The Condo Advantage

Condominiums are awesome! The entire Kincaid Team specialized in selling condominiums in the earlier years of the business. This niche market proved to be very rewarding for the company. The Kincaid Team successfully worked on several condominium conversion projects in and around the Indianapolis area – listing and selling individual units in buildings with a capacity of 160 or more total units. Since 1995 condominiums had become a hot commodity. We still devote the time of one member of the team to list and sell specifically for condominium buyers and sellers.

The company maintains an extensive library of floor plans, budgets, HOA documents and related materials as well as information on all the property management companies and their services. When given an opportunity, we are always happy to present real estate market updates at board meetings. Below is some helpful information for the buyer considering the purchase of a condominium.

• Condo costs include:
  • Down payment, mortgage and property tax
  • Condo fees, otherwise known as maintenance fees Condominium fees are paid by every resident to help with the maintenance of the building, pay the salaries of professional lawn care, handymen, and provide amenities such as a pool, gym, tennis courts, etc. Condominium fees are paid monthly and are subject to change.
  • Special assessment fees These fees may be requested when an unexpected repair or planned modification exceeds the cost of the condo fees collected.
• Rules to live by
  • Condominiums are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs.) The rules vary from one condominium development to another. They may impose restrictions on pet ownership, noise levels, remodeling projects, and renting. The CC&Rs are enforced by the condo association.
• Condo associations vary in their organization and expertise
  Some questions you may want to look into are:
  • Does the association maintain a reserve of funds to pay for unexpected and potentially expensive repairs?
  • Has the association maintained the building in good repair?
  • Does the association have plans to change any of the existing facilities? This could cause a sudden increase in your fees. Ask to see the minutes of the last few condo association meetings which should reveal any such plans.
  • Does the development have any pending legal actions?
  • What is the condominium association’s reputation in the building among the owners?