Condo storage barns

[goldnrod24]

I just found out that the pole barn I wanted to build on an adjacent parcel must be tied to the rental house next door. Its size is limited to 50% of the ground level square footage of said dwelling. Too small for my needs.

A few months ago, a buddy offered me one of his condo pole barn storage units for $50K. It's a Morgan building, 30' x 40' with a 14' overhead door and is insulated, wired, plumbed and heated. Might have a choice of one with shorter side walls, but steel lined for the same price.

Association fees are $70/mo.

Any of you guys have any experience with this type of arrangement? I have a lot to learn in a short time.

 

[SEMPERFI8387]

Hmmm .... That sounds like the need for a real estate attorney. If it's "attached" to his "condo" parcel and or not a seperate "deeded" parcel then you need to keep looking.

 

[SEMPERFI8387]

You also need to verify that the "Association" allows non " owners" the right to purchase a owners pole barn. I can't imagine the association would want a lot of "non condo owners" owning the storage barns as it could potentially start to affect the property values of the condos.

 

[goldnrod24]

To clarify, this is an association of 11 pole buildings (only) and yes, I believe each is a deeded unit. I don't know much about this stuff. I need to find out if the ground under each building is deeded or owned by the association.

So much to learn......

 

[TomS]

We have THESE right down the road from us. My neighbor has a heated 40 x 100 and it works out very well for their toy needs. This developer does a great job of maintaining the consistency of units and general upkeep of the property. Perhaps their website answers a few of your questions.

 

[Rockie69]

They call them contractor condos around here. Heated with a sink and toilet. I was looking at one in a complex and I noticed about 200 paint cans stacked in one units window. 2 months later... The entire set burnt to the ground. Be weary of your neighbors.

 

[Link]

Pretty cool idea but as always the determining factor would be the cost.  Have any idea of the cost of the building TomS?  Noticed a $350/year HOA plus the ad said each building pays 1/40 of the taxes of the 8 acre area.  I currently pay $17/foot for my boat and seadoo at an offshore marina 1 mile from my cabin.  [Most are about $36/foot around the lake] so I don't think the condo would be n investment for me

 

[TomS]

Pretty cool idea but as always the determining factor would be the cost.  Have any idea of the cost of the building TomS?  Noticed a $350/year HOA plus the ad said each building pays 1/40 of the taxes of the 8 acre area.  I currently pay $17/foot for my boat and seadoo at an offshore marina 1 mile from my cabin.  [Most are about $36/foot around the lake] so I don't think the condo would be n investment for me

The basic 40x80 (no insulation or heat) is ~$23/ft. Generally this place is about $45k for the smallest to well over $100k for a loaded 40x100. There are other complexes further off lake that are ~30% less just due to the proximity and land cost. This one is literally right around the corner, so very expensive land. Location location location...