Condos

Think you'd like to live in a condominium? Here's the test: Dues/fees/assessments are counted against you when qualifying for a mortgage. In otherwords, if you qualify for a $80,000 loan on a $100,000 home you would not qualify for a condo. Why is that? Because the $100/month dues plus every 10 year assessment of $5000 would be counted as debt for qualification of a mortgage purposes. Also, the condo mortgage requirements have recently been tightened.

How have mortgage requirements been tightened? For one, the owner occupancy percentage plays a huge role now, where it didn't just a month ago. Also, the percent you can borrow is now lower. Talk to your mortgage manager at the bank where you do business to learn more.

Do you like for someone else to take care of the exterior of your property? Then condo living is for you. Swimming in the pool while others keep it clean and enjoying the lawns and gardens while others maintain them work for you? Then condo living is for you.

I'm sitting in the condo of a family member right now. We're staying here for the week. I hear the lady in the upstairs condo walking around. At night, when the window is open, I hear the bell of the elevator throughout the day and night. As I watch tv with the front door open I hear others walking to their condos, and the maintenance man stares in the door as he sweeps the common walkways. If these things bother you, maybe a single-family home is for you.

But if having a to-die-for view of a river and a boat dock to fish from is your thing, and you like walking to the grocery store and seeing wildlife out your window year-round, then maybe you can compromise and learn to live with the above-mentioned inconveniences?

Life can be a compromise. I love coming here for vacations, but I'm not sure I'd want to live like this year-round. Though being across the street from the beach and walking distance to Starbucks and everything else, really does me. At home I have to drive 11 miles just to go to the gym!