This is not really a lot of money in reserve. Roughly you have $4300 per unit. If a major project needs done, it may not cover the cost and you would be required to pay a special assessment to cover the difference.
If this is a NEW project, then it will take a while to build up the fund. What is the condo fee? How much of the fee goes into the reserve fund?
Read the rules and regulations carefully. Check to see that they are being adherred to. THIS WILL MAKE A DIFFERENCE BETW. YOUR BEING HAPPY in your new home or not.
The below report is correct ... talk to the owners and find out if they are happy. Are they happy with the board, and the officers of the condo.
CONDO LIVING CAN BE GREAT, or it can be a problem if it does not fit your values. I have done both. I liked the condo I lived ini .. but I was the seller and the proeprty manager. I got to know the neighbors and they felt comfortable stopping in my home office to say hi or inquire about a problem.
Once I moved away, I stopped managing the complex and today it is sad, I get calls and complaints and my heart goes out to these people. I visit neighbors I made friends with and feel sad with the looks of the place and the fees were increased 3 fold since i left. I had the best landscapers and snow removers ... and, of course, they wanted to try their own choices. They changed snow removers 4 times one winter. Ditto landscapers. They needed to reroof a number of buildings, and for some reason the great reserve I managed to build up was depleted. So, the moral of this story is; IF YOU ARE GOING TO LIVE IN A CONDO, BE ACTIVE AND PARTICIPATE, SPEAK UP AND MAKE SURE RULES AND REGS. ARE BEING ADHERRED TO. Before buying, read the condo docs ... and carefully review the BUDGET. dbell4444@att.net (NOTE: THIS IS THE SAME ANSWER I JUST GAVE TO SOMEONE ELSE).
IN ADDITION, I WOULD LIKE TO ADD, there are many wonderful condo's in Milwaukee, and Milw. has so much to offer in the way of the arts, plays, restaurants, etc. DOWNTOWN is expensive, but great. However, there are many communities that are not as fast paced without the parking problems.
GET A GOOD REALTOR (R) ... ONE WHO WILL REPRESENT YOU, AND NOT THE SELLER ... AND MAKE SURE THEY ARE AN "ACCREDITED BUYER REPRESENTATIVE". Anyone can repr. you, but, without the proper training and credentials, will not know all the finer points of working for you. dbell4444@att.net

Hi Marie:

Keith gave you a lot of good information to help you make a decision. The only thing I'd like to add is from my experience...it takes longer to sell a condo than it does a single family home. Of course it all depends on the unit, the number of listings available in the development, and the current market conditions.

On the plus side, you can usually get a pretty good deal on the purchase of a condo. You can get a newer unit with all the amenities of condo living for a lot less than you'd spend on a single family home, and of course there's no yard work or shoveling snow!

If you're a first time home buyer, now is the perfect time to buy a home! You can take advantage of up to $8000.00 in the Homebuyer Tax Credit. This tax credit puts money into your pocket, but it doeesn't last forever...it will expire in December 2009.

When buying a condo there are lots of factors you need to research. Including the finances of the condo association, up keep of the project, current sales and current listings in the project. Other things to consider are:The Pros and Cons of Condos

Condominiums and townhouses offer an affordable option to single-family homes in most areas. But consider these facts before you buy.

1. Storage. Some condos have storage lockers, but usually there are no attics or basements to store belongings.

2. Outdoors space. Yard and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit, however, if you hate yard work, this may be the perfect option for you.


3. Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.

4. Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home.


5. Security. Many condos have keyed entries and or even door attendants. Plus, you’ll be closer to other people in case of an emergency.

6. Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, whether or not you’re interested in the amenity or not.

7. Resale. The ease of selling your unit is more dependent on what else is for sale in your building, since units are usually fairly similar. Single-family homes usually are more individual.

8. Freedom. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.

9. Proximity. You’re much closer to your neighbors in a condo or town home. If possible, try to meet your closest prospective neighbors before a decision.


Keith Manson

First Weber Group
Certified Distress Property Expert
Greenfield, Wisconsin