What to Expect When I Decide to Purchase a Condo in Central Florida

With the rising cost of single-family homes in Central Florida, many first-time buyers choose to purchase a condo instead of a single-family home. It is not only first-time buyers but also seniors that are downsizing also sometimes choose condos. For the first-time buyer that is transitioning from an apartment to a condo, the adjustment may not be as great as for some seniors that have been living in a single-family home in a neighborhood with no homeowner’s association fees for over 30 years. This article will give you an overview of how to select a condo that you will be happy with for many years to come.

First of all, choose a Real Estate Agent that understands the condo market and is able to help you navigate through the HOA documents as well as the feasibility of the unit that you choose. A good agent will be beneficial to keep you from wasting time with condos that are not financeable or that are not good investments. Buying a condo is unique and needs an experienced agent to help with the process.

Next, a buyer must understand their duties as a condo owner: condo owners take care of the maintenance and repairs to the inside of their unit. However, they must make payments to the homeowner’s association (HOA) for the upkeep to the outside of the condos. In most cases, the outside maintenance includes the roofs, common areas, and amenities. Of course, to be sure what is covered, the buyer should get copies of the HOA documents. These documents include the budget, dues, assessments, rules, and regulations as well as other valuable information to help the buyer decide if the community is a good match for them. Your condo fees will help to pay for all of the care of the community. This fee will have to be calculated into your monthly budget along with the mortgage payment. For those who are transitioning from a single-family home, the dues can usually be justified by the savings on insurance, lawn maintenance, etc. There may also be a reduction in some utilities like wi-fi and or water and sewer. There may also be the replacement of a current HOA fee for those transitioning from a single-family home with a homeowner’s association. As a matter of fact, it may be a good idea to calculate how much the total savings will be in the transition from a single-family home and make that the benchmark for the HOA at the new condo. For example, if your monthly maintenance is $350 for your current single-family home this could be the benchmark for the condo HOA dues where you are purchasing.

If you are financing a condo your lender must be involved from the very beginning. Some lenders have limits to the ratio of residents to investors. There may be other restrictions for the lenders so they must be involved throughout the process; even before an offer is made. Condo owners also have to pay property taxes on their units and the common areas. You will own the interior of your unit but you will also share ownership with the other owners of the common areas.

Having said all of the above, why is buying a condo a good option for some? A good reason that I can think of is the amenities. There is often a pool, hot tub, parking garage, dog park, and beautiful lawns year-round. All of these amenities are maintenance-free. You don’t have to plant any trees, shrubs, or flowers, but the landscaper will be there to make the grounds beautiful. Many condos also have workout facilities that are available for use without maintenance. If you do your homework with a Realtor’s help, you will enjoy a rewarding life in your new condo.