Condo shopping

[jaywbigred]

I've read most of the condo-ownership threads on here over the years, but I had some questions about the purchasing process.

My gf and I are going up to Mt. Snow this weekend and are going to meet with a Realtor on Sat. morning to look at some condos that we might buy.

I was hoping that those of you who have been through this before could opine as to the types of things we should be looking for...I'm most interested in

1) whether you think its worth the price premium to be slopeside vs. off mountain (subquestion: at the base/quasi-walkable vs. on shuttle route vs. have to drive?).

2) Any other considerations a first time buyer might not be aware of.

We are buying primarily for personal use, but will of course try to rent for weekends when we know we won't be there (which will probably include the major holidays).

Thanks for any input!

 

[Vortex]

Keys.. imo

How much money do they have in reserves?
Have they had assessment before? How many and how much?
What percentage of owners are deliquent on dues?
Are there any pending law suits against your assocaition?
What percentage of the owners are in a rental pool?
Get condo fees.

Get these question answered in realtion to similar properties and lcoals as well.

slopeside rocks. It also rocks. See how well it is insulated for sound. With kids its simple go slope side. If your are a partier its a safe option. If not be on a shuttle route.

Find out what percentage of the time in the witner you have security and the same question for summer?

I own on and off mountain. I like my off moutnain condo more as a building, becasue its quiet and larger.

I love my on mountain condo beacuse its'n in the mix. Nothing better than getting up on a powder day and are already there. If your cold go back and change, if you want a sandwich go back cheap and no lines. If its ncp ski back and wait for it to clear. You will be able to rent the on mountain much easier.

Just my take I have had an off mountain place for 10 years, on mountain starting my 3rd year.


Edit

What is the assocaition responsible for and what are your responsible for. Door, Windows, Walls. What are restictions for condo adjustments? Can you make interior changes? Who manages the property? What comes with dues, cable, heat checks?

 

[drjeff]

Check your PM's

 

[Glenn]

Find out what the monthly fees are.

Taxes.

Heating costs if possible.

Check into financing. The bank we dealt with for our place in VT wasn't giving loans out for condos. Kind of a long story...but worth looking into.

 

[Highway Star]

........Mt. Snow.............

What......?

 

[jaywbigred]

What......?

Do you mean "Why Mt. Snow? Why not Killington?" or wherever?

 

[Johnskiismore]

I don't own a condo, but work in Real Estate. Find out as much as you can about the association. Find out about assessments, lawsuits (pending and past), history of condo fees and increases. Age of the building, maintenence records..... gather as much information on the property as you would if you were buying a primary home.

The first list of quesitons that Bobr listed, copy them down to ask

And if you want to buy a slopeside unit at Loon Mountain........ ;-)

 

[JPTracker]

Have you stayed in the condos you are thinking of buying?

There is no better way then to actually rent the condo, or one in the same development, to get a feel for the place, is location relative to the mountain, noise levels elc. then to actually stay there for vacation. We rented for a couple years before buying ours. Then before we closed the deal on ours we got a free weekend stay in the unit we were buying to check it out.

 

[ckofer]

One other thing to remember when buying a condo (anywhere): once you're an owner, you are subject to another level of government-the condo association.

 

[vcunning]

Check your PMs again

 

[jaywbigred]

Hey thanks to you guys for taking the time to respond/PM me!

We are going to be looking at units in the following complexes: Dover Green, Glen Run, Snow Mountain Village, Bear Crossing, Tara Townhouses, Mountaineer, Deer Creek, Snow Tree, Apple Hill, Suntec, and Timbercreek. Dr. Jeff gave me the skinny on Timbercreek. Anyone know anything about the others? Any of them that should be avoided?

Thanks guys!

 

[Glenn]

We've stayed at Glen Run before...in a one bedroom loft unit. We liked it quite a bit. I think drjeff may have more insight though. IIRC, he did a seasonal rental there? Or maybe had one for an extended period of time.

 

[mlctvt]

Check you PM about our experience with Bears Crossing.

 

[vcunning]

Make sure you avoid the town of Dummerston . . . some pretty rowdy folks have moved in there recently

 

[MommaBear]

Make sure you avoid the town of Dummerston . . . some pretty rowdy folks have moved in there recently

Yeah, I heard they are PREETTYY wild.

Check your PM again. :-o

 

[Masskier]

There's been a lot of good advice given thus far. I would add, Location, Location, Location. Even though you pay a premium to be slope side, it is really worth it in the long run. Find a Condo that you can truly ski to/from your door, and add a beautiful view and you have a location that will always be desirable to other buyers in the future. Quality. Unfortunately most ski condos are/were built strictly for profit. I spent lots of time looking at ski Condos all over Vt and NH and was amazed how many were poorly built. Find out as much as you can about how it is built and use this info for comparison. Pay particular attention to the insulation systems. With future energy costs going through the roof, you want a condo that will be comfortable and energy efficient. Fiberglass R 19 in the walls is bare minimum, and not that efficient.
There are lot of great ski areas, A condo is a big investment. Why limit your search to one area?? You will find better buys at some of the lesser known areas.
And finally, It is a great time to buy. But don't over leverage. Ski Condos can be expensive to own. Do you plan to rent it out? Make sure that you can comfortably afford it without the rental income. Good luck

 

[Geoff]

I have a little different take on the search criteria. I don't rent my place and I'd rather be slightly off-mountain. I have a pay parking spot so there's no particular issue in being a mile away from the parking lots and you don't pay the real estate premium. I buy cars where I can drive them with ski boots and I boot up in the condo. I'm in a townhouse and that's also important since it's quiet. Where I own, more than half the units never get rented at all and almost a quarter of them are occupied by full-timers. I don't have parking issues since renters aren't showing up with 10 people in 10 cars for a huge party. If I had children, I'd probably be far more interested in ski-in/ski-out but it's no big deal to drive to the hill. When I was living here last winter and skiing every day, my biggest problem was having the battery in my SUV drop dead every few weeks since I'd start the car 3 or 4 times per day but only drive it maybe 4 miles.

 

[deadheadskier]

Only experience I have is that of growing up with parents who owned a ski place. We rented on the mountain seasonally for three seasons, then bought a small single family off the hill. The latter was more desirable year round for my family.

 

[Glenn]

Make sure you avoid the town of Dummerston . . . some pretty rowdy folks have moved in there recently

LMAO! PBR's on the deck on Saturday. Brought the ATV up as well. No, I don't combine the two. Pics to follow. :grin:

 

[jaywbigred]

Well, thanks to everyone who gave info or opinion here. We saw 11 different places on Saturday and came away liking a 2 BR in the Mountaineer which is walking distance to Carinthia lifts. Don't know if we are pulling the trigger yet, but it certainly seems to be heading that way! i.e. we are almost def. going to be buying (our first ever) season passes prior to the June 1 price increase.