Is a Condo a Good Fit When I Downsize?

A condo is often a good fit when you downsize if you want to live on one level and hand off the roof, the yard, and the snow, and you are comfortable with shared walls, a monthly HOA fee, and a set of rules. It is a poor fit if you want a yard of your own, lots of storage, or the final say on everything about your home.

I am Delia Bayna, a REALTOR with eXp Realty in Salt Lake City, Utah, and a Seniors Real Estate Specialist (SRES). A condo is the first idea many downsizers have, and it is worth looking at closely before you decide.

In most condo buildings, the HOA takes care of the outside. That usually means the roof, the outside walls, the grounds, and snow removal in the shared areas. You take care of what is inside your unit. Every building draws that line a little differently, and the HOA documents tell you exactly where it is.

Many condos are on one level, with no stairs inside the unit. Some buildings have elevators. Others are walk-ups, where every trip home means a flight of stairs. Ask before you tour, so you do not fall for a third-floor unit with no elevator.

A condo can also be easier to leave for a while. If you like to travel or spend part of the winter near family, you can lock the door and go, and the outside is still looked after while you are gone.

Shared walls come first. You may hear neighbors above, below, or beside you. Some buildings are quieter than others, and a visit in the evening tells you more than a visit at noon.

Rules come next. An HOA has rules about things such as pets, parking, rentals, noise, and changes to your unit. If you have a pup, read the pet rules before you write an offer, because some buildings limit the number or size of pets. If you might rent the unit out someday, check for a rental cap.

Storage is the one that surprises people most. Many Utah houses have a full basement, and moving from one into a condo means the holiday decorations, the tools, the camping gear, and the extra freezer all need a new plan. Ask whether the unit comes with a storage unit, and go look at it.

The last one is control. You get a vote in the HOA, but you do not make its decisions alone. If the board decides to replace the roof or raise the fee, you share the cost.

The HOA fee is a monthly bill that does not go away when a mortgage does. When you compare a condo with a single-level home, add the fee to the monthly cost, and then look at what it covers. A fee that covers water, trash, snow, outside repairs, and the building's insurance may be a better deal than it looks. A high fee with little to show for it is a different story.

Two more things matter. The first is how much money the HOA has saved for big repairs, called its reserves. The second is whether the HOA has charged owners a special assessment, which is an extra bill for a big project, or plans to. A building with thin savings may need to ask its owners for more later.

In Utah, after your offer is accepted, you have a Due Diligence period, usually seven to ten days, with the exact deadline set in your contract. That is your window to read the HOA documents, the reserve study, and any record of special assessments, and to decide whether to keep going. The steps are on my how we help you buy page.

Winter is where a condo can really earn its keep here. Ask who clears the parking lot and the walks, how early on a snowy morning, and whether the path from your parking spot to your door gets salted.

Look closely at the parking. A covered space or a garage means no scraping a windshield in January. An open lot means you will. Ask whether your space is assigned to you, and where family parks when they visit for the holidays.

Condos sit all across Salt Lake City, including the newer buildings in Sugar House. In the Avenues, many longtime owners look at a townhome or condo so they can downsize without leaving the streets they know. The age of the building changes what you should ask. An older building may have bigger repairs coming. A newer one may still be building up its savings.

Tour a condo and a single-level home in the same afternoon. You will learn more from that one afternoon than from weeks of looking online. Pay attention to how you feel walking from the car to the door, and how you feel standing in the kitchen.

Before you get serious about a building, get the HOA documents and read the pet rules, the fee history, and the savings. If anything in them worries me, I will say so and tell you why. I taught for eighteen years, and I would rather you understand a reserve study than take my word for it.

Then look at the money from both sides. Start with what you will walk away with from your sale, and read how I plan the sale and the next home together on my downsizing page. If a condo is not the answer, the other choices for your next home are worth a look too.

Is a condo a good idea when I downsize?

Often, yes, if one-level living and less outside upkeep matter most to you. A condo is a weaker fit if you want a yard, lots of storage, or full control over your home.

What does a condo HOA fee usually cover?

It depends on the building. Many cover the outside, the grounds, snow removal in shared areas, and some utilities. The HOA documents list exactly what is included.

Can I have a pup in a condo?

Many buildings allow pets, with rules. Some limit the number or size. Read the pet rules before you make an offer. Service animals and assistance animals are handled under different rules than pets.

What is a special assessment?

It is an extra charge to owners when the HOA needs money for a big project, such as a new roof. Ask whether any are planned and whether any were charged in recent years.

This article is general information and is not legal, tax, or financial advice. HOA rules and fees vary by building, so read the documents for any home you consider.