Condos for sale in Fresno, California
Due to the current real estate market in California, condos are becoming a more and more popular housing choice. This is especially true in larger metropolitan areas like Los Angeles and San Francisco, where large lots can be harder to find or quite expensive. However, even in smaller cities like Fresno, we are now seeing more people opt for condominium living in order to cut unnecessary expenses and time-consuming maintenance.
If you’re thinking of buying a condo, there are a few things that are important to know. At The Dehlan Group, we have years of experience with buying and selling condos. We know the most important things to look for when buying a condo, and the pros and cons of owning a condo.
The Dehlan Group can also help you find the best condos for sale in Fresno, California. If you’re in the market, get in touch with one of our agents today!
Here are some Fresno CA condos listings:
What is a condominium?
A condominium (often shortened to condo) is a type of living space similar to an apartment, however, the main difference is that condos are usually owned by an individual. They are typically part of a larger building or community, and often have shared amenities like pools, recreational/sports areas and gyms.
Because of these included amenities, condos usually come with mandatory monthly fees. These fees cover things like building maintenance, ground maintenance and any other upgrades. All of this is normally managed by a Homeowner’s Association (HOA). The HOA will maintain communication with residents throughout the year about fee payments, fee increases, budgets, planned maintenance and any rules or guidelines in the community.
How do condominium complexes work?
The key feature of a condominium is that each unit has a separate owner, however some owners sometimes own multiple units for investment purposes. Each owner maintains their own space and is responsible for interior maintenance and repairs. The HOA is normally responsible for exterior maintenance, which is covered by the monthly dues each owner pays.
The common areas of a condominium complex, such as hallways, lobbies, laundry rooms, and recreational facilities, are jointly owned by all unit owners and maintained by the condo association. The association is typically governed by a board of directors elected by the unit owners.
What is the difference between a condo and an apartment?
There are a few key differences between condos and apartments. For one, condos are usually individually owned while apartments are commonly rented from a landlord. That’s not to say that some condominium owner’s do not rent their units out.
Secondly, condos often include extra amenities that you would have to pay for separately if you lived in an apartment complex, like a gym, pool, or parking garage.
Finally, condos often have stricter rules and regulations than apartments, such as limitations on noise levels, guests, and pets. Since condos are managed by an association, they often have strict management policies to protect all other owner’s interests.
Things to keep in mind before buying a condo
Homeowner Association fees
Be sure to factor in the monthly maintenance fee when considering whether or not a condo is right for you.The fee can vary widely, and some buildings have special assessments that come along with ownership. Also, the fees can often be raised throughout the years, so it is important to take price increases into account.
Rules and regulations
Be sure to read through the condo association’s rules and regulations before making a purchase. This will help you understand what is and isn’t allowed in the building, and what the expectations are for residents.
Location
Consider the location of the condo carefully. It’s important to think about things like noise level, safety, and proximity to schools, freeways, or shopping and entertainment.
Resale value
When you’re ready to sell your condo, you’ll want to get as much money for it as possible. Be sure to research the resale value of condos in the area before making a purchase.
Advantages of condominiums
Low maintenance
Condos practically offer maintenance-free living. When you own a condo, the exterior of the building and common areas are the responsibility of the condo association. This means that you don’t have to worry about mowing the lawn, repairing the roof, or painting the exterior of your unit. You are solely responsible for maintaining the interior of your unit.
Flexible lifestyle
With a condo, you can have all the advantages of a single-family home without the upkeep. You’re free to come and go as you please without having to worry about too much. If you travel a lot or just don’t want to stress about taking care of a house, it’s a great option.
Affordability
Condos are often more affordable than single-family homes, because you’re only buying the interior of your unit, not the exterior or the land it sits on. They are also great for first-time buyers who are just starting out in real estate. In addition, Fresno CA condos are a great way to get into a more desirable location at a lower cost.
Security
One of the great things about living in a condo is the added security. With neighbors all around and high activity, it’s more likely that someone will be around to notice if something suspicious is going on.
Wide range of amenities
You will have access to a wide range of amenities that you might not otherwise have available in a single-family home. From swimming pools and fitness centers to concierge services and business centers, condos offer residents a lifestyle that can be hard to come by in other types of housing.
Disadvantages of condominiums
Close proximity to neighbors
When you live in a condo, your neighbors are literally… right next door! While many people tend to keep to themselves, you will often find you bump into your neighbors much more when living in a condominium complex. While some people may enjoy this socially, or even for security, it may not be a good fit for someone who enjoys a lot of privacy.
Noise levels
When you have neighbors in such close proximity, you may have to deal with some noisy days. Whether it’s a neighbor who lives above you stomping around, or someone having a family party in a common area, condominiums can be quite the active environment. Luckily, as mentioned above, Homeowner Associations are also fairly good about enforcing curfews and keeping resident noise to a minimum per published guidelines.
Dues
You must be prepared to pay monthly dues to live in a condominium complex. As mentioned before, these dues cover a wide variety of amenities, however, the fees can sometimes be very steep. It is important to know the fees before purchasing a condominium.
Parking
While most Fresno CA condos come with their own private parking stalls or garages, it is important to keep in mind that your guests will still need to find community or street parking spots when they visit.
Condominium insurance
Condominium owners are responsible for insuring the interior of their units from fire, theft, vandalism, and other risks. The condominium association typically covers the exterior of the building, common areas, and any associated liability risks. Condominium owners should check with their insurance agents to make sure they have the right coverage for their needs.
What are the different types of condos?
Not all condos are designed equally. Different condos have different rules that impact the usage of space. The two main categories are leasehold and freehold condos.
Freehold condominiums
In a freehold condominium, you own the unit that you live in as well as a share of all the common areas in the building. This type of condo usually has monthly fees that go towards the upkeep of the common areas, building insurance, and sometimes even utilities. Below are the different freehold condo options:
Standard condominium
These are typical condo complexes that you see in most major cities. They are usually mid-rise buildings with a few hundred units, with each unit individually owned. The owners of each unit share ownership of the common areas, such as the lobby, gym, and swimming pool. Standard condos are a great option for people who want to own their own home but don’t want the hassle of maintaining a single-family home.
Vacant land condominium
A vacant land condo is where a corporation registers and then sells the land as a condominium before the construction begins. In this case, you own a portion of the property that this condo is on, but you have to wait for the developer to finish building the condo before you can move in.
Leasehold condominium
A leasehold condominium is when the land on which it is built is leased, rather than owned outright. The lessee then has the right to construct a building on the land and sell units in that building. The term of the lease is typically 99 years, after which time ownership of the land reverts to the original owner.
Buying a condominium in Fresno, California
Overall, buying a condo can be a great way to enter the housing market or downsize from a single-family home. They offer great amenities and a sense of community that you might not find elsewhere. If you have a busy lifestyle or just don’t like a ton of maintenance, a condo may be a great fit for you.
Before making a purchase, be sure to do your research and consult with a qualified real estate agent to make sure that you are getting the best possible deal. Our agents at The Dehlan Group would love to help you find the perfect condo!
