In recent years, in the South Bay real estate Market, condominiums have become more and more popular with all age groups and income brackets, and for good cause. More and more people are choosing condos as their homes and many say its because of less maintenance and upkeep over a single family home. In a condominium complex there is no yard work, painting that has to be done,(except for inside)etc.
When purchasing a condo or a home in a planned development, or cooperative or common interest development, like a condominium, there are covenants written specifically for that complex or development to maintain the property values, safety, asthetics, etc., thus helping to increase the value of the investment the homeowners have made. Covenants are often lumped together under the collective term of “covenants, conditions, and restrictions” or CC&Rs, which is a term commonly found in real estate documents. Since most covenants involve some kind of condition or restriction placed upon the buyer, the collective term “CC&Rs” has been more widely used in recent years to indicate the existence or future existence of limitations associated with the use of the purchased land also. CC&Rs basically affect what you can do, or not do, on “common area” of the property. For example: you most likely can’t park your boat or RV in the driveway, put up a basketball hoop, put up a fence, even plant trees without pre approval from the homeowners association and in accordance with the developments CC&Rs. In some condo buildings, or developments, you may not be able to rent out your condominium unit.
When looking at real estate to purchase, your South Bay Realtor is the best person to explain the CC&Rs and the responsibility of the homeowners association for a condo building or complex. CC&Rs are written by attorneys and are submitted to the building department and approved by the city during the initial construction permitting phase.