Homeowners Association Restrictions

Along with the benefits of HOA fees, such as building amenities and services, such as swimming pools, business centers and fitness facilities, the purpose of a HOA is to place restrictions on what residents can and cannot do. Although most HOA restrictions are designed to benefit condo owners and property values, you may find that some HOA restrictions don't fit you or your lifestyle. It is therefore quite important to carefully read the restrictions of the HOA rules and restrictions of any condo in which you are interested.

Loss of Privacy

Although many condo buildings are designed and built in such a manner as to reduce noise from nearby neighbors, you simply won't be afforded the privacy you would get living in a single-family residence. Make sure you are comfortable with how much public space needs to be shared amongst the residents.

Large Down Payment

Due to the many changes throughout the lending industry as a result of the subprime mortgage crisis, and the fact that many condos severely lost their value during this time period, many lenders are now quite stringent when it comes to lending money to condo buyers.

As a result, you can expect to come to the table with a larger down payment if you want to purchase a condo. Although this amount will differ based on a variety of factors, including the age of the Skywaters Residences Showflat building, the vacancy rate and the state where the condo is located, you should seek advice from a lender when considering condo living.