No lawn care, no maintenance responsibilities, no utility bills, no problem when you live in a Denver metro condo or loft property! Living the Downtown Denver condo and loft lifestyle not only provides high-rise, urban amenities, but worry-free living when it comes to typical homeowner responsibilities. Instead of spending your summer weekends pulling weeds and grooming acres of landscaping, Denver’s condo and loft lifestyle affords you the luxury of sitting poolside during your summer weekends as your HOA handles the property management and maintenance of your condo property.
But, before you jump into buying your dream Downtown Denver condo or loft property, it’s important to decode your desired property’s HOA so you understand what your monthly HOA fees cover and don’t run into any surprises along the way. Check out the following five areas of an HOA before embarking on the journey luxury living in an urban, high-rise condo or loft.
Identify Services and Amenities Covered by the HOA
Whether your dream condo or loft resides in LoDo, the Ballpark neighborhood, LoHi, Uptown or Riverfront, every condo and loft building comes equipped with its own specific HOA and the services/amenities that are covered by your monthly fee. HOA services can include the basics such as maintenance of amenities (pool, fitness center, lobby area, etc.), grounds maintenance, common area maintenance, heat and air conditioning at properties like 888 Condos in Capital Hill, as well as more extravagant services and amenities at properties like the Ritz Carlton or Four Seasons Lofts. These upscale loft properties include various extra amenities and services such as gym memberships, routine housekeeping/hotel services, and exclusive owner lounges and boardrooms.
Understand HOA Approval Process
One of the duties of an HOA is making sure that all homeowners follow the rules and regulations set forth and governed by the HOA board. The purpose of HOA rules is to ensure uniformity and consistency of units, as well as to maintain the overall condo building’s marketability and value. This means that you need to be comfortable with your desired property’s HOA rules in regard to modifying/changing/updating the outside or inside of your condo. If, for instance, you want to paint your front door red, it is important to know ahead of time whether your preferred paint color is an option and what process you need to go through to get HOA permission to change your front door paint color.
Determine HOA Financial Vitality
HOAs collect set amounts of money from their residents each month, but they also are responsible for providing certain services with the collected HOA fees. Before moving into an HOA-controlled property, it’s important to review the financial statements of your property’s HOA to determine whether it has enough financial reserves to not only cover day-to-day operational expenses, but regular upgrades to the property, building and landscape as well.
Identify Rental Restrictions
If you are in the market to buy a condo or loft as a rental investment or you want to have the option to rent out your condo down the road after living in it, it’s important to check with the property’s HOA to make sure it doesn’t have any restrictions about whether owners are allowed to rent out their properties.
Meet Your HOA
As the governing board for your condo building, HOAs typically include a board of directors who have a vested interest in your condo property and building. Before you move into a new condo or loft building in Downtown Denver, attend a monthly HOA meeting to get a feel for the type of residents who occupy the building and determine whether the HOA’s goals/visions/bylaws align with your personality and lifestyle.
If you are ready to live the lifestyle of luxury in an urban, high-rise condo or loft, give New Era Realty a call today to find the perfect downtown living property to fit your needs. New Era Realty’s condo and loft experts will not only help you find your dream home, but will be by your side to navigate through all of the different HOA specifics in Downtown Denver’s prime condo and loft properties.
Photo by Greg Thow
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