Condo Living 8-12-18 by LOCALiQ

4R ❚ SUNDAY, AUGUST 12, 2018 ❚ THE ARIZONA REPUBLIC

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  & Getty Images

Courtesy of David and Karen Artz

Right-sizing to a condo        By Meghann Finn Sepulveda

  The couple was immediately drawn to the many offerings at Monterey Ridge, including a two-car garage, elevator access and a designated storage area. Monterey Ridge also features a heated pool and spa, outdoor grill and gathering area. Situated near the pristine McDowell Sonoran Preserve, Monterey Ridge is close to numerous North Scottsdale dining establishments, shopping centers, golf courses and entertainment venues.   Because their new condo is only a few miles from where they previously resided, David and Karen were already familiar with nearby amenities. “We are close enough to our old neighborhood that we were able to maintain our doctors and attend the same church,” Karen said.

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“It’s nice not having to take care of a pool and maintain the plants, grass and trees in a backyard.” —David Artz

Q&A

         

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condo may be just the answer for your housing needs, but before you buy, here is some perspective from several industry professionals.

     “Condominiums are a great choice for people looking to avoid all the added responsibilities that come with a singlefamily home,” said Greg Hague, founder of Scottsdale-based Hague Partners. “You don’t have to worry about maintaining the chemicals in the pool, keeping the grass green or keeping the exterior of the home in good shape.”    “Condos often are more affordable than single-family homes in a similar location,” said Keith Mishkin, owner of Cambridge Properties in Phoenix. Typically, the size is a little smaller than a home, he said, “but the trade-off will be all the community amenities that come with most condominiums.”  With a condo, you generally “hold title just to the airspace of your unit,” Mishkin said, “which is connected to other units by common walls. You also own a prorated share of the common area.”

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   The couple has enjoyed getting acquainted with their neighbors in the community’s shared gathering spaces. “It’s so nice to see people out and about,” Karen said. “The property is comprised of mostly retired couples and young professionals, so it’s very quiet.”

Are there imminent special assessments? Why: You need to be financially prepared for any potential special assessments which are one-time payments levied by the association in addition to your regular HOA dues. These usually pay for capital improvements and repairs.

By David M. Brown and Debra Gelbart

 Condo owners typically face limits within the property, as noted in the community CC&Rs (Covenants, Conditions and Restrictions). “Most homeowners find these restrictions to be manageable because they protect their investment in their home,” Mishkin said.

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What do the financials look like? Why: Fannie Mae, Freddie Mac and the Federal Housing Administration will not approve loans on condos with a delinquency rate above 15 percent, Hague said, so you should ask what the delinquency rate is, e.g., the percentage of owners paying their HOA dues late. “Not only can it affect you getting a loan, but it could also prevent you from refinancing in the future,” he said.

 Along with your mortgage, explained Marci Marciano, a sales manager with Mattamy Homes, you’ll pay a monthly HOA fee that may cover the cost of exterior painting, roof maintenance, exterior bug treatment, blanket insurance for the buildings, landscape maintenance, water, sewage and trash. On many occasions, Marciano said, condo owners carry HO6, or “studs-in” insurance for their property, rather than a traditional homeowner’s insurance policy. In luxury communities, Mishkin said, the HOA can include lifestyle amenities such as valet service, guard gates and even concierge services.

      What do current residents think about the community? Why: “Who better to tell you about the community than a [current] resident?” Hague pointed out. “You’re only going to know if you ask.”

Is the property professionally managed? Why: If it is a small complex with just a few units, a professional manager may not be needed but above 50 (units), make sure a good one is in place, Hague said. “The longer the same firm has managed the complex, the better. That’s a sign of customer satisfaction,” he said.

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What are the rules? Why: “Something as simple as not being able to barbecue on your patio might put the kibosh on the whole deal,” Hague said. He also suggested that potential buyers check to see if the complex has a “rental cap” — a limit to the number of units that can be rented.

“There are no stupid questions. Ask everything that comes to mind when buying.” ––Greg Hague, Hague Partners

Editor PAULA HUBBS COHEN Paula.Cohen@cox.net Contributing Editor JIM WILLIAMS JLWilliams@RepublicMedia.com A division of The Arizona Republic 200 E. Van Buren St. Phoenix, AZ 85004

Design CARL BEZUIDENHOUT CarlBez@me.com

ADVERTISING Director, Classified Sales BRETT SONDRUP BSondrup@RepublicMedia.com MICHELLE MURRIETTA 602-444-8208 MMurrietta@RepublicMedia.com GENA ZESTRIJAN 602-803-8653 GZestrijan@RepublicMedia.com

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OF SOUTH MOUNTAIN

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