Choosing the Right High-Rise Condo Building

There are so many buildings out there – how do you begin to find the right one?

When you’re starting your high-rise condo search you’ll quickly find that in most cities there are a myriad of buildings that each offer a different lifestyle. How do you decide which one is best for you? Staring with this guide may help.

It's important to consider the needs for each family member (including four-legged ones!) before you start looking.

Once you start looking it’s easy to get drawn in by amenities or features you don’t really need, sometimes at the expense of more practical choices. You also may get burned out looking at too many buildings before you get to the ones that would fit your needs best. So before you and your Realtor start touring take a minute to consider the needs for each member of your family. Here are just a few things to consider:

1. How is the commute to work and school? Is it a nightmare just to get to the freeway with everyone else at 7:30am from this location?
2. Is there public transportation nearby?
3. If you have children will the neighborhood fit their needs as they grow and want to ride bikes or visit playgrounds?
4. If you have a dog is there sufficient grass nearby or better yet a dog park? Will you feel comfortable taking them outside this building at 2am if necessary? Some buildings have secure dog parks on site so you may want to start with those.
5. Do you like to spend time outside? How big are the terraces? Do they allow BBQ grills and gardening on the terrace? Some buildings have terrific grounds and community spaces where you can enjoy outdoor cooking and dining, sport courts, dog parks and more.

What amenities will you use enough to justify paying for them monthly?

Every building will have HOA Dues, which is a monthly charge every owner has to pay to the homeowner association to pay for the building’s upkeep and amenities. The amount is divided equally by all owners and is not determined by how often they use the amenities. So be honest with yourself about how often you would really take advantage of a “state of the art fitness center”, or 24/7 concierge or “resort style pool” because you’ll be paying for it all whether you use it or not. If amenities aren’t important to you be sure to let your agent know so they can show you limited service buildings that have lower HOA dues and just essential services. On the flip side if you want to live a resort lifestyle and take advantage of all that offers then start at the top!

Remember that parking is very important.

It’s easy to get caught up in the actual condo and not consider one of the most important things that you will deal with daily – the parking situation! Be sure to give that the time it deserves and consider these issues:

1. How many parking spaces come with the condo, and are they deeded? If so is there a separate property tax bill for them?
2. Where is the parking space? The location of the space or spaces can add value to the condo if they’re near the entrance or lobby door.
3. If there are two parking spaces are they tandem? While this may not seem like a big deal if you have two cars it can be a real pain to have to move them around, especially for roommates whose cars may not be interchangeable.
4. If you commute during normal business hours visit the building when you would normally leave for work to see what the situation is. There are buildings with huge parking garages that can be a real challenge to exit during peak hours.

How much space do you really need, and how useful is the space?

Space is a premium in condo living. You want to find the right balance of having enough room to live and grow into, without wasting any space. Remember that your HOA Dues are figured based on square footage. For instance let’s say your condo is 1200 sq ft and the HOA dues are $1 per square foot per month, so you pay $1200/month in dues. If you’re just using a second bedroom for storage that could be costing you not only what you paid for it up front, but also ~$150/mo in dues. Another thing to consider is if there is any wasted space in the condo. We’ve seen grand entryways and long hallways that look nice but are a waste of hundreds of square feet costing owner thousands of dollars per year in HOA dues for space they can’t really use. If it’s important to you to have a grand entryway then great! We’re not judging! But if it’s not consider the implications in your HOA dues.

These are just a few of the items to consider before starting to search for a high-rise condo. The most important thing to do is work with a qualified Realtor who has extensive experience in your local high-rise market. You’ll find them here on Skyrises.com.

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