Purchasing South Florida Condos Real Estate Guide

Steven Vargas, a Miami realtor for luxury condos in South Florida would like to help first-time condominium buyers. This is condo real estate guide for those unfamiliar with the specific facets concerning condominium living and purchase.

Although South Florida condos represent excellent vacation homes, they also serve as perfect homes for downsizing families. You can find an abundance of condominiums near beaches and golf courses, and they additionally require relatively minimal maintenance.

In most cases, condo associations handle the majority of facility maintenance. However, if this is your first foray into condominium living, there are several things to consider before you purchase this property type. The condo life is far different than living in a tradition single-family home.

Common Rules and Regulations

People often need rules. Due to the dense population of individuals inhabiting condominiums in the South Florida community, rules and regulations serve to keep order amongst facility residents.

All condominium communities possess a set of regulations that every tenant must abide by. These cover virtually everything from parking, pet restriction, trash, and recycling, to the standard rental facility restrictions.

Many South Florida condominiums will impart pet restrictions. This is especially true in older facilities.

It is important that you review condominium rules carefully prior to purchasing a unit. If you cannot abide by the community rules, it is time to seek out and move to another building. Nevertheless, if everything in the contract seems “doable” then go for it! A condominium in the South Florida area may reflect an ideal option for your needs.

If you think you can slip by bending the rules, this is highly unlikely. There is often at least one resident in your building that feels the need to ensure every tenant follows alone with these imposed regulations.

When you enter the process to sign a contract, every buyer wields a 3-day right to rescission. This essentially affords the buyer with a three day period to review the rules as well as any financial conditions of the condominium association. During this three day period, a buyer can cancel the sales contract for any reason.

Check the Association Finances

Well managed associates impart extensive balance reserves to handle and pay for repairs. Every facility is required by Florida law to display these finances to potential buyers once they sign a contract. It is important to review these documents during the aforementioned 3-day right to rescission period.

This is precisely why this 3-day period exists, to afford you the opportunity to go over all contractual and financial stipulations. If you don’t like what you see, you can rescind the contract obligation-free.

During the recession, several associations experienced significant financial trouble when numerous owners entered into foreclosure and could not pay their association dues. Luckily, South Florida has left much of this time behind. Nonetheless, some poorly-managed associate did not recover.

Financing South Florida Condominiums

A low down payment loan is harder and harder to find these days, but you can still attain one from the FHA. However, the FHA must still approve the condominium association using their stipulations concerning financial viability.

Notwithstanding, the FHA maintains a list of approved condominium associations. If an associate is not pre-approved by the FHA, they can still order a spot approval.

The FHA looks for a significant reserved funding amount for repairs. They want at least 10% of their total budget allocated into a reserve account for this purpose.

South Florida Condominium Fees and Assessments

Every condominium facility collects dues on a standard basis. This term is ordinarily either monthly or quarterly. The condo association will utilize these fees to pay for landscape maintenance, water, sewer, and trash removal, in addition to pool service, amenities, and numerous other purposes.

Make sure that you check on what the association employs your association fees for. Some may not take your payment for water and sewer services, where others pay for basic cable TV and other benefits.

Ordinarily, a portion goes into a reserve to pay for large maintenance needs such as a new roof or exterior refreshing on the whole of the building. Management may additionally use the fees for major renovations.

During major renovation projects, the association will likely assess each owner a percentage of the total and collect this fund portion to alleviate the total cost.

When you look for a condominium facility, check the build date. Many South Florida condos constructed in the 60’s and 70’s require concrete restoration as a result of saltwater deterioration. This can represent an exorbitant expense that may not demonstrate worth for your budget.

Steven Vargas – Realtor for Luxury Condos in South Florida

Steven Vargas is a home-grown real estate professional operating in the greater Miami area. He wields listing throughout the South Florida community specializing in luxury homes and condos. Steven dedicates his career to helping people find the residences of their dreams.

When Steven Vargas sits down with a potential condominium buyer, they possess a general idea about what they need from their new domicile. However, he possesses a unique insight into the unique neighborhoods in the Miami area as a resident himself as well as an individual who grew up living in the South Florida area.

For more information on our realtor for luxury condos in South Florida, contact Steven Vargas today. He can draw on his professional and residential experience in Miami to help you find the ideal neighborhood to suit your needs.