Why Move Old Homestead Condominium Reasons for Moving Age Health Energy Finances Marital Status Security Social Environment Home Values Cost of Maintenance Ability to do Maintenance ID: 644406
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Slide1
Downsizing
Why and Why Not!Slide2
Why Move?
Old Homestead
CondominiumSlide3
Reasons for Moving
Age
Health
Energy
Finances
Marital Status
Security
Social Environment
Home Values
Cost of Maintenance
Ability to do MaintenanceSlide4
What services are included?Most include: Trash pickup, Grass Mowing, Snow Removal, Structure Insurance
However Services can be extensive!
Lawn Mowing
Lawn fertilizing
Mulching of common areas
Yearly grub control
Weeding
of landscaping
in growing season
Thrice yearly leaf cleanup
Twice yearly shrub and bush trimming
Tree
removal, tree trimming
Tree replacement
Community entrance lighting
Entrance and common area landscaping
Pond maintenance
Pond bubblers and fountain
Full replacement value condo insurance
On-site maintenance person
Roof repair and replacement
External chimney repair
Condo siding replacement
Major structural repair
Condo exterior repainting
Gutter and downspout repair
Gutter cleaning
Dryer vent cleaning
Pest Control
Trash pickup
Street and driveway maintenance
Snow removal
Free fishingSlide5
Advantages to Downsizing
Aggregating Costs Saves Money
Compare
cost of each of these services at a private home?
Condo community costs?
Lawn - $10.00 per unit each mowing
Snow - $17.00 per unit each plowing
Tree/Bush, trim/Replace -
$
308
.00
per year per unit
Trash -
$
101
per year per unit
Insurance
- $
224
per year per unit
Fertilize/Weed/Grubs -
$
21
.00
each application per unit
Leaf Removal -
$
28
.00
per year per unit Slide6
Major Advantages
Cheaper to Buy Than Home
All Community Costs are Shared
Instant Sense of Community
Community Events Annual Meetings Senior Safety
Chance to Get Rid of Unused Junk in Basement/Attic/BarnDeclaration, Bylaws and Rules Documents Protect Owners
Complex Remains Neat and Attractive
Easy Transition Into Independent/Assisted Living FacilitySlide7
Most common complaint
Too Many Rules
Most Complaints come from Uninformed
Rules Designed to Protect Property Values
Similar to Rules in Homeowner’s Associations
Examples include:
No Clotheslines
No Vehicle Repair Outside of Garage
No Parking on Grass
Non-passenger vehicles – Short Term Parking Only
Condo Owners Cooperate to Protect Property Values
Slide8
Smart Questions to Ask
Current Financial Status of Condo Association
Does Association Save 10% of Annual Fees
for Future Maintenance
Does Association have Required Reserve StudyWho did the Reserve Study
How Many Years does the Reserve Study AddressWhat Services does Owner get for Fees
How Many Condo Units on How Much Property
Association – Status Quo or Planning for futureSlide9
Summary
Be Proactive
Avoid Trauma of Forced Downsizing
to Independent or Assisted Living
Homestead Sale Pays for Condo
Money left for Care FacilityGreater Safety in Numbers
Future More Assured