As you begin your search for condos, here’s a checklist.
1. Consider your lifestyle
Are you tired of mowing the lawn and trimming the hedges? How about pressure washing your driveway? Is it a burden on your budget to spend $5,000 on a new roof or HVAC unit? Condo living might be right for you if you answered “yes” to any of these questions.
If you feel the need for a large yard is more important than the time it will take to maintain, then a single-family or townhouse could be a better choice. A condo might not be the best option if you don’t want to share walls, floors, or ceilings with your neighbor. Condos work best for people who are comfortable with apartment living but don’t want to deal with the maintenance.
2. A condo-experienced Realtor is a good choice
You’ll need a realtor who will represent your best interests if you decide to buy a condo. You want someone who has experience in condos to answer any questions you may have and guide your through important steps like reviewing the condo association documents.
Agents should be familiar with the issues and developments within your condo community. You should be aware of any issues that might affect your condo life, such as community finances and structural or infrastructure problems in the building or buildings. Also, you need to adhere to all rules. An agent who is knowledgeable will tell you if there has been any conflict over community issues and which developments have performed well in terms of resale value.
Although an agent’s experience is valuable, it may be worth visiting the community and speaking with residents. You can get a feel for what it would be like to live there.
3. Choose the amenities that you would like
Condos offer many amenities. Your Realtor should discuss the amenities you are looking for, along with other factors such as location and budget. This will help you find the right place. These amenities are yours when you purchase your unit. Don’t be afraid to add them to your wish list.
You should also keep in mind that some amenities that you don’t intend to use, such as a pool, might still be worthwhile. A condo without the amenities of other units in the area may sell for a lower price.
4. Locate a FHA-approved condo
It might be more difficult to get a mortgage for a condo than for other property types. This is because condo developments themselves will be scrutinized, as well as your personal finances.
On its website, the FHA maintains a list with approved condos. Although conventional lenders may have the same requirements as the FHA, it is best to consult an experienced mortgage professional who has condo experience in order to find the right financing. You might not be eligible for conventional mortgage financing if the condo is not FHA-approved.
This post was written by Dayana Susterman Dotoli. Dayana is the head real estate agent for the Tiffany House In Ft. Lauderdale Beach. Dayana has assisted over 150 individuals with buying, selling, and leasing at Tiffany House. The Tiffany House Residences is a 12 story tower, offers 129 residences, including 1, 2 and 3-bedroom condominiums and townhomes, with exclusive, resort-style amenities and views of the Intracoastal Waterway and the Atlantic Ocean. To view a Tiffany House Condo Fort Lauderdale for sale, Contact us today!