Making the choice to purchase a condominium is a significant legal and financial decision. Before signing the final paperwork or even making an offer, it is important to understand the benefits and potential drawbacks of this choice. This may be a home, but a condo is not like other types of housing. Like with any major real estate purchase, it is prudent to know as much as possible before moving forward with buying a condo in Florida.
One of the main differences between a condo and a single-family home is that a condo will share at least one wall with an adjoining condo. People often choose to reside in these types of homes because there is minimal upkeep, they don’t want a lot of space and they may be more affordable. Condos may also be a better option for those who want to live closer to a city or in a metro area.
Condos are not the right residential choice for everyone. These communities are often governed by strict covenants, conditions and restrictions. Violations of CC&Rs can result in steep fines. There may also be monthly fees associated with the upkeep of common areas and grounds, like the pool or landscaping.
A Florida homebuyer would be wise to speak with an attorney before buying a condo, making an offer or signing any legally binding contract. This can help the buyer protect his or her long-term interests and prevent issues that could cost time and money. During an assessment of the cases, a lawyer can evaluate the benefits of a condo purchase and the terms of a proposed contract.