Condo for sale in Los Angeles

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Condo for sale in Los Angeles

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Continued from condo for sale in Los Angeles part 1

When it comes to maintenance, exactly what is the condo owner responsibility? Doors and windows are usually not considered common condo property and are the owners responsibility. Unit decks on your condo may or may not be considered common property. Inside plumbing and electrical usually is a condo unit owners responsibility. Special consideration for oceanfront living including corrosive factors for the heating/cooling system, automobiles if left outside and doors and windows should be taken into account. Regular maintenance and monthly wash downs will increase useful life.

The financial condition of the Condo Association is as important as ones personal finances. The annual and monthly reports should be reviewed carefully. The Condo Association may be fully reserved for future financial obligations or only partially. Many Condo Associations partially reserve for future repairs/replacements and then assess all owners when the time comes. There are many pros and cons of partial reserving but it generally favors the unit owners who sell prior to reserve calls and disfavors newer condo owners. The age of the complex should be considered carefully in determining upcoming major repairs.
Prospective condo buyers should consider whether they would like to become active in the Association or let others make decisions for them. Major changes and issues usually require the majority of unit owners for approval. The Board of Directors or the management company typically handles routine matters.

Communal living is not everyones ideal living situation. The proximity of neighbors, availability of parking for residents/visitors, pet noise and loud voices should be considered carefully. The floor level selected may enter into the decision process. Are there elevators or stairs to reach the upper floors? The top floor (or penthouse) assures no overhead noises like footsteps, paw steps, parties, guests et al but the adjoining units may be a different story. Condo Association rules signify if unit rentals are allowed and the minimum duration. The comings and goings of renters and their entourage of visitors can translate into a nuisance to some residents.

Condo complex property insurance must be sufficient to fully restore the unit or complex in the event of damage or destruction. Owners are required to purchase their own property insurance to cover the interior usually from the walls in. If an oceanfront condo is being considered, coverage may be expensive and difficult to obtain, particularly during hurricane season.

Condo resale potential should be considered. New units may still be available when its time to sell. In larger complexes, new phases may be planned in future years. Should circumstances dictate a sale prospective buyers may prefer a new condo.

Knowing what you are buying and all the considerations can make the difference between a carefree lifestyle and possibly regretting the condo buying decision.

Carol Lorenc & Richard Lorenc (http://www.homeinstaugustine.com) sell condos and single-family homes for Watson Realty Corp., and live in St. Augustine. The Lorencs have lived and worked around the world in Asia, Europe and Latin America and specialize in working with foreign real estate buyers.