South Florida Condos Becoming More Affordable

By Mary Damiano

Whether you’re an empty-nester looking to downsize or and up-and-comer looking wading into the pool of property ownership, condos might be the most affordable option.

The prices of condos in South Florida have dropped about 4 percent from this time in 2005. Condos are often attractive to buyers because they offer a degree of home ownership without the maintenance involved with a house.

But there are many things to keep in mind before signing on the dotted line and moving into your fab new condo. After all, when you buy a condo, you own the interior space of your unit, and you co-own the exterior structure, land, shared amenities and upkeep with everyone else in the complex.

Some things to keep in mind when looking at condos in the South Florida real estate market:

Know Your Neighbors
The saying goes that good fences make good neighbors, but in condos, there are no fences between units. Condos offer less privacy than single family homes, so you’ll be living in close quarters with a lot of people. Talk to neighbors before you buy. Hear their opinions about the condo association. Make sure to visit the complex at different times, including days, evenings and weekends to get a feel for the place and meet a variety of residents.

Do Your Research
Condos are run by condo associations and the people who sit on their boards. Research the board members and get a copy of the association’s financials and most recent annual reserve study. This can be very helpful in determining whether fee increases are just around the corner. Investigate the type of insurance the complex has and what is included in the monthly association fees. Review the complex’s declaration of condominium; this helps determine the monthly condo fees. Review the bylaws, which will inform you of architectural requirements in case you ever want to make changes to your unit.

Read the Rules
If you move into a certain condominium in South Florida, will Fido have to go because he gets a little chubby? If Fluffy goes to that big kitty condo in the sky, will you be able to adopt that sweet little kitten form the Humane Society? If you become ill, will Aunt Sadie be able to move in for a few months to take care of you? If you fulfill that dream of buying an RV, will you be able to park it in the complex? Condo associations have all kinds of rules governing many areas of daily life, so it’s very important that you read all the rules and decide if you’re comfortable with the. After all, once you sign on the dotted line, you’ll be living by those rules for a long, long time.