Need to Knows of Condo's
Every condominium association is different. It is always important to dig deeper than the physical unit. Condominiums come with a lot of perks and there are a few things to be cautious of.
Always review the condominium documents thoroughly. These documents contain all of the rules that you will be governed under as an owner.
Most condo associations have homeowner fees. These are typically based off the square footage of the unit. These fees pay for common expenses (expenses shared and benefited by all owners) such as insurance, common area maintenance, landscaping, etc.
One thing to be very cautious of is SPECIAL ASSESSMENTS. A special assessment is an additional charge for a special project that the association may not have budgeted for, such as a new roof after a hurricane. Most associations will have the guidelines in regards to special assessments. A special assessment can be very cheap, or very expensive, so look out!
You always want to see recent financials. This is a good indication of association management. A strong reserve account and a detailed budget are always a plus!
If you are interested in more information on condos or residential real estate, please contact me!
