Condominium Living for Seniors: Understand the Association's Policies

Many seniors find condominium living a welcome change from the upkeep of a house and yard. While they are still responsible for the upkeep in the interior of a condominium, the worry over upkeep for exterior maintenance is gone. Condominium living is still home ownership with the tax advantages that seniors won't get from apartment living.

There are association fees for seniors to consider in condominium living that will go toward the exterior upkeep and the amenities available for that particular complex. These are still usually worth the expense of the fees considering the yard work is included, as well as the exterior of the condominium building.

Choose the condominium complex carefully and take the amenities into consideration. If seniors are considering a complex with swimming pools and elaborate exercise equipment they will never use, they need to realize the association fees will be higher to pay for these luxuries. They might want to choose a complex without these amenities and possibly save money that way.

The insurance policies can vary and seniors need to be sure they understand exactly what is covered for their condominium and what will be their liability. It's better for them to increase their insurance coverage in the beginning, than to find out later that a huge unforeseen expense is not covered.

Due to the homeowners association variables, seniors need to be well aware of the differences in typical house insurance, renter insurance and condominium insurance. Seniors need to have their agent determine exactly what the condominium association covers.

These condominium association policies can be long and difficult to understand for the average consumer. Seniors need to have someone working with them that is willing to take the necessary time to go over the details and get answers to any questions about the condominium association policy, as this is the only way they can be certain the insurance coverage they will purchase will be enough.

Some condominium association policies will state that basically everything from beyond the interior drywall to the outside is covered by the condominium association and from the drywall inward is the condominium owner's responsibility. This is still not always as clear as it sounds.

Usually everything inside the condominium is the responsibility of the homeowner. This includes all appliances, the water heater, bathroom fixtures, drywall, cabinets, woodwork and the wiring. Even though the wiring is partially outside the parameter of the drywall, the outlets are inside. Therefore if the condominium unit has wiring issues, these need to be addressed before purchase.

This is where the details in the policies really can make a difference and seniors need to be aware of these differences ahead of time so they can be planned for. Even though the heating and air systems include outdoor units, this doesn't mean they are covered by the condominium homeowners' association policy and is usually the condominium owner's responsibility.

Seniors also need to know who will cover outside decks and window replacements as well. Sometimes these items are covered by the homeowners association and then there are other condominiums that will only replace these things if an additional temporary fee is paid by all condominium owners. Chances are very good that these fees will be implemented even if many of the owners protest.

These are some of the things to be considered before purchasing a condominium. Find out ahead of time when decks were last replaced if the units are not new and be sure to have windows checked. Planning is the key to success for condominium ownership and knowing which items are covered is the priority.

Another thing for seniors to consider before purchasing a condominium is the awareness that the homeowners' association policies can change. Find out ahead of time if the changes will be voted on by the members or can these changes be implemented without the owners of the condominiums even giving consent.

Condominium ownership is certainly not without benefits. Seniors just need to think of condominium ownership in different terms than owning a house where coverage is not so elusive. There are complexes where large numbers of seniors live and where there are activities just for seniors.

Security is another added factor to condominium living for seniors. There are neighbors all around to help give a secure feeling as well as discouraging isolation and loneliness. Seniors can still have their pets, although some condominium's association does limit size of dogs to a certain number of pounds. There are often areas available around the units where gardening is allowed, especially if the condominium units are all on the ground floor level. This can be a great asset for seniors as well.

Seniors will still have the added tax benefits of home ownership and contrary to popular belief, condominiums can and do appreciate in value. It can be a safe and secure way for seniors to have independence without quite so much responsibility. As long as insurance policies and homeowners' association rules are understood from the beginning, condominium ownership can be the perfect type of home for seniors.