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3 important considerations when purchasing a luxury condo

Whether it's a vacation home or a primary residence, many people dream of living in a luxury condominium in Florida. Luxury condos are a particularly viable option for retirees seeking a more relaxed lifestyle and who don't want to maintain the upkeep of larger home.

What makes a condo a condo?

To qualify as a condominium, the owner of a building or complex needs to declare the property as such. Then, individuals can purchase units within these properties.

A unit is comprised of the actual living area of a space itself, but it does not include a building's structural elements. When you live in a condo, you pay fees to a condominium association to take care of maintenance and repairs.

What should you consider?

Buying a condo differs from buying a house. Therefore, there are unique aspects to consider when selecting your luxury condo. Before finalizing a real estate transaction, there are important steps you should follow:

  • Read your condo development's covenants: Covenants are the rules and guidelines condo tenants must abide by to live in a specific development. They vary depending on the building or complex. These rules may impact whether you can have a pet, noise limitations, restrictions on remodeling your kitchen or bathroom, as well as outlining general renting expectations, if you were to rent a condo. Verify that these match your expectations and lifestyle.
  • Pay attention to your condominium association: A condominium association determines the financial costs of living in a specific building or complex. Unit size, occupancy status and predicted building maintenance and repair costs dictate the price and fees. When dealing with condominium associations, there are essential questions you should ask.
  • Seek legal representation and advice: An attorney can best provide you with the information necessary to analyze whether the development has enough monetary funds to remain in operation for longevity.

When searching for a new place to live or vacation, it is critical you research the complex where you want to reside. You should have the building's condition inspected, ensure the rules governing the development match your expectations and ask a lawyer to investigate the condominium complex and make sure the real estate transaction protects your interests.

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