When you start looking for a home to buy in Vail Valley/Cordillera you might be considering getting a condo. This is a popular choice, especially for people who are buying a second home. However, there are a few things to consider about buying a condo that you might not enjoy. This isn’t the case for everyone but I would hate for you to end up with a nasty surprise! So here’s my breakdown of the advantages and disadvantages of owning a condo in Vail Valley/Cordillera.
What Makes a Home a Condo?
A condo is defined as a separate unit, or portion of a multi-unit, or a multi-unit structure or property in which people own individual units as well as an undivided interest in common areas. The common areas are typically owned by Homeowners Association, commonly known as HOA. A condo owner has individual ownership to the interior of the unit ‘from the pain in’. Generally the owners in the HOA share maintenance and repair costs for the exterior and common areas.
What You’ll Love about Owning a Condo
Like I said, a condo is a great option for many people looking to buy in Vail Valley or Cordillera, especially if it’s a second home. It’s very convenient and there’s a peace of mind that comes from knowing that the HOA and property management are looking after day-to-day operations, even when you’re not there. Comparing different condo units in the same development is usually quite a bit easier than comparing Single Family Homes. But condos can come in all shapes, sizes, budgets and levels of luxury. Condos in a duplex unit can feel very much like a Single Family Home, plus more amenities! Many buyers use it as an opportunity to get a taste of what owning a property in Vail Valley/Cordillera is like. And Vail certainly has some outstanding condo developments to offer!
What You May Not Like About a Condo
As nice as it can be to not have to worry about the shared spaces, some people really don’t enjoy communal living. For some buyers the reduced privacy and space that comes with a condo can be a real downside. The reduced privacy can also come from the fact that other condos around you might be short-term rentals. This means you could end up with large groups throwing parties next door and strangers wandering your halls. You might rarely meet your actual owner-neighbor because you’re not there at the same time. Make sure to really think about if this is important to you and discuss it with your spouse! A good real estate agent will be able to tell you more about the condo complex you are looking in and what you can expect.
Sharing communal spaces also mean you are very dependent on the HOA for upkeep and some buyers shy away from that. Some buyers also think that HOA fees are too high for what they end up actually getting out of it. Large condo buildings might have front desk, bellhop, maid service, pool and restaurant and this could really drive up the fees. Or you might enjoy these amenities so you are happy to pay the fees. This is another reason you should talk to your real estate agent as they can find you more information on the HOA.
You’ll also want to check and see if the HOA is working efficiently and doing a good job. When viewing a condo be observant of the common areas and exterior of the building too. If you think everything looks shabby this could be a sign that the HOA is being run poorly or other owners are refusing to increase fees to pay for maintenance. You don’t want to find out about these kinds of things after you’ve already bought!
Final Thoughts and How Can I Help You?
A condo can be a great option for you and if you are interested in seeing what condos might be available I can absolutely help! If you would like to look at your options for a house instead I can help with that as well. I hope this article has shown you that I am a knowledgeable and very honest real estate agent who wants to help buyers and sellers. I want to provide my clients with interesting and up-to-date information so they can make informed decisions. If you think that my expertise and positive attitude might be of service to you don’t hesitate to reach out and contact me.
Robert Schilling
Coldwell Banker Global Luxury Specialist
Coldwell Banker Distinctive Properties
(970) 390-0705
[email protected]