fantastic influence on the worth of the condo, for instance a one particular-bedroom condo with two parking spaces in a busy district would be a fantastic locate. Some buildings will let you to buy or lease an more space – ask the manager for additional information. Also be positive the constructing has sufficient visitor parking for your requires. If your close friends have to hunt for a spot and feed a meter they could not want to check out as frequently (which could be a PRO or a CON).
Renovations: Are you hoping to locate a condo that requires a renovation? Are you a “do-it-yourselfer?” If so you could save time, dollars and heartache by sitting down the building's manager for a frank discussion about your intentions. Some buildings only let repairs by licensed contractors (recall this is a neighborhood and your poor repairs could have an effect on other people today). Most buildings restrict the hours permitted for repairs to weekdays only, with no perform permitted in the evenings or on weekends. So if you perform regular hours when would you do the renovations?
Reserve Funds: It is critical to locate out what is going on with the constructing association. Are the owners promoting since they know of an impending particular assessment? Is the association's reserve fund sufficient? Every single constructing holds typical board meetings in which economic, upkeep and legal troubles are discussed and acted upon. Overview the minutes from the meetings more than the previous year to see if there have been any recurring troubles that do not appear to be cured (such as safety breaches, leak roofs, plumbing troubles, and so on.).
The ideal way to locate out if a Higher-Rise Condo is proper for you is to speak to a Highrises.com Companion Agent to talk about your private requires. They can support you come to be superior educated about what is out there in your industry, and can take you on a private tour of buildings and condos that match your requires.