A few days ago I wrote about condo living in which I discussed the positive points of condo living.
Here I would like to point out a few "cons"-iderations before purchasing that Florida condo. Your real estate agent will probably have a few more as well!
- A major consideration these days is the number of vacant units in the complex. Lenders are especially concerned before handing over a loan. This should be one of the top concerns of 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!
Depending on the location checking with a real estate attorney may just be the right choice for you.
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