Thinking about buying condos in Orlando for yourself or as an investment? Buying a condo is a process similar to buying a house, but it comes with its own set of additional obstacles to keep you on your toes. In order to assist you in making sure condo living is the right path for you, take some time to read through these 5 things you should know about buying condos in Orlando:
More Than Meets the Eye
The most basic way of looking at how a condominium complex operates is that it’s like living in an apartment unit that you own.
Outside of your single condo unit, there are amenities and shared areas that will vary from one building to the next. These shared areas are typically maintained by a property management company that is hired through your homeowner’s association, or HOA.
It’s incredibly important to ask about any amenities that are open to all condo owners in the building because that could have a significant impact on deciding which location is right for you.
Maintain Your Budget
Buying condos in Orlando requires a bit more diligence in budgeting than buying houses, as there are certainly extra fees lumped in with your monthly mortgage payment.
The HOA will have dues required to be paid on a schedule that is determined by the HOA and condo owners of the building, as well as the possibility of reserve funds. HOA dues are used to perform regular maintenance and pay the property management company. If your HOA collects reserve funds, this is funding that is saved to be used in the event repairs are required on the property.
Each and every HOA will have a different way of handling funds, and you should make sure you fully understand not just what you will be required to pay, but when these payments are due.
An Insulated Community
An aspect that may have a lot of influence when it comes to your condo decision is the look, feel, and disposition of the community and culture on display when you visit a building.
Any time you visit a condo, pay attention to everything that is happening outside of the unit you’re there to walk through. Take into account your wants and needs to determine if everything about that building feels like a good fit for you. For example, if a location has a lot of families with younger children but you’re not much for kids and prefer peace and quiet, it may not be the right fit.
Really getting to know the feel of the community as a whole is important to finding a place that you’ll be glad to invest in.
Find Your Agent
Whether looking for a home or condo, it’s common for the average buyer to think that all agents are alike, but this could not be further from the truth.
Once you’re ready to begin your new home search in earnest, it’s very important to take the time to find the correct qualified and experienced real estate professional for you. We encourage all buyers and sellers to meet with multiple agents to discuss their unique circumstances and get a feel for which agent is most invested in their situation while making them feel comfortable.
One final bit of advice when hiring an agent: Find one that has experience with condos. Finding the right condo is different than finding the right house, and you want an agent who is ready to meet those needs.
Lenders May Be Challenging
Finally, there’s no reason to sugarcoat the fact that lenders are much more cautious about issuing loans for condominiums.
Condos are seen as a higher risk because of the structure of their ownership. This comes from the dependency each owner in the building has on the other tenants paying their mortgage and dues in full at the right time.
However, if each tenant does their part, everyone reaps the benefits of convenient condo living.