Hi Viva, I've lived in condos for the past 20 years. The last one was a duplex scenario -- a multifamily split into two condos (one upstairs one downstairs) with each of us having half the yard. About 2 years ago, with the kids finally launched, we are now in an elevator building with 21 condos. Our current condo affords us the benefits of 1) full time maintenance man; 2) no lawn to maintain; 3) far better for aging in place compared to our last situation; 4) underground parking; 5) it's in the city and close to everything.
First I'd ask yourself how long you will be there and does the condo fit aging-in-place requirements if you intend to be there that long? That was the #1 reason we moved. After seeing everything my in-laws went through, and now my own parents, this became top of mind, especially since DH is developing some health issues. He just could not keep up with the yard maintenance, even though our yard was small. He could not keep up with house repairs either (the ice dams a few winters back really did us both in) -- so having full time maintenance person on site was incredibly valuable for us. We now live in a place we don't have to "baby sit" in the winter: we can drop the keys with the maintenance guy and go off for weeks or months at a time. What's more, though we were on the bottom level of the duplex, the place still had a lot of stairs to navigate. One visit from a wheelchair bound friend made it completely obvious to us that the duplex would not work in our later years.
Duplex (or triplex) scenarios are... different. It is crucial that you like your neighbors!! When we first bought the duplex, we had horrible nasty neighbors. We almost sold, but they sold first instead. Then we had a very nice couple move in, and that made all the difference. They were laid back like we were which made things a lot easier -- we wound up not having a formal condo agreement / bank account, but not once did they balk about spending $ for improvements. When it came time for a new roof, we split 60/40 and got a new roof. The only nit with the situation was that they were clueless about home and yard maintenance, so a lot of that fell to my hubby, so you could say he played the role of full time maintenance man! Lesson is that if you buy in a situation like this your experience will highly depend on whether you get along with your neighbors -- if you disagree it can mean nothing gets done. Or if they don't have the $ for improvements, you may be left holding the bag, or nothing gets done.
For these reasons we felt better going into a condo situation with 21 units, a formalized condo association (run by a 3rd party), and monthly fee. From what we've learned since we moved in, the association lapsed for many years and the place started getting run down, as units weren't paying the fees, and the fee was also set too low, so no reserve. A couple of years before we bought, they fixed all that, hired a professional management company, did an assessment, and raised the fee. To us it is a reasonable amount (I calculated it all out and it was comparable to our run-rate keeping our duplex afloat) but many of the owners turned over at that time and sold because they couldn't afford it. They've made many improvements since then, and have a slate of improvements for this year. The fee includes trash removal, snow removal, landscaping, cleaning of common areas, maintenance man salary, common area electricity/gas, insurance (but you'll also need your own policy as well), water, and the slated improvements (new roof, re-pointing of the brick, new windows in common area, new water pump, new security system).
Be sure to ask if there has been any assessments, how long ago, are any assessments planned in the future, what is in the reserve (you definitely want money in there!), and ask to see the condo budget. It's a good thing to also meet the condo board members.
Ask about the parking situation. Can you rent out your spot? Where do guests park?
Read the condo bylaws very carefully and make sure you agree with them. Especially if you plan to do any renovations! One thing I don't agree with is the time they allow you to get renovations completed - it's too short, now that the place is over 30 years old, and many units (including us) are having to do gut renovations, rather than minor cosmetic improvements. It takes longer to do reno's in a condo in the city for a variety of reasons. Also if you are going to do reno's, know what you can and cannot change. We were able to knock down a non-load bearing wall, move the kitchen, move the laundry, and a whole host of other things -- but could not change the exterior and have to buy windows from a certain company. Be aware that a lot of condo situations will not be that generous. Two areas our association was fanatic about was plumbing and the water sprinkler system. Of course they would be, as these effect everyone.
Usually the condo fees are figured based on a percentage of your square footage. So if your place is larger than other units, you'll be paying more than they are.
Go around and knock on doors and meet the neighbors before you buy. We lucked out as our building is mostly quiet, working professionals, or retirees who travel a lot and are never here. For the most part, everyone keeps to themselves and the condo is nicely constructed so you don't hear them at all. But they also do social get-togethers a few times a year, which is nice.
What floor to live on:
In the duplex we were on the bottom floor and I preferred that. A lot of duplexes around here convert attic space into usable living space, and in my experience, it gets REALLY hot, or cold, and/or puts higher demand on the HVAC. Another thing you have to watch out for in that scenario is ICE DAMS. That place never had ice dams in 100 years -- until the attic was converted. However a disadvantage of the lower level is that you may have a converted basement, and those are not ideal either. Also, noise will be more of an issue -- not just street noise, but noise from your neighbors walking above you, or tromping up their stairs, or slamming the door when they come in. It really helps if the condo bylaws dictate the upper unit must have carpeting.
In our current condo, we are on the top floor, which gives us fantastic views, and I do think it's quieter too. But of course if the elevator goes down we have to walk up a lot of stairs...
