Havasu Lake Listings

Posts Tagged ‘Their’

Today, Florida condominiums are available at incredible prices. If you are relocating to Florida, even if it won’t be for a number of years, now is an excellent time to consider making an investment in one of the many condos for sale in Fl. In fact, foreigners are taking advantage of the weakened dollar and the depressed economy and are buying condos for sale in Fl and other parts of the country in record numbers.  When the economy and the real estate market rebound, as they eventually will, those who invested during these times will have instant equity in their new condos.

If you are relocating to Florida and will be buying one of the numerous Forida condominiums, you need to understand what is involved in owning a condo. First, the Florida statute defines a condominium as a unit that is owned by an individual but where common elements of the site are jointly owned. This common ownership means that all the land and shared areas (hallways, roof, walls, pools, lobbies, laundry facilities, etc), are jointly owned by everyone in the building. Decisions about these areas will be made by the condominium association, a group of elected representatives who are also unit owners. You will be taxed annually for property taxes, just like if you buy a single-family home. But insurance will be handled slightly differently. Your condominium association will purchase fire and extended liability insurance, but you will need to get liability insurance for your own unit as well as insurance for your belongings. 

When you move into a condo in Florida, it’s as if you are moving into a building with its own mini-government. The condominium association rules will govern a great deal of what you can and cannot do in your unit or on the grounds. For example, if you have pets, or if you want to have your grandchildren come to visit you and be able to swim in the condominium pool, you will not be allowed to do either if the condominium rules prohibit it. Before you buy a condo in Florida, make sure you are fully aware of any rules regarding:

Condominium dues or fees, payment terms, any caps on the rates, and what is and is not included.  Any restrictions on visitors, times of day facilities can be used, pets, subleasing, renting, or selling your condo. Parking  spots, number of cars you can have, visitor parking, and, if applicable, whether or not you can park your boat, motorcycle or any other recreational vehicle on the premises. What is required of you in terms of maintenance of your unit vs. what the condominium association will pay. What changes you can make to the condo in terms of flooring, window coverings, or changing open porches to screened or glassed-in porches.

In most condos, you will also have to get advance approval of the buyer from the condominium association before you can complete a sale.  Once you decide what it is important to you, you can begin the search of Florida condominiums to find the one that is right for you.