{"id":1484,"date":"2021-06-23T11:00:02","date_gmt":"2021-06-23T15:00:02","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1484"},"modified":"2024-04-25T23:20:00","modified_gmt":"2024-04-26T03:20:00","slug":"with-home-prices-soaring-condos-are-a-relative-bargain-heres-how-their-deeds-work","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/with-home-prices-soaring-condos-are-a-relative-bargain-heres-how-their-deeds-work\/","title":{"rendered":"With Home Prices Soaring, Condos Are a Relative Bargain. Here\u2019s How Their Deeds Work."},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/06\/how-condo-deeds-work.jpg\" alt=\"Image of a pool area surrounded by living area of a condo or house.\" class=\"wp-image-1485\" width=\"468\" height=\"312\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/06\/how-condo-deeds-work.jpg 624w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/06\/how-condo-deeds-work-300x200.jpg 300w\" sizes=\"auto, (max-width: 468px) 100vw, 468px\" \/><\/figure><\/div>\n\n\n\n<p>Home values shot up over the past year. Now, in the second\nhalf of 2021, demand remains high. But did you know that condo prices, on\naverage, have only risen about half as much as single-family homes?<\/p>\n\n\n\n<p>The difference is especially pronounced in some of the major East and West Coast cities, <em><a href=\"https:\/\/www.bankrate.com\/real-estate\/condo-pricing-helps-first-time-homebuyers\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Bankrate.com<\/a><\/em> notes. For a striking example, take San Jose. The price of an average San Jose home has risen 11% year-over-year \u2014 while the rise in condo prices is a laid-back 2%. <\/p>\n\n\n\n<p>What explains the extra high demand (and pricing) for houses\nover condos? When the pandemic took hold, a wave of buyers headed for suburbia,\nseeking extra personal and working space. The work-from-home trend freed many\nto leave condos and apartments near their jobs. The newly remote workers could now\nbuy homes and cabins with space and scenery. <\/p>\n\n\n\n<p>The upshot? Condominiums are available. In many markets,\nthey are still surprisingly affordable. To boost buyers\u2019 savings further, condo\ninsurance is cheaper than home insurance. Plus, condos tend to be compact and\ninsulated by adjacent units, so owners don\u2019t spend so much on heating and air\nconditioning. Add in today\u2019s low interest rates. First-time buyers have an\nopportunity here. <\/p>\n\n\n\n<p><strong><em>\u261b<\/em><\/strong><strong><em> Selling your home\nthis year? Many buyers continue to work remotely. <a href=\"https:\/\/www.deeds.com\/articles\/selling-your-house-working-from-home-may-impact-buyer-preferences\/\">New\nwork arrangements are influencing buyer preferences<\/a>.<\/em><\/strong><\/p>\n\n\n\n<p>Before jumping into condo living, potential buyers might\nask: \u201cWhat kind of title will I actually get?\u201d Or even: \u201cWhat will I have to do\nas a condo owner?\u201d Let\u2019s take a look.&nbsp;&nbsp; <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">The Homeowners\u2019 Association Owns the Land. What Does a Buyer Own?<\/h2>\n\n\n\n<p>If buying a condo in a low-interest environment sounds like\na great opportunity, you might want to know about homeowners\u2019 associations\n(HOAs) and condo titling. As a buyer, you\u2019ll get a deed and take ownership of one\nunit of real estate. <\/p>\n\n\n\n<p>The condo association holds a <em>master deed.<\/em> The\nprecise allocation of interests is laid out in the property\u2019s Covenants,\nConditions &amp; Restrictions (CC&amp;Rs). The arrangement might go something\nlike this:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The roof and exterior building walls are common\nelements. Common elements also include the land, and the recreational features\nand walkways. They are meant for the benefit of the entire community. The association\nhandles hires people as needed to handle everyday maintenance, structural\nrepairs, landscaping, snow removal, lifeguard duties, and office management. &nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Appliances, fireplaces, flooring, cabinets, sinks\nand vanities, and interior walls are all components of the individual unit. It\u2019s\nup to the buyer to maintain these features. The same goes for ceiling fans and\nlights, countertops and backsplashes.&nbsp; <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Any alterations that could impact the integrity\nof the building (the classic example would be wall removal) must be vetted in\nadvance with the management office. Contractors who work on a unit must submit\ntheir insurance documentation in advance.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Outdoor lighting is usually a common element, so\nit\u2019s maintained by the management. Plumbing, HVAC and electric systems are\npartly individual, and partly common elements. Balconies and patios can also be\na blend; the association and unit owner might split the cost of upkeep. A unit\nowner might keep the shutters clean while the association keeps them painted.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The HOA purchases a master insurance policy.\nUnit owners should check their condo insurance policies against the master\npolicy to be sure all necessary coverage is in\nplace. <\/li><\/ul>\n\n\n\n<p>In short, condos are a form of real estate, conveyed by\ndeeds from sellers to buyers. Buyers take title to their individual units and\nmay convey their titles to buyers when they later sell \u2014 just as they would if\nthey were selling houses. The buying process involves a title search, insurance,\nappraisals and inspections. <\/p>\n\n\n\n<p>Buyers also receive a shared interest in the common elements\ndescribed on the master deed. Study the CC&amp;Rs to untangle the\nsituation-specific divisions between common elements and your own features. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Where Is the Basic Titling Information for a Condo Unit Owner? <\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/06\/where-is-the-basic-titling-information-for-a-condo-unit-owner.jpg\" alt=\"Image of an adult whispering to a child outside of a house.\" class=\"wp-image-1486\" width=\"368\" height=\"245\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/06\/where-is-the-basic-titling-information-for-a-condo-unit-owner.jpg 490w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/06\/where-is-the-basic-titling-information-for-a-condo-unit-owner-300x200.jpg 300w\" sizes=\"auto, (max-width: 368px) 100vw, 368px\" \/><\/figure><\/div>\n\n\n\n<p>The master deed is governed by state condominium laws. The\ncondo developer records the master deed at the county recorder\u2019s office, along with\nthe CC&amp;Rs and a map (plat) that shows the common areas and outlines the\nboundaries of each unit owner\u2019s title. Typical covenants impacting the units\u2019\ntitles involve rules against nuisances, aesthetic rules, rules governing the\ntype of pets allowed, limits on investor-owners, and each owner\u2019s obligation to\npay <em>HOA dues<\/em> and <em>special assessments<\/em> to the homeowners\u2019 association.\n<\/p>\n\n\n\n<p><strong><em>\u261b<\/em><\/strong><strong><em> Buying a condo\nproperty? Know your deed restrictions! <a href=\"https:\/\/www.deeds.com\/articles\/homeowners-associations-an-hoa-boards-effect-on-your-property\/\">The\nway the condo board enforces the restrictions will impact your property\nownership<\/a>.<\/em><\/strong><\/p>\n\n\n\n<p>What is a special assessment? Sometimes, a board votes for a\nmajor repair or upgrade in addition to what\u2019s in the regular budget. Every\nowner is then billed for a percentage of the work. That charge is called a special\nassessment. If an owner fails to comply with the association\u2019s rules and\ncharges, the unit will incur penalties: fines, liens, loss of the use of\namenities, and potential legal actions from other homeowners.&nbsp;If the HOA opts\nto place a lien on a unit, that individual property can\u2019t be sold until the\ndebt is satisfied. <\/p>\n\n\n\n<p>A buyer should learn whether the board keeps ample cash\nreserves to prepare for unexpected situations. If not, special assessments may\nbe inevitable. Look also for any pending lawsuits, and the board\u2019s history of\nfee increases and special assessments. Capital improvements (upgrades and new\namenities) usually need the owners\u2019 votes; but remember, you\u2019ll have only one\nvote.<\/p>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> At closing, a buyer receives a copy\nof the master deed, a binder containing the CR&amp;Rs, and the bylaws. The bylaws\nset forth the responsibilities of a particular condo association\u2019s board and\nowners. Note the way the master deed allocates expenses. If payments are to be\nmade on an equal basis, and you buy one of the larger units, you\u2019ll definitely want\nto look out for bills that are based on your unit\u2019s size, contrary to the\ndirections in the master deed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Do Condo Associations Vet Buyers?<\/h2>\n\n\n\n<p>The typical condo property lets unit owners choose their buyers.\nIn rare instances, a condo property\u2019s legal documents empower a board to vet applicants.\nOther properties might reserve the right of first refusal when a unit sells. If\nso, the association has the option to purchase the property at the seller\u2019s\nprice.<\/p>\n\n\n\n<p>In any case, the association must follow anti-discrimination\nlaws and cannot exclude a prospective buyer on account of national origin or\nperceived race, religion, sexual orientation, disability, or any other status\nprotected by law. Granted, some may attempt to use neutral criteria to discriminate.\nSome HOAs go so far as to set their own credit profile minimums and vet\napplicants online and in person.<\/p>\n\n\n\n<p>During the baby boom, when\u00a0homeowners\u2019 associations arose as a feature of suburban development, these entities applied <a href=\"https:\/\/www.deeds.com\/articles\/is-a-hurtful-deed-restriction-lurking-in-your-deed\/\">deed restrictions<\/a>\u00a0to shape communities according to insider preferences, <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.businessinsider.com\/personal-finance\/homeowners-associations-black-americans-discriminaiton-2020-9\" target=\"_blank\">observes<\/a> Mariette Williams. And to this day, <a href=\"https:\/\/cpb-us-e2.wpmucdn.com\/sites.uci.edu\/dist\/e\/2915\/files\/2019\/06\/JUE_Manuscript.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"research  (opens in a new tab)\">research <\/a>indicates, there\u2019s less diversity in and around HOAs. Yet HOA bias tends to be hard to prove, and costly to resist. Existing condo owners are in the best position to create fair opportunities, you\u2019ll typically hear \u2014 by participating in the governance of their associations. But many condo buyers are not able to devote time to unpaid board positions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">This May Be Your Chance to Get a Great Deal. Just Choose Carefully!<\/h2>\n\n\n\n<p>Many condos are decently priced, relative to surrounding\nhouses for sale. The gentler rise in condo property values relative to the\nskyrocketing price rise in houses may appeal to first-time home buyers or those\nwho\u2019ve downsized their careers in the pandemic. Homeowners\u2019 associations offer attractive\namenities while handling routine maintenance so homeowners don\u2019t have to. They offer\ntheir buyers ready-made and sometimes close-knit communities. <\/p>\n\n\n\n<p>That said, condo owners live day-to-day under a community\u2019s\nrules, standards and preferences. Our best suggestion? Carefully study your\nselection of available condo properties in advance. Hire an experienced local <a href=\"https:\/\/www.deeds.com\/articles\/your-real-estate-agents-fiduciary-duties\/\">real\nestate agent to see you through the process<\/a>. <\/p>\n\n\n\n<p>You can\u2019t prepare for everything. Condo boards change.\nYou\u2019ll be lucky if every nearby unit owner is a kind, considerate ray of\nsunshine. With some due diligence, though, you can improve your chances of enjoying\ncondo living at its best.<\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">Zach Wichter for <em>Bankrate.com<\/em>: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.bankrate.com\/real-estate\/condo-pricing-helps-first-time-homebuyers\/\" target=\"_blank\">Slow Condo Price Growth May Be Opportunity for First-Time Homebuyers<\/a> (Apr. 12, 2021). <\/p>\n\n\n\n<p class=\"has-small-font-size\">Christopher R. Moore, Esq. for Homeowners Protection Bureau, LLC: Condominium Associations \u2013 <a href=\"https:\/\/www.hopb.co\/blog\/condominium-associations-know-what-you-getting-into-when-you-buy-a-condo\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Know What You&#8217;re Getting Into When You Buy a Condo<\/a> (undated).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Michael McDonough\u00a0for <em>Cooperator News<\/em> (New Jersey): <a href=\"https:\/\/nj.cooperatornews.com\/article\/owners-rights-vs-condo-rules\/full\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Owners&#8217; Rights vs. Condo Rules \u2013 Sorry, That&#8217;s Not Allowed<\/a> (Oct. 2004).<\/p>\n\n\n\n<p class=\"has-small-font-size\"><a href=\"https:\/\/www.businessinsider.com\/author\/mariette-williams\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Mariette Williams<\/a>\u00a0for <em>Business Insider<\/em>: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.businessinsider.com\/personal-finance\/homeowners-associations-black-americans-discriminaiton-2020-9\" target=\"_blank\">Homeowners Associations Are Still Keeping Black Americans Out<\/a> (Sep. 18, 2020).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Wyatt Clarke and Matthew Freedman: <a href=\"https:\/\/cpb-us-e2.wpmucdn.com\/sites.uci.edu\/dist\/e\/2915\/files\/2019\/06\/JUE_Manuscript.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">The Rise and Effects of Homeowners Associations<\/a> (posted Apr. 2019 by the University of California, Irvine).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/unsplash.com\/photos\/cjhuXRtRT0Y\" target=\"_blank\">Marvin Meyer<\/a> and <a href=\"https:\/\/unsplash.com\/photos\/YLMs82LF6FY\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Sai De Silva<\/a>, via Unsplash. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home values shot up over the past year. Now, in the second half of 2021, demand remains high. But did you know that condo prices, on average, have only risen about half as much as single-family homes? The difference is especially pronounced in some of the major East and West Coast cities, Bankrate.com notes. For [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1484","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>With Home Prices Soaring, Condos Are a Relative Bargain. 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