A condo is a great investment: you get the luxury of apartment living in prime locations with low maintenance costs and lots of added amenities.
The arrangement of condominiums is different from buying an apartment in a block. You pay monthly Association Fees that go toward a maintenance fund, to ensure your complex is always in top condition.
Your neighbors are all part of the Homeowner Association, too, so everyone has an equal share and say in relevant discussions such as developments and repairs.
Interested in learning more? Here are some questions to ask when buying a condo to make sure you’re buying the best option for your money and lifestyle.
Vital Questions to Ask When Buying a Condo
Buying a condo is exciting, but before you get carried away it’s important to make sure you’re asking the right questions for buying a condo in Florida.
Can I Speak to Some Residents?
If your real estate agent can’t put you in touch with existing residents, run away. You need to be able to have honest discussions with more than one resident in the building to get a true idea of what it’s like to live there.
Can I Meet the Property Manager?
A condo complex can either be managed by a professional company or the Homeowner Association.
The preference here would be a professional company that manages your complex. You need to be confident that any matters will be handled professionally by somebody who knows the condo, and that routine maintenance will be carried out on a schedule.
If the condo is managed then get the contact details of the property manager and arrange to speak with them in more detail.
What’s the Soundproofing Like?
You could have the most amazing neighbors in the world, but you don’t want them to sound like they’re living in your luxury condo.
When you’re looking around the condo and complex take time to stand quietly for a few minutes in a variety of places such as the hallway, by the front door, and in the living room. See if you can hear your neighbors or if it’s peaceful.
If you can, visit the condo more than once, at different times of the day or night, to get a true picture of how peaceful it is.
What’s the Owner/Occupier Percentage?
A high percentage of renters is less desirable to a condo owner. The turnover of residents is higher and there is a greater likelihood of defaults on association fees.
A condo complex that has restrictions on the number of rentals allowed (around 25 percent maximum) is a good sign.
What Are the Monthly Association Fees?
Find out what your monthly financial commitment is to the Homeowner Association and see if these are comparable to other condo complexes in the area.
You should also check out the reserves available for emergencies, such as building fires, and the insurance policies of the Association.
Are There Any Additional ByLaws or Covenants?
Find out if you’re allowed pets, who owns the balcony on your condo, and whether there are any other restrictions or laws you should be aware of before you buy a condo.
Some agreements, such as allowing pets, can add to the value of your condo when it’s time to sell it. Others, like allowing neighbor access across your patio, are less desirable.
Are There Any Current or Planned Lawsuits?
It’s vital to know if there is any litigation currently underway, or that has been notified to the condo developer or Homeowner Association.
The nature of lawsuits means you should consider any litigation on a case-by-case basis, but make sure you find out if there are any that could affect your enjoyment of the property or your future sale.
What Are the Parking Regulations?
A luxury condo becomes even more attractive when it comes with a parking garage. Find out if there are additional parking fees attached to your condo, and whether there are options for guest parking too.
Ask an Expert
If you still have questions to ask when buying a condo, it’s time to call an expert. Get in touch with our team today and they’ll take you through the essential questions you need to ask to make sure your condo is the best for you.