Buying a new property can be a real game changer. You get to own your own property, and that is big if you are just moving out of your hometown, or your college home. Buying a condo in Florida can be a thrilling experience but also very daunting. The process of selecting the perfect one and moving into it can be really hard and stressful. That is why we have devised a guide on how that should be done the right way. There are many guides on the internet, some with good, and some with bad advice. That is why we are here for you with this very comprehensive guide to buying a condo in Florida. Let’s dive in!
What is a condo?
One of the first things you are probably going to ask yourself is, “What exactly is a condo?” Well, a condo is an apartment which is a part of a larger complex. It is a shared space that can only grow with the mutual understanding of all parties living in it. There are rooms such as the clubhouse, the swimming pool and the laundry facilities that everyone shares. Other than that, the unit that you have purchased is all yours. Orange Movers Miami will be glad to help you with moving all your belongings to your new condo! Give them a call!
Rules of living in a condominium
Every condominium complex has a set of rules that you need to follow. Even though most of them depend on the condo itself and the people living in it, common sense should be enough to acknowledge them. However, there may be some rules that are beyond common sense and some people may not enjoy them. This is why you should talk to the condo residents before buying your unit. They may point out the good and the bad things about the condo and its rules. Every condo has a board that gathers and discusses life in the condo. A good idea is to ask for a copy of the last set of minutes from the board meeting just so you can be in touch with what the board had decided.
Pros and cons of owning a condo
Whenever you buy a property it comes with its own set of pros and cons. Just like owning a family home, owning a condo has its own benefits and demands. So, before you decide to buy a condo in Florida, you should consider these:
Lack of privacy:
Sharing a building with many other people can come as a shock to people that are used to living in houses. This is especially true if the condo of your choice has a doorman. You will have to pass by him every time you want to go to your apartment. This also applies to everyone who comes to visit you. Even the pizza delivery guy has to go through the hustle of talking to the doorman before being able to bring you your Italian delicacy. You will especially feel this when you are using the shared commodities such as the swimming pool or the laundry room. Consider this before buying a condo in Florida, because it can be foreign to some.
This means that living in a condo comes with a responsibility to join in on any repairs that the manager wants to do on the shared property. Florida has regulations and 40-year inspections to make sure that every building is safe from hurricanes. Even though some condo owners may refuse to follow all these regulations, some of them must be respected.
Less maintenance than a house:
Condos, in general, require less maintenance. This is a huge benefit for everyone who lives outside of the state and uses the condo as a vacation home. Even if you plan on moving locally in Florida, and use the condo as your own vacation home, this will be a good addition.
You have to follow the rules:
This means that if the board does not allow it, you cannot own any pets inside the building. You also cannot have unannounced parties at late night hours without anyone calling up the management. Check with the rules and regulations of each condominium before you buy one.
Buying a condo in Florida
Financing a condo purchase in Florida may be a little different than most states. There are some requirements that you need to address before considering buying one. The largest requirement by far is the amount of money required for the down payment. The down payment is largely dependent on the ability of the condo to pass the condo questionnaire. A condo questionnaire is a list of regulations that every condo should possess. The price increases if the condo passes all regulations, and it is lower if it does not. If you are having trouble with your budget during your move there are ways how to save money on packing supplies in FL. Ask around your local hardware stores to get the best prices.
Where in Florida should you buy a condo?
There are some things to consider when deciding in which part of Florida should you buy a condo. Some of these things are the primary use of the condo, proximity to airports, beaches, and health care facilities. If you want to buy a condo next to a beach, paying a bit more should not come as a surprise. Both the down payment and the maintenance fees will be higher. However, these condos are a good idea if you plan to rent them out to vacation goers. In this case, you need to see if the condo checks all weather regulations, as a surprise hurricane can really be a big hit if you have not secured your property.
If you are thinking about the weather, it is generally known that South Florida is warmer during the winter months. If the weather is a big factor in your life, certainly consider buying a condo in South Florida.
That is about it when it comes to buying a condo in Florida. We hope to have helped you in your endeavor!