What is a Condex? If you’re not from New Hampshire or Massachusetts you may have never heard of it. Like a New Englander style home…unheard of elsewhere, but that’s for another post.
A Condex is a duplex style condominium development consisting of only 2 units. They can be found in some southern New Hampshire towns like Hudson, Derry, Litchfield, and Pelham (to name a few).
In NH the Attorney General has to approve a condominium’s association documents, and it’s the same for Condex’s. Condominium developments have a master insurance policy for the entire development to cover the grounds and any amenities that are owned in common. It’s the same for the smaller Condex…there is a master insurance plan for both units. This is in addition to your own homeowners policy. The cost for this isn’t usually much and it’s shared between both units.
Lower prices, and no condo fees are the top benefits of a Condex. You also have your own yard…with all it’s maintenance too! Sounds very similar to owning your own single family property, other than each unit shares a wall.
The drawbacks are you own the land and exterior, in common, with your neighbor. So you need to have a friendly relationship with the other owner….just in case you need to work together. To fix the roof for example.
How about when the other side goes into foreclosure? My client purchased such a unit in Hudson NH 2 years ago, and we had a pickle of a time contacting the owner of the other unit, they where renting it out. Turns out the other owner purchased their own master insurance on the development because the previous owners stopped paying their side of the premium. So my client purchased their own master policy, so she could get financing, it wasn’t much but something you should be aware of.
-Just my thoughts. -Jenn
For more information click on the links below:
State FAQ Community Associations
New Hampshire Housing helps first time home-buyers with assistance programs: http://www.nhhfa.org
*see page 3 for Condex approval
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