Orange County Information Center - Home Buying

Do condos and townhomes in Irvine have a good resale value?

Whenever I am working with a buyer who is interested in purchasing a condo, the first question I answer is what are the HOA dues? As you may know, HOA dues are not tax deductible. As a result, condos with high HOA dues are often difficult to re-sell and may sell for less than condos with lower HOA dues.

Another thing to watch out for when you are looking at purchasing a condo, is the HOA's reserves. If an HOA is underfunded, meaning the HOA has not properly planned for major repairs or upgrades that the association will need, you can end up purchasing a condo that is later hit with a special assessment. A special assessment is a one-time payment that is used to boost the HOA's reserve funds to pay for special projects. A special assessment can take a significant chunk out of the profit you would have made when you go to re-sell your condo.

You should also consider how the community is maintained and what amenities it offers to its residents. Swimming pools, spas, and exercise rooms are popular amenities that a lot of buyers look for in a community.

Another important factor when purchasing a condo is the privacy it offers. Even though the buyer understands they are not purchasing a single family residence, the more privacy a condo offers the better your chances will be for selling it at a good price.

I hope this helps! If you need any additional help with your home search, please don't hesitate to post another question or contact me for personal assistance.

Warmest Regards,

Amanda Wheeland
Orange County Real Estate Advisor

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