Condominiums remain a popular Palm Beach housing choice, especially among those seeking a low-maintenance lifestyle, with the benefit of ownership. This is especially important for purchasers of second homes. However, before making an offer on a Palm Beach condo there a few things to keep in mind.
Fees and Service Charges: Condo associations typically charge a variety of fees to cover everything from a modest maintenance charges to extravagant luxury amenities. Understand what is included, anticipated large expenditures, and out of the ordinary expenses likely to be included. Pay attention to deferred maintenance, planned upgrades, 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 Palm Beach condo, you buy a lifestyle. Be sure the condo and community share the same values and interests you find important. Remember, condo associations are typically governed in a democratic fashion.