As property goes in Florida, beachfront condos are a popular investment option. After all, when you live in the Sunshine State, why not take advantage of those views? If you are preparing to buy a condo, you should consider your investment carefully. Condo purchases are different from traditional single-family homes.
There are a few elements you need to consider.
How is your ownership defined?
Condominium ownership is unique because common areas surround the space that you own. Every condominium deed defines the parameters of ownership, which typically includes everything from the studs in. You are responsible for the upkeep, repair and maintenance on those parts of the structure while the condo association handles the work from the studs out and throughout the common areas.
What are the condominium association’s rules?
Before you buy a condo, review the association’s rules. You agree to adhere to those rules when you buy the condo, so clarify the association fees, resident expectations and any breed or pet restrictions that may apply.
Are you prepared for the special assessments?
Your condominium association can levy special assessments to cover the cost of large-scale repairs, upgrades or maintenance on the common areas. These special assessments spread the cost of the work between all of the residents. Be sure you are financially prepared for these costs.
Buying your first condo is a learning experience. With careful consideration throughout the process, you are more likely to find the unit that fits your needs within an association that you feel comfortable with.