June 20, 2008 Lynnsy Logue The Real Estate Lady® and Condo Cando® in Charlotte, NC
Condo CanDo, Friday Q/A…
Let’s Get Started:
1Q.I live in Matthews, NC and own what I thought was a condo. Now I am told it is a townhome. How should I be able to discern that myself? A. In our tax records under property description you will see a Unit File Number. Shortened that is U/F and then a number or numbers. If it has this as part of the description, then it is a condo. Townhome descriptions have a Book and Map because the land beneath the townhome is owned.
2Q. I live in a condo that was built 5 years ago. I am the original owner. I recently looked up our documents to see what our Master Policy covers. I thought it was everything from the paint out, including the electrical and the plumbing. Apparently one set of Board of Directors changed what the policy covered to reduce the costs and it does not now include plumbing and electrical. How can this happen? A. First, pat yourself on the back for discovering it now…and secondly, ask for a special board meeting to discuss this…and of course alert the neighbors of the change.
3Q. We are looking at an Active Adult Community. They are ranch type duplexes which suits us just fine. They are located next to a busy shopping center where one large box store is open 24/7 and has a large parking area that is always jammed. I am concerned about high traffic and frankly, crime, with that easy access. My husband thinks being close to shopping is great. A. Yes, being close to shopping is sometimes good when you can walk to pick up groceries or visit the drug store. Have you explored other areas that might have more of a buffer? I think your instincts are right on. Check the police reports in the area and listen to your gut.
4Q. We were thinking about selling our house, scaling down and buying a condominium or perhaps into one of those retirement communities. But we also have heard many boomers are adapting their homes to fit their needs better so they can stay in their homes longer. This has great appeal…and financially, it makes sense as well. What do you hear? A. I hear and read more and more that folks are doing just that. Of course, it depends on your home and how adaptable it is. I have a friend who lives in a mobile home and has even prepared the second bedroom in the event that she needs a caregiver. Of course, for her eightieth birthday she gave herself a gift of a couple of sky diving expeditions…and she prepared for that adventure as well. For some folks, staying in the home is a good option, for others, scaling way down, travelling and having a smaller abode woks well. Listen to yourself. You have more than one option.
Got Questions? Send them in and we’ll see if we can answer them for you.
Lynnsy Logue The Real Estate Lady® and Condo Cando® in Charlotte, NC