Buying a house isn’t a simple task, but buying Florida condos can be even trickier. One of the biggest hurdles potential home owner’s face is financing. While financing is also a large part of securing Florida condos, you have many other considerations as well.
One of the main differences in buying Florida condos rather than a traditional house is that the structure is really owned by the homeowner’s association. The part that you own is the area inside of your part of the building. The building itself is owned by the HOA.
The homeowner’s association can be both a blessing and a curse for an owner of Florida condos. The great part is that they are responsible for the maintenance and upkeep. Although the HOA is a separate entity, it does include you as well. In fact, your monthly fees will help fund the HOA and any upkeep and maintenance they deem necessary.
Now, before deciding to purchase any Florida condos there are a few questions you should ask the HOA. The first thing you will want to know is who makes up the HOA. These members have a lot of decision making powers and you want to make sure that there isn’t one member who holds all the cards by owning the majority of condos. In those cases they may hold all the power in the homeowner’s association.
Another similar problem is Florida condos that have a heavier renter population than owner population. This can be a problem since renters do not have a vested interest in the condo and their landlords may loose interest in the needs of the condo as well. This may mean that monthly fee increases may not pass causing a shortage of HOA funds.
In fact, it is a good idea to find Florida condos where the homeowner’s association is financially stable. Sometimes new condos may start out with low monthly fees causing a shortage of needed funds. After a while the needs become too demanding and monthly fees have to be raised.
This can cause you to purchase a condo you thought was in the right price range only to end up paying more than you had anticipated. Homeowner’s associations that are professionally managed and have been around for a while might be a better choice.