Condominiums are an excellent way for many people to own their own home. Condos require less maintenance from the homeowner, and are more affordable than houses. This is especially true on the west side of Los Angeles, where the prices for a single family home are particularly high even for the most financially capable buyers. There are some things to take into consideration when looking for a condo for sale in Santa Monica, however.
Earthquake Insurance
About half of all condominium and townhouse properties in Santa Monica have earthquake insurance included in their homeowners’ fees. Earthquake insurance protects the homeowners from having to pay out of pocket for repairs, should the property sustain damage from an earthquake. The insurance can also provide funds for temporary housing if it is needed during repairs. Following the Northridge earthquake in 1994 some buildings needed to be completely torn down and rebuilt.
Pet Policy
Most condo associations have a restriction on the size of any pets allowed. Smaller buildings and townhouse properties can be more liberal about allowing pets. A common pet restriction is no more than 2 dogs or cats, which are not more than 20 pounds each. If you have any pets, or are planning on getting any, make sure you look into the rules of the homeowners’ association regarding pets.
Amenities
Some people really enjoy amenities included with a condo such as, swimming pools, saunas, gyms, and gated access. Some people never need to take advantage of these amenities, and paying extra for a condo that includes such amenities would not make as much sense. Of course, if you find a condo that you really like but the property has amenities that you won’t really make use of, that doesn’t automatically need to turn you away either.
Condo vs Co-Op vs Townhouse
In a condominium, the owners own the space inside their walls individually and the common areas are owned collectively. This is more like owning your own home. A co-op is owned by a cooperative that the residents can purchase shares in. Buying in to a co-op makes you a part-owner of the co-op and gives you the right to occupy a unit on the property. Condos and co-ops are functionally very similar. Most properties in the LA area are condominiums, with a few being co-ops. In the Santa Monica area, people refer to single story buildings as “condos,” and multi-story buildings as “townhouses.” In the legal sense, either one of those types of properties would be considered condominiums.
