Include the amenities you want in your checklist for buying a condo in Florida to enjoy a comfortable and luxurious Condo-life. Benefits of Buying a Condo in South Florida - 1stSource These include fitness centers, pools, and rooftop terraces. Ask for copies of at least the three previous years financial reports, and make sure your lawyer or accountant reviews them and signs off that the communitys finances are sound. (May 1, 2023). Worse still, some complexes lack this option. The good news is Fannie Mae and Freddie Mac, the two huge corporations that are responsible for underwriting most conventional loans have made some changes that make the process a bit easier. Here are the important questions to ask about association fees. If youre a first-time homebuyer, a condo can be an especially appealing option. These can raise privacy concerns because you, the resident, may not know who monitors them and whether they are intrusive rather than safe. If you own multiple cars, living in a condo where the rules don't allow you to park more than one vehicle at a time can be challenging. So, whether youre reading an article or a review, you can trust that youre getting credible and dependable information. When you tour the building and unit, try chatting up a few of your potential neighbors. Condo Purchase Checklist: What You Need to Know When Buying a Condo Getting a mortgage for a condo might be more involved than it is for other types of properties. A copy of the Condominium Association Budget. Whether you're upgrading your quality of life, downsizing to avoid maintenance, or moving closer to the city, you want to find somewhere that meets your immediate and long-term needs. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate follows a strict editorial policy, Shared areas of condos are usually managed by a condo association. See if my condo is FHA approved Every condo and situation is different, and unless we are privy to the exact pre-construction contract and condo . Jeffrey L. Beal, president of Real Estate Solutions, has 40 years' experience in multiple phases of the real estate industry. Even if you are considering paying cash this is the type of information you should want to have upfront. Condo Checklist for Buyers Down payments: Discuss down payments; investment properties or second properties might have higher down payment requirements, Units available for financing: Find out if your desired complex limits the number of units available for financing, Talk to your lender: Share condo association fees, repair funds, and community rules with lenders, Short sales: Consider buying a short sale condo property, which might take longer to purchase but can save you money. Consult with a real estate professional who specializes in condos to guide you in your home search and protect your interests during the process. editorial integrity, Whether you're upgrading your quality of life, downsizing to avoid maintenance, or moving closer to the city, you want to find somewhere that meets your immediate and long-term needs.