Condos

Lowcountry App · Unread post by **Lowcountry App** » Sun Apr 05, 2015 3:08 pm

I'm considering purchasing a condo on Beech or Sugar as a weekend getaway and for game day use. Any words of advise from other condo owners on purchasing one? Anything I should be aware of or avoid? Any advise would be appreciated. This is new territory for me.

Unread post by **Yosef** » Sun Apr 05, 2015 3:30 pm

I would try to find a complex where one owner doesn't own a majority. If one owner owns a majority then he/she has a lot of latitude in deciding the future of the complex, including future capital assessments. Basically they would have the ability to change the condo owners association bylaws with no input from you since they have a majority (assuming the bylaws only require a simple majority in voting situations).

Also - if you're going to rent, try and inquire about others in your complex who are renting, their experiences, rental rat s, occupancy rate, etc.

Lowcountry App · Unread post by **Lowcountry App** » Sun Apr 05, 2015 7:33 pm

Good points to keep in mind. Thanks.

WataugaMan · Unread post by **WataugaMan** » Mon Apr 06, 2015 7:05 am

You are probably already aware of this: Check the plumbing very close, if it goes you're "f"ed.

yosef13 · Unread post by **yosef13** » Mon Apr 06, 2015 7:50 am

Make sure the HOA dues are comparable with other similar complexes in the area. If they're higher than market dues for the area, it could be a red flag in terms of a limited reserve or HOA debt. Check the reserve to make sure it's sufficient. Ask when the last assessment was, and if there are any in the foreseeable future.

Kchannels · Unread post by **Kchannels** » Mon Apr 06, 2015 7:46 pm

Saw your posting about your interest in a condo. I have an efficiency condo at Sugar Ski and Country Club about 100 yards walk to ski slopes that I am preparing for sale. I have used it for Boone/Banner Elk visits, football weekends, skiing, and a place to get away. I am getting ready to retire within the next year and have decided to sell it - although it's tempting to keep it through this FB season. Since I live in Asheville I will still be a close drive away.

If you're interested here are some general details. It's an efficiency with fully equipped kitchen, full bath with tub/shower, living/TV room (Charter cable/internet included in HOA fee), a queen bed in an alcove, fireplace, a small balcony with views of SkiSugar, Banner Elk, and Beech Mountain. It was renovated in 2011 and is essentially unchanged since then, i.e., in very good condition with no additional renovation needed. Ideal for a couple or a family with 1-2 small children (children sleeping on pullout couch and/or loveseat). I will sell it furnished or not. It's relatively small - ~400 square feet.

Sugar Ski & CC has a club house about 150 yards away with outdoor tennis court, small pool, hot tub, sauna, and a meeting room that can be used by members (becomes a ski rental shop during ski season). HOA month fee is $199.

If interested, please PM me for more details.

Jack

Lowcountry App · Unread post by **Lowcountry App** » Tue Apr 07, 2015 9:53 pm

Getting hit with a large, unexpected special assessment is my biggest concern with a condo. I may be better off buying a piece of land and building a cabin later. The problem with that is you're probably more susceptible to burglary.

bcoach · Unread post by **bcoach** » Wed Apr 08, 2015 6:15 am

Get minutes from last two years HOA meetings and talk to the HOA president about any complex needs and future assessments.

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