Right now, many people are choosing condos. This is because there is very high demand for single-family homes, and condos provide a lot of options. In fact, Miami is full of amazing new condo developments worth looking at. If you are planning on moving to a condo, here are six fundamentals you need to know.
In a condo, you will have an HOA that oversees all the rules and regulations of the building. In order to have a smooth transition, consider doing some research about the HOA rules at the condo you are planning to move to. Getting to know the rules and regulations that you will be adhering to is important to avoid any miscommunication.
2- HOA Fees
In addition to following all the HOA rules, you will also have an HOA fee. In most condos, you pay a HOA due every month. These fees usually cover things like pool maintenance, trash pick-up, and landscaping. If you are new to homeownership, you’ll find that having the HOA take care of all of these maintenance matters is very convenient.
Moving to a condo means long-term neighbor relationships. In many cases, private owners of condos stick around for years. This is great if you are looking for a sense of community.
When you own a home, you usually have all the freedom to do any remodels your heart desires. This can also be true when you are the owner of a unit in a condo. However, in a condo you will most likely have to get approval from the HOA before making any big structural changes.
When you own a property, there will be times when you’ll have to take care of repairs. In a condo, you will be responsible for small repairs inside your unit. However, many times, the HOA is responsible for major repairs. This can include major plumbing and roofing repairs. Furthermore, anything inside the walls or related to the structure is usually handled by the community association.
In some cases, condos have certain rules and regulations about renting units. This is especially true when it comes to short term rentals. If you purchase a unit in a condo with the hopes of renting it out, make sure you do your research and become familiar with all the rules. For example, some condo complexes have a limit on how many owners can rent out their units.
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