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Monday, March 08, 2010

Is a Condo Right For You? Some CONsiderations....

Condo living is a great lifestyle – especially in central Florida!  I previously discussed some of the positive points of condo living.

Here I would like to point out a few other CONSiderations before purchasing that Florida condo.
  • A major consideration these days is the number of vacant units in the complex.  This is a major consideration by lenders and should be of concern to any prospective buyers as well!
  • How many units are up for sale at the present time? How many of these units are bank owned/foreclosure properties? How many of these units are short sales?
  • How many of the units are rented and what percentage may be rented should you decide to move and keep your unit. 
  • What are the monthly assessment fees? When was the last time the assessments were changed? 
  • What about the condo association's financial status?  When were the books audited and what is the financial stability of the association? How much is the association reserves?  What is the current budget? 
  • What about the covenants, restrictions, bylaws?
As a condo owner you have ownership rights in the common areas.  Likewise as a condo owner you have responsibilities when it comes to maintaining the entire complex. 

The bottom line - every owner is on the hook for the association responsibilities and liabilities so know where you are headed!

Gary Waters, Florida licensed real estate agent, Bucci Realty, Rockledge working exclusively with Century 21 Baytree Realty as a referral real estate agent.

By the way, here is a good book on condo buying: 

The Complete Guide to Purchasing a Condo, Townhouse, or Apartment: What Smart Investors Need to Know - Explained Simply

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