What To Know When Buying A Condo

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Things You Should Know When Buying A Condo In Florida: The word condominium refers to a building or residential complex, wherein the units of property, such as apartments, are owned by individuals, and the common areas of the property, like the hallways, grounds, other public amenities and the building itself, are jointly owned and maintained.

An Introduction to Buying a Condominium When you’re looking to buy a home, there are plenty of choices available. One of them is a condominium-a multi-unit property that is divided and sold in.

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 · It’s condo season again in Florida. If a condo purchase is going to be part of your future keep reading for some great tips. In reverse, when selling your condominium, the pool of interested buyers might be reduced by a higher ‘rental ratio’ and could possibly even affect the sales price.

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 · The condo corporation is responsible for the maintenance of the building and for allocating funds from your condo fees to the reserve fund. This reserve fund is what pays for large repairs and replacements, such as roof damage from a hail storm. Prior to buying your condo, it is imperative to know if the condo corporation has a good reserve fund.

Buying a condo also means you probably will be part of a condo association, similar to a home owners’ association. If a condo is starting to sound nice, you aren’t alone; almost 60 million Americans live in a condo, and people moving into the city may find that a condo is best for them.

When you buy a condominium, there is a separate condo approval process that is required. This approval process usually involves your lender submitting a Condominium Project Questionnaire for the association to provide information regarding the financial controls, insurance, and covenants and restrictions.

In most cases, the value and market price for a condo are driven up by how good the schools are in the area. In fact, good schools create more potential buyers and more multiple offers. This is a very important factor to consider when making a condo purchase because, if you don’t have children now, you may want them in the future.

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