Rightsizing Your Life: Is Condominium living right for you?

There are many chapters in life and turning the next page is so important. During my real estate career I’ve met many people who want to change how and where they live. Their goals have evolved, but they aren’t really sure about their direction and which options they want to pursue. As I’ve helped a number of these older persons, I’ve learned many things which I want to share with you. So let’s talk about “Rightsizing” your life.

Many of my clients have large homes and some, not so large. They no longer have children at home or are just looking for a different type of residence. Common themes I hear are less maintenance, fewer bedrooms, more livable space, walkable neighborhoods and one-level-living. Does this sound familiar to you?

Once you decide to sell your home, where will you go? Do you want a smaller single family home, a town home or a condominium? These options are all very different. Many people think  condominium living is the obvious choice, but is it?

Condo Living 101
Condominium means “shared community.” This means that every day you will be sharing hallways, parking areas, lobby and staff. You will live very close to your neighbors. For many people this can be a welcome change. There is always someone around and the building has social activities for the residents to attend.

However, the building must be run like a business. There is a board who must decide on management, staffing, services and how the common areas are maintained. Some people really enjoy the involvement of running the building, others just want to enjoy their surroundings. The good news is that you can do either or both. I find that many people like this environment as they get older. In the past, they were used to having their children and friends into their homes often. Now that entertaining is not a priority, condominium living can bring a different type of social gathering. On the other hand, if you are not a social person, you can continue to maintain your independence in that regard.

Financially, a condominium is different because of the monthly homeowner’s fees. These fees are mandatory and depending on the type of luxury you select, can be pretty pricey.The Home Owners Association (HOA) fee typically covers services: concierge, daily cleaning of common areas, trash, parking, exterior and interior maintenance of common areas, and master insurance. The average fee in Atlanta is approximately 34 cents /sf with some luxury condominiums charging 68 cents/square foot based on the total number of square footage of the unit. I have found that the HOA fee is commensurate with the maintenance costs of a home. It’s just writing one check instead of several (lawn maintenance, pool, exterior upkeep). However, if you have a very large home, it will definitely be less. Utility costs should be less depending on what size condo you purchase as well. The condominium market is tightening up in Atlanta and only a few luxury buildings still have inventory. We have no new condominium projects pending, so prices will go up. Now is the time to buy!

TYPES OF BUILDINGS
There are several types of buildings to choose from — high rise, mid-rise, and smaller building types that are usually conversions from large homes or warehouses. There are hotels with condos attached and now office buildings with condos. The hotel/combo can be challenging because of the variety of people that stay in a hotel. Large parties can definitely cause stressful situations to arise. I recommend buying in a building that has anywhere from 65-150 units. Anything above that tends to be too many people and too political. I also recommend buying a home with a park or garden view so you can see people coming and going and have an engaging “green” view. Many people buy beautiful skyline views. After a few months, the majority will tell you that they don’t notice the view anymore unless their friends come over.

In Atlanta, the NE corner is probably the best choice for light and lack of heat in the summer. East-facing would be my second choice. Southern views can offer nice views of downtown, but are hot and expensive to maintain. Western views are the least desirable due to the afternoon heat.

For some people, this lifestyle can be too much of a change. The key here is to understand what each choice entails and make the decision that serves you best.

During the real estate market of the last few years, many people have felt it impossible to move on. Their homes were worth less and they couldn’t let go with such a loss. The good news is that even larger higher priced homes are selling very well now. I can help you by assessing value and condition in order to sell your home at the best possible price. My evaluation is free and with no obligation. I can get your home market-ready quickly and help you stage it as well~both very important considerations when selling your home.

Craig Dodd
404.237.5000
866.919.3607­
craigdodd@atlantafinehomes.com