In searching for a condo, HOA fees are a critical part of your investment. Knowing what they are is just the start. Knowing what they cover is important because every building is different. This is where working with a condo specialist will be helpful to you as a buyer. As a specialist, we are in the market everyday. We know which buildings have HOA issues such as current litigation, weak reserves or rental cap issues. We also speak with the property managers on a frequent basis. As for pets, again each building is different but more often than not the restrictions will be based on weight or on breed.
Sorry I am a little late to the table here (answering your question) it has been very busy. If you have not connected with an agent, I would love to assist you to find a great condo. To learn more about the condo markets in Portland, please visit my condo blog http://www.TheCondoPulse.com .
Best of luck to you!
If one totally fit your lifestyle, you could steal the thing and the HOA was really solid----MAYBE. Otherwise, why do you want to own something? What is your long term goal? Buying isnt always the best thing! (Im ducking now)
Regarding fees---different at each complex. Depends on how many owners are paying, what figure has been voted on to establish reserves for repairs, etc. They can go up or down according to the HOA agreement but also there may be riders to do large emergency increases. Ive seen HOA fee more than double to cover problems. Anyone selling a condo should have all the info at hand that you need. All the pet rules, rental rules, etc. Usually they dont want rentals. Why? As the percentage of renters vs owners increases, lenders will not loan onthe units. Renters usually dont care as much about upkeep as an owner.
Also, the marketis not at its bottom. It may be near it now in certain categories. The world of real estate values is changhing rapidly. The future hold surprises depending on whats going to happen to the millions of homes now held by or being taken by banks.
I'm from Minneapolis as well. Would love to help you in your home search. I specialize in condos and live & work in NW Portland (Nob Hill, Alphabet District) and know the market very well.
Contact me if you'd like to learn more. Dennis 5033511301.
Congrats on your upcoming move!
RMLS listings for condo's state HOA fees and what they cover (such as garbage, water, etc.). Each building is different regarding pet policy, but can easily be determined by a call. Whether or not HOA fees or assessments will be increasing can be found in the CC&R's or HOA meeting minutes. Condo's, in general, tend to lose value faster than single residence dwellings, but as in all real estate the mantra of location, location, location is a big factor. Overall, the Portland market has low inventory and is on the upswing.
I would be glad to email you condo listings from the RMLS that fit your criteria and answer any further questions that you may have.
Oregon Realty Co.
I was out showing condo's this morning and provide my buyers a spread sheet on much of this data so they can more easily make comparisons. Start with your price point and location, then go from there to determine what that will buy you and if a condo is a good choice for you. Good luck! By the way you will love Portland!