Perhaps you’ve decided that you want a more maintenance-free lifestyle and are considering a condo. The idea of maintaining a backyard has you running for cover or you just want to keep things simple; lock your door and forget about the outside. Whatever the reason, if you have decided that you are interested in owning a more easily maintained property, you may be investigating a condo in Boca Raton.
Buying a condominium is a bit different from buying any other types of property, and has both advantages and disadvantages. To start the process of determining if condominium life is right for you, there are some important questions to ask.
Namely, for starters, what is a condominium? A condominium, commonly referred to as a condo, is a single unit on a multi-unit property where individual units, including the land beneath them, can be purchased with the overall maintenance expense of the entire property shared.
How are the shared expenses handled? Typically decisions affecting the entire “condo complex” are made by a Condo Association which holds regular meetings for board members and owners. As such, each unit owner is subject to rulings established by that association. A Declaration or the Bylaws often referred to as CC&Rs dictate and help to determine how maintenance issues are addressed. As a prospective condo owner, associated maintenance fees and projected increases, assessments for the reserve fund, and insurance fees are items that you should learn about prior to your purchase.
Will they accept my pets? This is a very important question if you are a pet owner Not all condos are pet friendly in Boca Raton. Please check beforehand so that you and your beloved pet are not disappointed, because you may find out that they association will approve you but not your dog.
Do I pay homeowner’s insurance? In terms of insurance, typically condo owners are responsible for the contents inside their individual dwelling – from walls and floors to cabinets and doors. Each condo association has an individual declaration which is a legal document that will spell out the details so that you can have a clear understanding. Typically condo owners can remodel and change interior surfaces at their discretion. Exterior modifications, however, generally need to be approved (or denied) by the Condo Association Board.
Anything else I need to know? It is also helpful to consider homeowner statistics in the condo before finalizing your purchase. Knowing the percentage of properties that are current on their dues can have impact on your future home and financial security. You may also want to ask questions regarding timeframes of major upgrades and any pending assessments, like pool or clubhouse renovations or roofing needs before making your purchase.
As you look into a condo in Highland Beach Florida, there is a lot to consider, aside from the points listed above. Give me a call to discuss what other need-to-know items you should add to your list or to see some properties that are available now. I’d love to help you find a home you will love!