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Clovis Real Estate News
November 18th, 2009
Clovis Condos – Beginners Guide
A Beginner’s Guide to Clovis Condos
Clovis Condos can be a great option for those seeking affordable Clovis housing. If you’ve been thinking about buying a Clovis condo, you’ve come to the right place. We’ll share with you some Condo basics and the things you need to consider when owning, buying, or selling your condo. You can also get a list of all of the Condos in Clovis for sale just by filling out the form below.
FREE List of Clovis Condos!
(Just complete the form below and we’ll email them to you).
Clovis Condos – Are they Right for You?
Clovis Condo buyers generally fall into 3 main groups:
- First-time Condo buyers making the jump from renting,
- People looking to buy a part-time vacation condo, and
- Retirees who are trading in their Clovis homes for the low-maintenance lifestyle of a Clovis condo.
Clovis Condos can be a great purchase under the right set of circumstances. But if you’re not comfortable living within condo rules and restrictions, and in close proximity to others, then a Clovis condo probably is not the place for you. Before you buy a Condo in Clovis, make sure you understand exactly what’s involved in condo living.
What exactly is a Condo anyway?
A condominium (a.k.a., “Condo”) development can take the form of apartment-style complexes or townhouses. What distinguishes it from other multi-tenant buildings is that the developer has legally declared it a condominium and individuals can purchase units in the building or complex. The Condo development will have specially designated laws and regulations applied to the Condos (see below).
When purchasing a Condo, the owner buys the title to his or her individual unit, up to the walls, but not including them. A common description of a condominium is a “box in the air.” Common areas within the development, such as stairwells, outer walls, fitness centers, and swimming pools, are under shared-ownership. Each unit owner holds an interest in these spaces.
In order to manage the maintenance and repair of the shared common areas, every Condo development has a Condo Association, also known as a unit-owners’ association. The association is elected by Condo owners and makes decisions in the interest of the Condo community.
Buying a Clovis Condo – Costs to Consider
Like buying any other Clovis home, you’ll need a down payment and mortgage (unless you’re paying all cash). You also have to pay insurance, property tax, and some additional fees, as follows:
- Condo fees: Also known as maintenance fees, these fees are paid by every resident to help with the maintenance of the building, pay the salaries of groundskeepers, the handymen, and any Condo facilities such as a pool and fitness center. Condo fees are paid monthly and are subject to change. Expect to pay $200 or more a month for these fees.
- Special assessment fees: These fees may be requested by the Condo Association when an unexpected repair or planned modification exceeds the cost of the regular condo / maintenance fees collected.
Condo Rules and Regulations
Condo are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). The rules vary from one condo development to another. They may impose restrictions on pet ownership, noise levels, remodeling projects, parking, renting, etc. The CC&Rs are enforced by the Condo Association. You should always read the CC&Rs to make sure you’re comfortable with them before you purchase a Clovis Condo.
Questions to Ask Before You Buy
Condo Associations vary in their organization and expertise. Some questions you should ask are:
- Does the Association have a reserve fund to pay for unexpected and potentially expensive repairs? This will help you determine whether you are likely to get hit with special assessment fees.
- Does the association have plans to add any facilities, such as a swimming pool or gym, in the near future? This could cause a sudden increase in your fees. Ask to see the minutes of the last few condo association meetings, which should reveal any such plans.
- Does the development have any pending legal actions? Are there any disputes between owners, with developers or with the association that you should know about?
- What’s the association’s reputation in the building? Talk to other Condo owners for comments or complaints about the association’s activities.
Clovis Real Estate
Let us know if you’re thinking about selling or buying a Clovis condo. We’re Clovis Real Estate Experts. As Clovis Realtors we specialize in Clovis homes. Everyday we help clients get exceptional value for their money and find the best neighborhood and Clovis home for the lowest price possible. Learn more about our client benefits.
There are a variety of Clovis condos for sale (just complete the form below and we’ll send you a list). When you find something you like, just let us know and we’ll take you to go see it. Make sure you’re pre-approved first though since sellers won’t even consider an offer unless you have a pre-approval letter. You can get pre-approved or ask any question about how to finance a Condo here.
Contact us if you have any questions, or complete the form below for a list of all of the current Clovis Condos for sale.
Clovis Real Estate − "The Clovis Home Experts"
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Generally I do not post on blogs, but I would like to say that this post really forced me to do so! really nice post,and very informative
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