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Protecting your interests when buying a condo

It's exciting to think about buying a home in Florida. You may be ready to own your own place and make your house into your dream home. Everyone has different aspirations regarding home ownership, but you may be considering the benefits of purchasing a condominium instead of a single family home. Just as with any other type of real estate purchase, you will need to be cautious and careful before you move forward with this purchase.

There are specific issues you may face that are unique to buying and owning a condominium. You would be wise to do your homework and make sure you are not purchasing undue problems and exposing yourself to unnecessary risks. If buying a condo is the right move for you, you may find it beneficial to work with an experienced professional as you move forward. 

Important facts to consider

There are many reasons why people prefer to live in condos. First, you will not have to worry about yard work and mowing the lawn. You may also get to enjoy amenities such as a community pool and other things that you may not get with buying a traditional home, such as security patrol and a gate. As it is a major real estate purchase, doing your due diligence is important. Some of the things you may need to ask before you sign on the dotted line include:

  • Does the management team do a good job? Do they listen to the concerns of their residents?
  • What are the main complaints expressed by other people who live in the community?
  • Is this a place you can live long-term, or will this be a short-term residence for you?
  • What will your view be, and what extra expenses and dues will you be responsible for?
  • What are the rules and regulations that residents have to follow?
  • Is there currently any litigation against the condominium association board?
  • Do you have parking and storage space available to you?

These are a few examples of questions you may need to ask before you buy. It is always in your interests to know what you are getting into and to understand as much as possible about the property.

Working with an experienced real estate attorney is a smart move during the entire purchasing process. Your legal advocate can help you ask the right questions, review contracts before you sign and take other steps to help you protect your immediate and long-term interests.

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