There are many great condominiums here in Southwest Florida available at great prices, and it’s important that you work with a knowledgable realtor to make sure you end up with a condo that meets all your needs and doesn’t hold any unpleasant surprises for you after the sale has been completed. There are definitely certain things that need you need to be aware of before deciding if you want to purchase a condominium.
Although a condominium allows you to jump into homeownership without having to accept all of the responsibilities that you would take on when buying single-family home, there are definitely some things that some might see as a downside. For example, you will need to pay monthly, quarterly or annual dues to a condo association, and those fees will go towards the management of the complex and things like the exterior building maintenance and landscaping. So, before making any offers you should get your realtor to do some homework for you to find out certain things such as:
- How the condo association is being run
- Asking the seller of the condo to provide a recent budget from the condo association so you know what your money is going to be spent on and whether there is any existing debt that the homeowners are currently financing
- What is the delinquency rate for the building – that may have an impact on your ability to get a mortgage
- Is the building insured and for how much
- Are there any cash reserves built up for emergencies and other capital expenditures
These are just some of the questions that I, as your chosen realtor, would ask and get answers to so that I can advise you to the best of my ability so that you can make informed decisions.
If you are interested in purchasing a condominium in Southwest then I would love to hear from you. I am very familiar with all of the nuances when buying a condo and I’d be happy to share that information with you so you can take everything into consideration before making your offer.
I look forward to hearing from you!