TIPS ABOUT Penthouses/CONDOS VS SINGLE FAMILY RESIDENCE LIVING
A Penthouse or Condo is not for everyone, but you’ll find that there are a whole lot of people very satisfied with their Penthouse and condominium lifestyle in the Phoenix, Scottsdale, or Tempe real estate market. I wanted to highlight a few things here as tips about a condo lifestyle and whether it’s for you instead of a detached single family home.
It’s not maintenance–free, but it’s close! The condominium (HOA) association pays for and supervises the exterior maintenance and repairs to all units and common areas. You won’t be mowing the lawn on a beautiful Saturday morning.
You save money on some things. The association normally covers water, sewer, common area and exterior upkeep, and trash services. The fees you pay are normally less than you’d pay individually for these things. You only pay for interior walls and personal belongings insurance, as the association pays to insure the structures.
You do trade off some control and decision–making ability. There will be rules to keep the exterior look uniform throughout the project, and there will be limits to what you can do to the inside of your unit as well.
Neighbors are closer. With units having common walls, there is more opportunity to get to know your neighbors. The common areas will provide enjoyment for all, but some sharing is necessary. In buildings with elevators and amenities you will interact with your neighbors and or residents of the building. Unless you find or own a penthouse with a private elevator to your property.
You have a voice with your vote. As a member of the association as an owner, you can participate in decisions that influence your property and how you enjoy your ownership.
Let me help you with more information about condominium ownership in the Phoenix Metro real estate market.