high rise condominiums offer an enjoyable lifestyle, including luxury amenities not available in most single-family homes. At the same time, a high-rise condominium does not require much of the typical maintenance and chores that go along with a standard home. Sounds like a win-win, right? But is it really the right choice for YOUR lifestyle?
Here are some pros and cons to consider when deciding if high-rise condo living is right for you:
Storage: Are you a packrat? Is your garage full of items from the 70s that you can’t part with? Keep in mind that space is at a premium in high-rise condominiums. In fact, your monthly HOA due will most likely be based on the square footage of your condo, so do you really want to pay a monthly fee for space that only collects trash? This could be a PRO just as easily as a CON for high-rise living. There’s a freedom that comes with streamlining and getting rid of baggage, and nothing will speed that process up like moving into a high-rise condo! Most buildings have some form of additional storage available for a price, or there may be one already paid for and included with some units. Be sure to ask about this when you search.
farts: Many buildings allow common household pets with some size restrictions, but nothing exotic (you really don’t want a loose python in a 50-story tower). If you’re “pet averse,” you shouldn’t have a hard time finding a building that doesn’t have pets, or at least doesn’t have large dogs. If you have a dog, make sure the building has adequate green space nearby. It might seem like three or four blocks to the nearest garden isn’t far at the moment (hey, the walk’s good for me, right?), but it can feel like miles on a cold, rainy January morning.
Noise: A condominium tower is a community and therefore has rules that govern the community to keep everyone happy. One of those stricter rules is usually noise control. Most condominium buildings have a “quiet period” from mid-afternoon to early morning during which residents must keep noise down. Consider your personal schedule: do you work late and then like to listen to music to relax? Do you sleep during the day and work at night? This could be a problem as most of the construction takes place during the weekdays and can sometimes be heard throughout the building. Home theaters are also very popular now, so if you’re only spending $30,000 on the latest and greatest, you might want to keep it on the ground (or buy headphones).
HOA expired: This is a common point of contention for high-rise buyers. Dues are paid monthly to the association to cover maintenance, staff payroll, insurance, reserves and building repairs. These rates will vary widely based on factors such as the age of the building, the number of residents sharing costs, what is included in the charge (some buildings include electricity), and the luxury amenities offered. Before you let the HOA stop you from buying a high-rise, do an apples-to-apples comparison with your current expenses. For example, if you are now in a home and are considering building a high-rise, estimate what you spend each month on insurance, maintenance, repairs, lawn care, pool care, trash removal, utilities (if included) , gym membership, etc. . That should give you a better understanding of how the expired HOA can replace, and not add to, your current expenses.
Leasing Units: There are more restrictions on leasing your unit in a high-rise than in a typical house. Some buildings prohibit unit rentals, others limit rentals, and others may require a potential tenant to be approved by the condominium board. Make sure you know the building’s policies before you move in and find out that you can’t lease your condo if you need to.
Mod cons: One of the great benefits of living in a high-rise building is the use of common building amenities. These can range from the typical pool and exercise room to 24-hour valet service, wine cellars, and rooftop club rooms. Of course, the more extravagant amenities usually come with a higher HOA. Tell your agent up front what’s important to you so they can zero in on the relevant buildings where you’ll have exactly what’s right for you.
Parking lot: Most condominiums will come with assigned parking in a common garage. The number of spaces included depends on how many the original (or subsequent) owner purchased with the unit. The number of spaces has a big impact on the value of the condo, for example a one bedroom condo with two parking spaces in a busy district would be a great find. Some buildings will allow you to purchase or lease additional space; ask the administrator for more information. Also make sure the building has adequate visitor parking for your needs. If your friends have to find a place and feed a meter, they may not want to visit as often (which could be a PRO or a CON).
Renewals: Are you hoping to find a condo that needs a makeover? Are you a do it yourself? If so, you could save time, money, and heartache by sitting down with the building manager for a frank discussion of your intentions. Some buildings only allow repairs by licensed contractors (remember this is a community and your poor repairs could affect other people). Most buildings restrict the hours allowed for repairs to weekdays only, and work is not allowed at night or on weekends. So if you work normal hours, when would you do the renewals?
Reserve funds: It is important to find out what is going on with the building association. Are the owners selling because they know of an impending special appraisal? Is the association’s reserve fund adequate? Each building holds regular board meetings where financial, legal, and maintenance issues are discussed and decided upon. Review last year’s meeting minutes to see if there have been recurring issues that don’t seem to be fixed (such as security breaches, leaky roofs, plumbing issues, etc.).
The best way to find out if a high-rise condo is right for you is to contact a Highrises.com associate agent to discuss your personal needs. They can help you learn more about what’s available in your market and can take you on a personal tour of the buildings and condos that fit your needs.