Buying Florida
Didier Malagies is a leader in the Tampa Bay Mortgage industry, serving Pinellas, Pasco, Hillsborough counties, and beyond with his sights set on educating residential and commercial buyers regarding Florida purchases. With over 20 years of expertise, Didier has built relationships with realtors, bankers, and clients based on integrity and his drive to provide the best customer experience in the state by being there from beginning to end of every purchase.
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Buying Florida
What else should I know about buying a condo
Buying a condo is different from purchasing a single-family home, and it's important to understand the unique considerations involved. Here’s a comprehensive list of what you should know before buying a condo:
1. Understand What You're Buying
Ownership: With a condo, you own the interior of your unit, but share ownership of common areas (lobby, pool, gym, etc.) with other residents.
HOA (Homeowners Association): This governing body manages shared areas and enforces rules.
2. Evaluate the HOA
Fees: Ask for the current monthly fees and whether they’re likely to increase.
What’s Included: See what the fees cover (e.g., water, insurance, maintenance, amenities).
Reserve Fund: Check if the HOA has a healthy reserve fund for unexpected repairs.
Rules and Bylaws: Review pet policies, rental restrictions, noise rules, and renovation limitations.
Meeting Minutes: Request past meeting minutes to identify ongoing disputes, major projects, or complaints.
3. Financial Health of the Building
Special Assessments: Are there upcoming or recent one-time fees for big repairs?
Delinquency Rate: A high number of owners not paying dues can be a red flag.
Insurance Coverage: Confirm that the building has proper insurance coverage (you’ll need your own unit insurance too).
4. Location and Building Condition
Location: Evaluate the neighborhood, proximity to work/public transit, schools (if relevant), and future development.
Building Age and Maintenance: Older buildings may need major upgrades; review recent renovations (roof, elevators, HVAC).
Noise and Privacy: Check unit positioning and wall/floor sound insulation.
5. Unit-Specific Considerations
HOA Restrictions on Renovations: Can you remodel the kitchen? Change flooring?
Storage and Parking: Confirm assigned parking, storage lockers, bike racks, etc.
Utilities: Understand what utilities are included and how they’re billed.
Views and Natural Light: Are there any plans to build next door that could block your view?
6. Legal and Resale Aspects
Title and Liens: Ensure there are no legal issues tied to the unit or HOA.
Resale Value: Check sales trends in the building; talk to a local agent about demand for similar condos.
Occupancy Rate: Higher owner-occupancy rates often mean better-maintained buildings.
7. Financing
Lender Requirements: Not all lenders finance condos easily—make sure the condo is on their approved list.
Warrantable vs. Non-Warrantable: Some buildings are considered riskier (too many renters, lawsuits, etc.) and may need special financing.
8. Inspections and Disclosures
Professional Inspection: Even if the HOA handles exterior maintenance, get an inspection for internal systems (plumbing, electrical, HVAC).
Disclosures: Review all seller-provided documents carefully—especially HOA disclosures and financials.
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