A Pinehurst Condominium
is a good way to get into the housing market if you can't afford to buy a house
or prefer this type of lifestyle. A Pinehurst Condo is also great if you don't
want to spend a lot of time doing yard work or maintenance. One important thing
to remember about a condominium is that you don't actually own the unit you
live in nor the lot. You own the air space inside the
walls, ceiling and floor of the unit. With a townhouse you own the unit along
with the lot. Owning a Pinehurst condo, you are restricted from adding a room,
painting the exterior or changing the landscaping. When you buy a condo you are
also joining a homeowners' association which is responsible for the maintenance
of the units, insurance, garbage and outdoors areas. The monthly HOA fees may
seem high at first, but owning a home will have similar costs over a same
period of time.
What to Consider
when Buying a Pinehurst Golf Condominium
Ask owners in the complex what they like and dislike about both the unit and
the complex. How good is the sound proofing? End units and upper units
generally sell for more when sound comes into play. How is its location in the complex. Next to an access street, parking
facility, pool? Look for units that are not adversely affected by these.
Stay away from predominantly rental condo complexes, those having more
occupants that are renters. They are often poorly maintained as absentee owners
usually vote against improvements and increases in maintenance fees. Many
lenders will not make loans if the percentage of renters is high compared with
association fees with other similar condo complexes and what amenities are
included. Find out if any increases in fees or special assessments are planned.
Is the condo homeowners' association in good financial condition.
Before making a purchase offer, obtain the latest financial statement from the
homeowners' association. Are there any lawsuits between the homeowner
association and the builder? Who manages the complex and how well are the common areas maintained. Check to see if there are
any unusual bylaws, rules or CC&Rs. A good
complex generally is a result of restrictions of pets and rentals. Read all
Buying in a New
Find out how many units are sold and closed. Don't be one of the first buyers. Its better to have 60% of the condos sold before you close
your purchase. If the units don't sell or the developer goes bankrupt, you may
end up owning much less.
Make sure a warranty is provided for one year on everything in the unit. It is
important to know exactly what your developer will warrant when buying in a new
How do Pinehurst
Condos Compare to Pinehurst Single-Family Homes?
Based on appreciation, condominiums in Pinehurst have been as profitable an investment
as single-family homes in the last five years. In some markets, condos
appreciated even more.
Condominium Associations, are Condos a Bad Investment?
Despite problems in many associations, condominiums have done
a good job of holding their value. Real estate experts say that the reason
there are more stories about conflicts in associations is the proliferation of
Condominium associations involved in lengthy and expensive
litigation may find that such disputes will hurt re-sales because some lenders
are reluctant to make home loans on units in their projects. However, experts
argue that many disputes today are resolved more readily without initiating
legal action. In addition, the condominium community has worked hard in the
last few years to overcome image problems that were brought on by disputes and
lawsuits among condo owners and developers. Associations today are becoming
more sophisticated about property management and are taking steps to prevent
legal problems and disputes. Buying a condominium is still an excellent way to
start home ownership.
This site was developed to
provide information on Pinehurst real estate including Pinehurst Golf
and Waterfront homes, Pinehurst condos, and Pinehurst and Southern Pines
Commercial real estate.
Please visit our other area
Real Estate websites:
Pinehurst Homes For Sale
NC Horse Farms
Pinehurst NC Real Estate
Fort Bragg Real Estate
Pinehurst Real Estate