7 Tips for Buying a Florida Condo
Do you want to buy a home without the upkeep that comes with single-family homes? Buying a Florida condo might be the way for you to do that. You can also take advantage of shared amenities when living in a condo. Plus, building maintenance will also be taken care of by professional management. Condos aren’t for everyone, however. First, you should figure out what your lifestyle needs and budget are.
1. Understand What a Condo Is
A condo, or condominium, is a single unit within a multiple unit property. It’s like an apartment that you own rather than rent. You will privately own your individual unit. Other amenities are shared, which may include:
- Park
- Pool
- Playground
- Gym
- Dog area
A condo association usually manages the shared areas of condos. Typically, you pay a monthly fee to cover the budget and expenses set by the association. Condo associations are different due to the different requirements of the individual property. Some may have additional fees that cover shared expenses. This may include unexpected building repairs or new amenities that have been approved by the condo board.
2. Get an Experienced Realtor to Help You Find the Right Florida Condo
You’ve decided that condo living the best option for you? Then start searching for an agent that will keep your best interests in mind. Look for someone who has good a track record of selling condos. You need to be able to trust that they will help with any concerns you may have, like reviewing the condo association documents.
The agent should know about know the Florida condo developments in your area, as well as, any issues they might have. Some possible issues include things like:
- Finances
- Structure
- Infrastructure problems
They should inform you if there’ve been hard feelings involving community issues. They will, also, know which developments have the best resale value.
3. Know What Amenities Matter to You
There is a wide variety of amenities different properties can offer. Some might be more useful to you than others. Talk with your realtor about the types of amenities you want, as well as other factors like location and budget. This way you can find the perfect Florida condo for you.
Remember that amenities you don’t plan to use, like a pool, for example, might still be worth having for when you resell. A condo with fewer amenities than others in the area will have a disadvantage.
4. Look for an FHA-Approved Florida Condo
It’s not as simple to get a mortgage for a condo compared to other types of properties. That’s because the condo building itself will be under scrutiny, plus the usual things like your assets, credit, and income.
5. Learn About the Property Management Company
You should know who will be in charge of doing the upkeep. This is crucial since you want to buy a well-maintained property. You shouldn’t be forced to pay association dues only to have the amenities fall into poor repair. This could affect the resale value or push dues higher.
6. Learn About the Association
You’ll be paying association fees in addition to your mortgage. This will be to cover the upkeep of the property and all the amenities. Look those fees and be sure to ask what’s included. Does it cover lawn care and cleaning the common areas?
Ask about the regulations that you’ll be expected to abide by as a resident. Are there any noise restrictions? What are the rules for booking common areas? Know the rules ahead of so you will know if you can follow them.
7. Check on Special Assessments
Special assessments are funds that the condo association needs when it’s doing a significant project. Usually, it is voted on by its members. They aren’t very common, however, this is still something you need to be aware of. They could mean that you will be paying more in association fees to cover this cost.
When looking at properties, make sure to ask about any planned special assessments. How would one work? You want to be prepared, not caught off guard.
When buying a Florida condo, consider these seven tips to help you find the perfect home. If you have questions about buying a Florida condo, please give us a call. We’re here to answer your questions and help you find the home of your dreams.