Buying a Condo - What do I need to know?

[Motex2011]

Hello All,

My wife and I put our boat on a lift in a slip a few weeks ago and I received a call the other night about a condo unit for sale at the complex right by the slip. The price is within our range and I'm dealing directly with the seller and have all of the home buying stuff taken care of for the normal home buying paperwork.

However, I have never owned a Condo and I know there are a lot of things to be aware of. For starters, they are going through a complete exterior reno and it will be very nice when done. They have already collected the special assessments and the work is well underway with a completion date scheduled for the week before Memorial day. I'm planning to negotiate for a close date that is after the work is completed in case they need more money. I don't want to buy it and then have a big surprise assessment for cost overruns. Here is what I know:

• Budget includes a 10% cushion for budget overruns

• There are some known issues like some common ground turf and concrete walks will need to be fixed from the heavy equipment placing the new steel supports for the expanded balconies. No other major unplanned damage or problems.

• The Condo does own the land

• There are currently no lawsuits or other reported problems

• HVAC is relatively new

• I haven't requested any financials yet

• Reviewed the bylaws and I would describe them as pretty basic

• They are more specific about fires and grilling and it is on a good neighbor type policy that you can't do anything that could cause problems for your neighbors from smoke, etc.

• Doesn't allow short term rentals and we are OK with that

So, I guess I would say that there is nothing obviously bad at this time. What do I need to be aware of as a first time condo buyer?

Thanks for your feedback and advice.

[Big Block Power]

What do you need to know, it's more like what we need to know. What is the address and when do we get to show up
What are the dues. Is that slip included? Can you get a slip? Who takes care of the slips.
How much are taxes and stuff.
Others will chime in soon. I'm Pretty sure you will be fine and ready to enjoy lake life.

[Ytmsn]

Know the rules so you're not blindsided by something you may overlook, like parking, guests, improvements or additions you may want to make in the future. Who covers the roof if there is a need for repair or replacement, like storm damage or age? Is a home warranty offered, and if so, what does it cover? Some of those are good, but most are not when a claim is filed, so be sure to read the fine print. Ask questions and note who says what and when, and have them point out whatever they claim or deny in the policy.

As BB said, is your slip part of the complex, and if so, what all does that involve? If not then no worries, that's a separate concern. But if it is included, who maintains the dock? What about common areas, like the pool, clubhouse or grounds? What is or is not allowed there? I assume they maintain the grounds, lot and driveways, but is there a separate maintenance fee involved? How often does it increase?

Tgrace will jump in here soon. He's owned a condo at TRL for an couple years now and will have some insight. And Matt (and B I think?) just bought units at the same place, so they will offer suggestions as well I'm sure.

Congratulations on becoming an "official lake bum"!!

[Stagdad]

Like YT said, know the rules. Your monthly fees will go up, you will be assessed. The best I ever did renting was to break even. Every month I write my check to our association I stop and wonder why. I've been wondering why for 15 years now and it boils down to this, I still get more enjoyment out of going down to the lake/condo than worrying about what I'm spending. I don't have to worry about cutting grass, maintenance or security, it's gated and has pistol packin' officers as the welcoming committee. If you stress and get mad at every little annoyance or fee it probably won't be a good fit. It may also be helpful owning there to find out if you may want to live or retire in that particular area.

[tgrace98]

Like others have said. Read the indentures and know where your money is going. Find out what they cover and what is on you. Find out all the rules so you don't have any surprises. Like at mine you cannot park a golf cart or off road vehicle (side by side or atv) on the parking lot. I have to pay 15k for a garage space for one.

Overall I am very pleased with mine. I love the idea that I can lock my door on Sunday and come back Friday night and it looks the exact same way I left it. Or in the winter I can be gone for a month and it looks the same.

My complex does offer nightly rentals but I do not rent it. I didn't like the idea of strangers staying in my place and we go way to often to make money renting. We also love the fact that we can leave clothes and other things down there to make our frequent trips even better. Since we have been in it now for over 2 years we have the place filled with clothes and everything we need for a weekend. So on friday's we put the dogs in the car and go and not have to fill the car up with stuff each week.

[cmattj]

"Loce at first sight"!
Was the wife's comments to me on our way home from Table Rock Lake. So much so that we decided to branch out and buy a Condo in an area were we plan on retiring down the road.

Im a tad different in view as I researched a few things as having a Property 1600 miles away is different for me.
As we will us it often (3-4 weeks a year ) but not every weekend we decided on a Rental type. After seeing Tgraces area and realizing what was special about having an "on site " management company with concierge service for guest .......I got exited.

Having that allowed top tier services for the guests that rent our unit, as well as weekly inspections, and maintenance by the on site management company when not in use.
I simpliy reserved my time slots this year and they booked out all the remaining days while keeping it immaculate for the guest and for us. Rental program Compliant type units are to a Hotel spec all the way down to silverware, and extra linens so its a true Hotel accommodation.
Off site management companies are available for complexes that allow rentals but I worry they lack the personal touch of a on site team.

If you can handle the Condo being yours, and income producing I recommend it.

[tgrace98]

one other thing I would also do is keep away from all the COA meetings or being a part of the board. Unless you are a full time resident. The best thing to do is stay away. Let them complain about the numbers and the issues that they have. Just go and enjoy it and love your part time life on the water!

[NautiGirl]

"Loce at first sight"!
Was the wife's comments to me on our way home from Table Rock Lake. So much so that we decided to branch out and buy a Condo in an area were we plan on retiring down the road.

Im a tad different in view as I researched a few things as having a Property 1600 miles away is different for me.
As we will us it often (3-4 weeks a year ) but not every weekend we decided on a Rental type. After seeing Tgraces area and realizing what was special about having an "on site " management company with concierge service for guest .......I got exited.

Having that allowed top tier services for the guests that rent our unit, as well as weekly inspections, and maintenance by the on site management company when not in use.
I simpliy reserved my time slots this year and they booked out all the remaining days while keeping it immaculate for the guest and for us. Rental program Compliant type units are to a Hotel spec all the way down to silverware, and extra linens so its a true Hotel accommodation.
Off site management companies are available for complexes that allow rentals but I worry they lack the personal touch of a on site team.

If you can handle the Condo being yours, and income producing I recommend it.

Wait...what? You and TGrace are neighbors? Welcome to the Midwest my Southern Cali friend. What a culture change.

Let Katie and I know where to sign up to rent the condo for our next trip to TRL. I am going to rent that sweet 220S from the Harbor and we can bang it into docks together while sipping lemonade. It will be SWEET.

[cmattj]

Wait...what? You and TGrace are neighbors? Welcome to the Midwest my Southern Cali friend. What a culture change.

Let Katie and I know where to sign up to rent the condo for our next trip to TRL. I am going to rent that sweet 220S from the Harbor and we can bang it into docks together while sipping lemonade. It will be SWEET.

That will be sweet ! Could you imagine

" Yes..... we would like to purchase all the liability, and damage protection you offer" is the classic line we will use!

As some Georgia lakes had our eye as my sister lives in Waleska, we found the country, and overall vibe in Missouri more to our liking. We were also intrigued by the tourism, and small town "big goings on" as what led us to feeling confident that the rental system was very rehearsed in Indian Point.

Besides we Loce boating, eating, and roller coasters . Heres a link to the Condo we purchased thanks to the wonderful education Tgrace gave us. He is the Funk & Wagnells of the area, and of going for it aswell! And everyone we met there was truly friendly, and fun.

Treehouse Condos link and the Condo ...
12 Treehouse lane #4 (unit 1204)http://treehousecondos.com/property/120 ... 12-unit-4/

[Motex2011]

OK. This will be a multi part response because you all provided a number of things to consider and I want to post some videos/pics. I have considered a number of them and have reviewed a number of pics, docs, renderings of the renovation, etc. However, I clearly need to ask more detailed questions about some of the things that I have reviewed. The exterior is a construction zone, so it isn't impressive. The "pop" on this condo is the location/view and the winter weather.

Address: 3301 LaVilla Rd, Possum Kingdom Lake, TX 76449. Unit isn't listed, so I only have a few pics from the owner.

Video: Taken from the Swim Dock.

Satellite of point with condos and location of docks.

Rendering of renovated exterior. - Current exterior is rough. You will see on some videos. All money has been assessed and received.

Now, I have to start on Honey Do list for the day.

[Motex2011]

I have a few more minutes before the honey do list. Keep in mind, the guy I rent my boat slip from mentioned my interest to the owners who reached out to me, so this are just pics that they happened to have. It will come furnished, but some furniture has changed or been removed/replaced, but this is the overall look. 2 bed / 2 bath. 1,025 sf. The outside will be completely different and the patio area will be enlarged in renovation. The metal poles in the pics are getting taken out and replaced with a larger steel square tube material that is being set about 2 feet out from the existing round poles. It will be much stronger and look much nicer.

[Motex2011]

Here are a few more. There will be some changes, but nothing big has to be done immediately. This sounds like a pretty normal condo arrangement based on what I have heard so far. I take care of the inside and insure my contents and the COA takes care of everything outside including the swim dock and courtesy dock. I still need to learn more about the history of the assessments to see how they have come up. They are $233 per month now. It has an onsite superintendent and several full time residents, but no security. My boat slip is walkable, but it is a rental.

[Table Rockin]

Wait...what? You and TGrace are neighbors? Welcome to the Midwest my Southern Cali friend. What a culture change.

Let Katie and I know where to sign up to rent the condo for our next trip to TRL. I am going to rent that sweet 220S from the Harbor and we can bang it into docks together while sipping lemonade. It will be SWEET.

That will be sweet ! Could you imagine

" Yes..... we would like to purchase all the liability, and damage protection you offer" is the classic line we will use!

As some Georgia lakes had our eye as my sister lives in Waleska, we found the country, and overall vibe in Missouri more to our liking. We were also intrigued by the tourism, and small town "big goings on" as what led us to feeling confident that the rental system was very rehearsed in Indian Point.

Besides we Loce boating, eating, and roller coasters . Heres a link to the Condo we purchased thanks to the wonderful education Tgrace gave us. He is the Funk & Wagnells of the area, and of going for it aswell! And everyone we met there was truly friendly, and fun.

Treehouse Condos link and the Condo ...
12 Treehouse lane #4 (unit 1204)http://treehousecondos.com/property/120 ... 12-unit-4/

I heard the news from TGrace but allow me to formally welcome you to Indian Point! We are in the low end Table Rock Resorts condos down the road across from the Harbor. Love it there. Is it Summer yet?

[Motex2011]

Your place looks awesome cmatt. Does it have a lemonade machine?

[Big Block Power]

That looks like a really nice Lake. Plenty of room to stretch her legs out.
Prices seem really good. You can be on the water for under a 100k with no A/C!
Let's get this done!