If you’re thinking of buying a Condominium in Florida you couldn’t have picked a better time, it’s still a buyer’s market here in the Sunshine State.
Using a Realtor is the best way to begin your search since a Realtor will be familiar with the units available for sale, recent sales and the rules and regulations that will affect your condominium ownership.
If you’re planning on buying a condo for an investment you will need to know if the condominium association has a term limit on tenant leases, for example many condo’s will not allow a lease under six months since this would be considered a vacation lease. You may also incur an application and approval processing fee each and every time you acquire a new tenant. Your Realtor can provide you with all this information before you make an offer to purchase.
First and foremost you need to know about the fees and restrictions involved when you purchase a condo, and more importantly what your monthly cost would be as an owner.
Here are a few questions you will want to ask your Realtor.
Frequently Asked Questions:
Is this unit Tennant Occupied?
What are the current yearly taxes?
Is there a Community Development District (CDD) fee assigned to the property?
Is there a new owner processing and approval fee?
What is the condominium association fee, and is it paid Monthly, Quarterly or Yearly?
What services are included in the condominium fee?
Are there extra fees for amenities such as golfing, pool or fitness club?
How many parking spaces are provided, what type of vehicles are prohibited?
Note: Washing of vehicles in not permitted within numerous condominium properties.
Are there any pet restrictions?
Are there any restrictions on Barbeque Grills?
Owning a condo has many advantages and can provide you with the carefree life you’ve been dreaming about.
Good Luck with your Condo search!