Many secondary homeowners have sought out Luxury Fort Lauderdale Condos as their home away from home. There are many benefits to living in a condo. Security, Convenience, low maintenance are the most prominent factors due to the turnkey nature of condo living. However, it is essential to be aware that there are also different considerations when you’re thinking about buying a condo for the first time. This blog post will discuss considerations when looking at a luxury Fort Lauderdale condo and how they differ from single-family homes in Fort Lauderdale.
Homeowners Association ( HOA)
If you think of buying a condo, it’s imperative to understand the role of the Homeowners Association. Homeowners design HOA’s organizations to help protect the condo’s integrity and the homeowners’ rights who live within that vertical community. The HOA serves as the backbone of the infrastructure of all day-to-day operations within the building. Before buying a luxury Fort Lauderdale condo, it’s best practice to investigate and research the HOA’s legal history concerning taxes, reserve funds, pending lawsuits, etc. Every condo owner must know their association’s situation to plan accordingly for future financial obligations or possible renovations!
Investigate the financial integrity of the HOA
Knowing if the building has the financial means to afford necessary upgrades or renovations is a crucial component of a buyer’s decision-making process. The rule of thumb is that a financially healthy HOA deposits 10% a year from their operating account into a reserve account. This information will also serve a purpose when it’s time to get a loan. Banks want to ensure the building is in a good financial position before they loan their money out to potential buyers.
Another element to be considered in your decision-making process is to evaluate your neighborhood! Just because it’s a vertical community doesn’t mean you won’t be interacting with your neighbors. When searching for your perfect Luxury Condo, it’s important to understand what type of people live in the building and their lifestyle. For example, if children live on all floors except yours, you can expect a few sleepless nights. If the building is primarily an older demographic, you can expect things to be quiet for the most part and don’t plan to throw any late-night parties. Another great tip is to visit the building at different times during the week. Morning, late afternoon, early evenings, and weekends are the best way to get a feel for the atmosphere in the building.
monthly maintenance fees
Understand the monthly maintenance fees. Monthly maintenance fees are paid in addition to your mortgage and taxes obligations. These fees are often higher in Luxury Condo communities compared to single-family home communities. The maintenance of shared amenities, such as gyms, pools, 24/7 valet, security detail, are calculated into the monthly fee. These fees can vary considerably from building to building. The price will depend on many factors, such as the age of the building, amenities provided by your community, location, and square footage of the condo unit. These monthly maintenance fees, which are paid to the Homeowner’s association, are designed to cover expenses related to areas that need shared maintenance like hallways, elevators, concrete roofs etc. HOA Rules & Regulations. It’s vital to evaluate the rules and regulations of the Homeowners associations before buying in the building. These rules and regulations can be provided by the realtor or the association for a small fee.
Financing a luxury condo in Fort Lauderdale is quite different from financing a single-family home purchase. Regarding financing, lenders have strict guidelines that vary depending on the lender and their requirements for who they will fund your purchase, but there are some general rules! Your lender will require the building to fill out a condo questionnaire. This provides the necessary feedback the bank needs to determine the loan product that’s available to “You” the buyer. The lender looks for a financially sound building along with the allowable owner/renter concentration and other measures that will help qualify the type of loan to be used for your purchase.
Luxury Fort Lauderdale Condos provide an excellent investment opportunity for those looking to buy a turnkey vacation destination in one of the hottest real estate markets in Florida. To avoid any unpleasant surprises, make sure you are working with an experienced realtor. DOTOLI Group has helped hundreds of Luxury Condo Owners in Fort Lauderdale successfully find their dream home. For more information on which Fort Lauderdale Luxury Condo buildings have the best financing options call Josh at (954) 799-6403 or email us at Info@DotoliGroup.com