How to decide between similar condos

August 20, 2021 5:45 AM

I am weighing the features of two virtually identical condos and not sure how to choose. If you bought a condo, how do you make this decision?

I’m a single parent of a five-year-old and I’m looking to purchase a two bedroom condo in a very high cost of living area. Moving to a different area is not an option because I have family support here. I have identified a target neighbourhood and found two condos for sale to show the realtor as a starting point. I’m not sure how to narrow down which one I would prefer. Here are the pros and cons of the two I am looking at.

Cost: They are currently listed for the same price. Condo B has been listed for two weeks longer and it’s already empty so the owners might be more interested in haggling on the price point. Condo A has a pool, which might be fun, but can also increase the maintenance fees.

Amenities: Similar. Condo B does not have a pool, but it has a rooftop deck, a games doom, guest suites and some other things. Maintenance fees include internet. Condo A pretty much just has the gym and pool, does not include internet, but does include cable.

Size: Condo B is slightly larger, but the second bedroom is a bit small. Condo A has bigger bedrooms but a smaller kitchen and overall smaller feel.

Condition: Condo B is move-in ready. Condo A needs paint and curtains (for many windows!) and one bedroom lacks a closet so it would need a closet system.

Main selling point: Condo A has a huge, gorgeous, renovated kitchen which I love. It is seriously a huge upgrade over my current kitchen. It would make me feel like I’m living in a proper home to have a beautiful kitchen like this, as I have always been a renter who prioritized cheapness and affordability. Condo B has a small, inferior kitchen but a huge, private terrace. I currently have no private outdoor space, and I really felt the lack of this during Covid. The terrace is a huge selling point for me. But so is the gorgeous kitchen…

So, how do I decide? Both of these are large buildings which always have units available. If I don’t get these particular ones, there will be others. I’m just not sure how to weigh the relative merits. I’m not so concerned about the condo party room or something like that. The condos are similar enough otherwise. To me, this is a choice between the chairs or the kitchen. I don’t know how to pick between them.

posted by ficbot to Home & Garden (24 answers total)

You can do something about the kitchen later. You can't renovate more space into a condo.

More important is checking the association's financial records. Do they have appropriate reserves or have they been kicking the can down the road to keep fees low? The last thing you need is the possibility of an unaffordable assessment hanging over your head.
posted by wierdo at 5:56 AM on August 20, 2021 [24 favorites]

None of the qualities you mention is as important as the neighborhood, the neighbors, and whether there will be things nearby to engage little fic.

You might be able to infer some things about the neighbors / personality of the HOA by looking at the landscaping. Generic, easy-to-maintain bushes in cube shapes + nothing else of visual interest ==~ nobody wants any expression of anybody else's personality.
posted by amtho at 6:05 AM on August 20, 2021 [4 favorites]

Exactly what wierdo said. How are the condo buildings' finances? Do they have large reserves funds, so they won't be hitting you up for money when things break? Are the public spaces in good repair now, or are they letting them run down? Is there a preventative maintenance schedule? Are they holding meetings and keeping minutes and passing a budget on schedule? What are the long-running problems for the association, and are they things you can live with? (There's likely something: buggy elevator, flooding, parking...) What is the procedure to submit an issue to the management to get repaired? Who is on the condo board, and how long have they been doing that?

I recently sold a condo with a gorgeous kitchen, almost entirely because of issues outside the four walls of my unit.
posted by mersen at 6:06 AM on August 20, 2021 [6 favorites]

How many kids are at each of these buildings? Like is one full of 20-somethings who party every weekend or full of a bunch of retirees who won't look kindly to a little kid in the hallways or yard? I think that may impact your son if you're planning on living there for a while. The terrace will also be nice for your son because it's right there (I don't think he will be going up on the roof by himself)

With regard to the kitchen versus the terrace - you do know that for a room to be considered a bedroom it has to have an actual closet (that's a building code thing, not made up).

You should also look into what the terms of sale are. How long is the closing time on each unit. Obviously, the empty one will be faster to get into. Is the one that is occupied dependent on the current owners buying a new place? How fast do you need to get out of your current home? Which one will fit your furniture better.
posted by dancinglamb at 6:06 AM on August 20, 2021 [3 favorites]

Ditto about condo records.

Lawsuits? Unpaid regime fees? Has the condo been hiring someone to conduct regular regime fee needs surveys and what percent of need do the regime fees fund? How old is each building? Is there on on-site property manager (quite desirable) or a firm that performs the PM role. Any reviews online of the PM provider?

In fact, you shouldn't guess which of two condos has a higher regime fee. You should ask. Essential info.

I assume from your description that they are both in the same property tax area. If not, find out the property taxes for each. (Yes, the shared condo spaces have a tax paid by the HOA/regime fee for the shared spaces. But each individual apartment has its own deed and thus its own property tax.)

It's nice of you to find example condos to give your realtor a starting point but it is the realtor who introduces you to the available spaces that meet your requirements/desire. He or she may well find you better choices available.

Good luck. After 40+ years living in a stand-alone home, I'm very pleased with my condo.
posted by tmdonahue at 6:10 AM on August 20, 2021 [3 favorites]

This may not be an issue in your area, but where I live there is a huge problem with some condo buildings having so many AirBnB's thqat they feel like an unstaffed hotel. So check the local listings to see if there are a lot of units on the site, or see about hanging out in the lobby on a Friday/Saturday night to see what the traffic is like.
posted by saucysault at 6:24 AM on August 20, 2021 [10 favorites]

Is there any chance of waiting to see if you can get a balcony one with a better kitchen?
You could also consider the feasibility of renovating the kitchen --do you have the money, is there is space, etc..

If I had to make the choice, I think the larger kitchen would win.

Good luck!
posted by rhonzo at 6:25 AM on August 20, 2021 [1 favorite]

You have to find out about the fees / condo management and visit the units at this point. Realtor photos are as close to lies as it’s possible for photos to be, both places will probably have something that was intentionally left out of the pictures. It’s also possible your realtor will know that one building has a notoriously low reserve or some other major problem.

In my area, real estate sites (Redfin, Zillow) had maintenance fees and property taxes in the listing. Try another site if you’re not seeing them.
posted by momus_window at 6:51 AM on August 20, 2021 [3 favorites]

(Is there a typo in your post? I'm confused about the following, which seems to be important since it's one of the key factors that you mention:)

Condo A has bigger bedrooms but a smaller kitchen and overall smaller feel.
[...]
Condo A has a huge, gorgeous, renovated kitchen which I love.
posted by dusty potato at 6:52 AM on August 20, 2021 [3 favorites]

You can still cook in a small, outdated kitchen. You can't sit on a balcony that isn't there.

That said, you're not the one making the decision. In this market, the way to decide is which seller accepts your offer. You can prioritize the order in which you place your offers, but don't decide that a particular property is "the one" until your offer is accepted.
posted by kevinbelt at 6:59 AM on August 20, 2021 [3 favorites]

What are the associations and management like? I'd consider asking your future neighbors what their experience has been. The people smoking outside and or waiting for dogs to pee might have time to chat.
posted by eotvos at 7:12 AM on August 20, 2021 [1 favorite]

New condo construction has exploded in my town over the last couple decades, so I'd be looking at the surrounding properties to see which option is least likely to see ongoing construction or have an obscured view in the upcoming years.

Even in lockdown, I've never used my balcony much (because having any sort of furniture on it attracts nesting pigeons) but I love having the door open on nice days. It creates space and vastly increases airflow.
posted by bonobothegreat at 7:17 AM on August 20, 2021 [1 favorite]

Besides factors that people are bringing up - a weighted list or weighted average can be really helpful. Here’s a how to. It helps decide how strongly you feel about each element itself. And you can rate the element inside it. So, how much to you need a certain kitchen feature. How does that kitchen score in each place. Then calculate the weighted score of each place and compare.
posted by Crystalinne at 7:23 AM on August 20, 2021 [2 favorites]

Is condo B legally 2BR? My understanding is that the legal def. is a window and a closet. If it's only a 1BR + office legally, might affect resale later. Realtors try to elide over things like this, and you may be ok with it if the comps support the price, but still.
posted by Dashy at 7:33 AM on August 20, 2021 [8 favorites]

Go and watch who comes and goes during workdays and on weekends so you gain a better feel of your potential neighbors. Talk to some, if that's possible.

And double plus check on the condo records and maintenance fees.
posted by mightshould at 7:34 AM on August 20, 2021

Put in offers on both! I know it's not your question, but as kevinbelt said, sadly, you probably aren't going to get to choose - even four years ago in a similar market, it was more a matter of putting offers on any property that could conceivably work and hoping fervently. So just set this as your mindset at the beginning of your search and that might help with frustration down the road.

For HOA: you get to do a little bit of due diligence on their finances while you're in escrow, but doesn't hurt to ask up front. You want to know what their reserves are, whether they have earthquake insurance (if applicable geographically), and what their history of dues has been.

Also, ultimately, the shared-wall neighbors are going to make or break a condo - like an apartment, but you can't just move out - I would consider trying to talk to the folks in the units on the other side of who would be your immediate neighbors.
posted by bluesky78987 at 7:42 AM on August 20, 2021 [3 favorites]

With respect to AirBnB, some associations ban that type of thing -- check the covenants agreement (which you should be given prior to an offer).

...which leads me to my larger point, read the HOA agreements!! You never know what they allow/forbid, and you don't want to (for example) buy a unit with a nice terrace only to discover you're not allowed to use it after 6pm (for example).
posted by aramaic at 7:46 AM on August 20, 2021 [1 favorite]

To me, you sound far more passionate about the larger kitchen than you do the private terrace, everything else being mostly equal.

No one has mentioned the pool? Every single parent of young kids I know who lives in an apartment complex with a pool LOVES it and it is a huge factor in their quality of life and a major entertainment staple on weekends.

Of course, that would be no good to me if it were packed with partying twenty-somethings at all hours so I agree that getting a sense of who else lives in the building matters a lot.
posted by anderjen at 7:52 AM on August 20, 2021 [1 favorite]

I have identified a target neighbourhood and found two condos for sale to show the realtor as a starting point. I’m not sure how to narrow down which one I would prefer.

I'm unclear whether you have seen both properties in person yet? As others have said, it's your realtor's job to find the right property and to make sure you have all the info you need to make a decision. If you are just starting to work with one, I would be mentally preparing myself to not close on either property and instead be thinking of them just as specifications describing what you are looking for. Properties generally look and feel a lot different in real life than in photos.
posted by Press Butt.on to Check at 8:15 AM on August 20, 2021 [5 favorites]

I bought a condo in February 2021. I chose in large part based on the HOA fee -- it was half the next lowest fee in the area. (I checked the HOA records and finances very carefully; for all that I could discover, they were saving for long-term maintenance and were in good shape. I now know that they're not, but it would have been impossible to figure that out from the records -- it was a surprise hit from the local cabal of contractors, management companies, legal advisers and banks that prey on volunteer-run HOAs.)

The monthly non-mortgage fees on a house (of any kind) make a bigger difference in what you can afford than your mortgage. And those fees are things that are basically rent -- you end up with little or nothing tangible to show for them. I looked at one place that I could have afforded, but the HOA dues & lingering special assessments were twice the mortgage P&I. I could have bought a place 3x more expensive for that.

TLDR: investigate the HOA very carefully, but be prepared for a disaster there anyway. If you don't understand the financial records, pay somebody to explain them to you. It's worth it.
posted by spacewrench at 9:35 AM on August 20, 2021 [5 favorites]

I am just piling on to say the quality and health of the HOA is really honestly as important as others are saying here. I bought my condo in 2016 and I just did NOT understand what to ask or how to figure out what was going on so I bought into a situation where I've weathered two major assessments in 6 years due to deferred maintenance that I just -- didn't know to ask about. I could be mad at my realtor but I'm here (and I love where I live) so -- it is what it is. A few things I would ask:

1) What was the date of the last major exterior maintenance? What was that project? (For example stucco needs to be repainted and sealed like every 10 years; if they are siding or whatever, you will have to dig to find out what the maintenance schedule should be). is there major maintenance that needs done in the next year and is there an assessment contemplated for that?

2) What does the reserve fund look like?

3) Who is on the board/how often does the board turn over?

I hope this helps. Condo boards and HOAs are just . . God I am on ours because I could not deal with the incompetence, honestly, and please know ahead of time that it may be necessary for you to involve yourself if the community is small and people are shirking responsibility. It's one of the reasons I am moving OUT of this condo in this neighborhood I love -- I am tired of adulting for other adults.
posted by Medieval Maven at 10:55 AM on August 20, 2021 [3 favorites]

I would also add, try to book one more viewing at each place when it’s *really* hot and humid. With temps going up everywhere, you want to be certain the building is equipped. Learn and enquire about different cooling systems, then research the heck out of them when you get home. Glass walls are neat but glass is thermally inefficient. Concrete is better (as in the more the better).

Ask about any plumbing issues. Also about the state of the elevators.
posted by cotton dress sock at 12:01 PM on August 20, 2021

I don't know where you are.

I'm currently looking for a new home in upstate NY and some of the things that I take into account are the views out the windows and the directions the windows face. I like as much sunshine and daylight as possible in the winter and will not consider anything that doesn't have sufficient eastern, southern, and western exposure. I like to see trees rather than someone else's windows. I like to see the sky.

I don't have young kids but I do have grandchildren and I want a place that's kid-friendly. Does either place have any kind of playground? Does either appear to have other families with young children?
posted by mareli at 4:28 PM on August 20, 2021

Without knowing anything about the state of the condo's finances, I like the sound of Condo A. I agree with the commenter above that you can do something about the kitchen later but you will not be able to add on more space or a terrace.

But, in addition to the condo's finances and board management, I'd give some thought to the size of the corporation itself. I recently sold my condo in a very small building because the politics were irritating me unbearably. I thought that buying in a small place would give me some sense of control over the larger decisions but insulate me from surprise expenses and other problems. In fact, I ended up feeling pestered by constant demands to serve on the board, constant complaints when I did, non-stop requests for input on every decision, nastiness between other owners, and so on, combined with a lack of control over my own space. By the end, it felt like all the disadvantages of being in a condo and owning a stand-alone house with none of the advantages of either.

I will not make that mistake again. It's either freehold housing or condos in very large buildings, the kind were you own half a percent of the equity, for me from now on.
posted by rpfields at 8:50 PM on August 20, 2021