Are you pondering the idea of buying a condo for an investment or your new residence? Most condo associations can be found on-line. If you can’t find it, ask your Realtor for the website. Once you find the website you can view the Condominium Declaration, Rules and Regulations, etc. This knowledge will empower you immensely when considering a Condominium purchase. These documents will cover daily life as a condo owner, such as condo fees, how many guests you can have at any given time, rental issues, rules for the pool, tennis court and golf courses, even parking spaces and types of vehicles will be mentioned. Information on common areas, maintenance and what amenities the Condo provides to you as an owner, as well as the yearly cost of the Home Owners Association fees.
Many condominiums have a screening process in the form of an approval application some charge a fee and even have the first right of refusal. This means that you have to be approved first before you can own the condo and your tenants will have to also be approved. Pet policy is another important consideration, the documentation will let you know if you can have a pet, how many pets per unit and even the size or bread the association will or will not allow. Remember when you purchase a Condominium you agree to abide by the rules and regulations set by the Condo Association, so find the right fit for your lifestyle.
Side Note: When your offer to purchase is accepted by the seller they must provide you with a copy of the Condominium Association Documents for your review, you will have a 3 day recession period on existing condos and 15 calendar days for new construction.
Happy Condo Hunting!
St Augustine Team Realty