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The major interest group for condominium projects and other so-called common-intereset developments is the nonprofit Community Associations Institute, 1630 Duke St., Alexandria, VA 22314; (703) 548-8600. Also, check the Internet where CAI operates an informative site as does CIDNetworks.

Can a condo association ban pets?

A homeowners association can both enact and enforce such pet restrictions. As the following case illustrates, it important to read a development’s covenants, conditions and restrictions (CC&Rs;) before you buy into it. Pet restrictions sometimes appear there. Also, if you have talked to other owners, you will know whether or not there is tolerance for pets.

In the case of Nahrstedt v. Lakeside Village Condominium Association, Natore Nahrstedt, a resident of Lakeside Village Condominiums believed it was reasonable for her to keep three cats even though her deed restrictions read, “No animals (which shall mean dogs and cats), livestock, reptiles or poultry shall be kept in any unit.”

Nahrstedt filed suit after the board assessed fines of $500 a month against her. The California Supreme Court ruled in favor of the association.

What’s a house worth?

A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. To determine a property’s value, most people turn to either an appraisal or a comparative market analysis.

An appraisal is a certified appraiser’s estimate of the value of a home at a given point in time. Appraisers consider square footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping and schools. Appraisers also take lot size, topography, view and landscaping into account. Most appraisals cost about $300.

A comparative market analysis is a real estate broker’s or agent’s informal estimate of a home’s market value, based on sales of comparable homes in a neighborhood. Most agents will give you a comparative market analysis for free.

You can do your own cost comparison by looking up $255 Payday Loans Online Same Day recent sales of comparable properties in public records. These records are available at local recorder or assessor offices, through private real estate information companies or on the Internet.

Are condos a good investment?

Condominiums have held their value as an investment despite economic downturns and problems with some associations. In fact, condos have appreciated more in the past few years than when they first came on the scene in the late 1970s and early 1980s, experts say.

While there are lots of reports about homeowners association disputes and construction-defect problems, the industry has worked hard to turn its image around. Elected volunteers who serve on association boards are better trained at handling complex budget and legal issues, for example, while many boards go to great lengths to avoid the kind of protracted and expensive litigation that has hurt resale value in the past.

Meanwhile, changing demographics are making condominiums more attractive investments for single home buyers, empty n

 

 

 

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