4 Essential Things to Consider When Buying a Condo
Condominiums remain popular housing choices, especially among those seeking a low-maintenance lifestyle, with the benefit of ownership. However, before making an offer on a condo there are a few things to keep in mind.
Fees & Service Charges:
Condo associations typically charge a variety of monthly or quarterly fees to cover everything from modest maintenance charges to extravagant luxury amenities. Understand what is included, and what one can expect in the future to try to anticipate large expenditures, and out of the ordinary expenses likely to be incurred. Obtain the 30 Year Milestone report required, In Florida, milestone inspection reports are required for condominium and cooperative buildings three stories or taller that are 25 or 30 years old (depending on location). These inspections are designed to assess the structural integrity of the building and ensure it is safe. The reports must be prepared by a licensed architect or engineer and submitted to the local building department. Pay attention to deferred maintenance, planned upgrades and assessments, or other potential costs so you are not taken by surprise.
Management and Operational Efficiency:
Spend time speaking with current residents, review community literature, and take a careful look around the area to get a general "feel" for how things are maintained.
Finances and Reserve Funds:
Perform due diligence on the finances and reserve funds of the condo association to make sure their problem doesn't become your own. Pay special attention to large numbers of foreclosures or vacant units that could eventually result in higher per owner premiums to compensate for loss of revenue.
Lifestyle and Values:
When you buy a condo you buy a lifestyle – for better or worse. Be sure the condo and community share the same values and interests you find important. Remember, since condo associations are typically governed in a democratic fashion, a change of heart by the majority could lead to long-term frustration.
Contact Us Today
Linda R. Olsson, Inc., Realtor
211A Royal Poinciana Way
Palm Beach, FL 33480
