Are you considering buying a Scottsdale Loft or Condo? Below see some of the common questions I receive every day when working with potential buyers. If you have any questions not covered below please feel free to contact me directly.
1. What is the difference between a condo, condo conversion and loft?
There re mainly three different categories of condos and lofts here in Scottsdale:
Condo Conversions or commonly know as an apartment conversion – This is exactly what it says. When an apartment complex is converted and sold as condos. Many times the company who converts the condos will come in and remodel the exterior and interior of units. Many times you will find the quality is less than optimal in these units. Apartment complexes are typically not built to the same quality as a condo built from the ground especially with attention to soundproofing, and overall quality of finished. Additionally, financing issues occur often due to high volume of investors and primary occupancy ratios.
Condos – Built from the ground up as condos, these typically are of higher quality than conversions and you will often share 2 walls with other condos. Most condo complexes offer a variety of amenities from roof top pools, to gyms, to concierge services. You will always pay a monthly HOA fee to pay for these amenities.
Lofts – Lofts in principal are the same as condos. The main difference being the style. Most “Lofts” will feature high ceilings, sometimes unfinished with exposed air ducts and overall a much more modern and urban stlye.
2. Am I allowed to have Pets – Every building has it’s own set of rules and restrictions for the number and size of pets a resident can have. Contact your Realtor or the HOA to see what the pet policy is for each individual building.
3. Can I rent my unit? and how many renters are in the complex? Once again the rental policy varied from building to building. Some complexes require tenants of a year or longer or none at all. Ultimately, This is important for a couple reasons: If the number of non-owner occupied units is too high it can affect your financing or future financing for potential buyers. Also, it is never good for values if a building has a majority of renters. Contact me to find out more about a specific complex.
5. How much can I expect to pay in HOA dues and are there any pending assessments? One thing that is guaranteed about loft or condo living is that you will be paying a monthly HOA fee to take care of the building and amenities. Now it varies from building to building on what exactly the HOA dues cover and how much they are. HOA dues can range from $150 a month to over $1000 and some include just common ground maintenance while others will cover all utilities including cable and internet. Most all HOA dues will cover a Blanket Insurance policy for the exterior of your unit but you still should insure the interior of your unit on your own.
Sometimes a special assessment that the HOA approves will be needed for general repairs and upgrades. Are there any pending for the building you’re considering? This is important to find out before you make an offer on a property. Contact me today to find what assessments there may be at the buildings you are considering.
These are just a few of the issues you face when purchasing a Loft or Condo. That’s why it’s important to work with an agent with the knowledge to guide you through the process.
Contact us today so we can make sure you are well informed on your future loft or condo purchase.