Are your finances such that having to lay out $5,000 or more for a new roof will be a burden? 8 BEST Tips before buying a Vacation Rental in Destin FL A units type of Waterfront view within the building (the best waterfront views are offered at premium prices). Condos require payment of a monthly Maintenance Fee that includes/covers the Building Amenities, Maintenance of the Building, and Exterior Building Insurance. Buying a Condo in Florida: What You Need to Know NMLS ID #6521 ), Type of Windows in the Unit (i.e. The offers that appear on this site are from companies that compensate us. But which loan option is right for you depends on your situation. To avoid this, I recommend having your Realtor call a Homeowner Association Contact and ask about the following. The reason is that they are expensive to build and install. Pay attention to how they respond even when you first make contact; this can be an indicator of how much support you can expect to receive if a problem crops up. Condominium ownership comes with the following cons: Condos don't come with individual land ownership privileges. Every condo and situation is different, and unless we are privy to the exact pre-construction contract and condo . Filed under: Blog by Kim Bregman Do you require Garage Parking or is uncovered parking acceptable? Condo Inspection: What Buyers Need to Know - WIN I But if you find a fitting condominium with some facilities you don't need now, consider buying it. (There are many buildings that do not allow Pets or restrict their size and typesome only allow Pets that weigh under 20 pounds). Any expected future capital expenditure and maintenance projects over $10,000 should be shown here. This blog states a list of everything you'll need to check to be safe. They will help you locate the best condos, handle negotiations, etc. Each unit in the complex belongs to a specific individual. It will explain the rights of the members, an indemnification clause for Directors and Officers as well as procedure for amending the Articles. How To Find Out If Your Condo Is VA Approved | 2023 For instance, an association may stipulate that homeowners are only allowed to own less than two pets or disallow dog ownership for whatever reasons. It must be provided to a prospective purchaser of a condominium unit in connection with resales of a unit. What You Need to Know About the Condo Inspection - Redfin A Buildings type of Waterfront location (Oceanfront, Riverfront, Ocean Access Canal, Intracoastal front), Availability of Dockage (Docks available or not available, Deeded Docks/private docks available for some units, or a Community Dock available for all). A condo or condominium is a residential or housing complex consisting of several separate units.