Many secondary homeowners choose Luxury Fort Lauderdale Condos to be their home away. Condo living has many advantages. Condo living is convenient and offers security. It is important to remember that you need to consider other factors when purchasing a condo. This blog will explain what you should look for in a luxury condo purchase in Fort Lauderdale, and how they differ from single family homes in Fort Lauderdale.
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Homeowners Association ( HOA ) – It is important to understand the role and responsibilities of the Homeowners Association when you are considering buying a condo. HOA’s are designed by homeowners to protect the integrity of the condo and the rights of the homeowners who live in that community. The HOA is the foundation of all day-to-day operations in the building.
It is a good idea to research and investigate the legal history of your HOA regarding taxes, reserve funds, lawsuits, etc. before you buy a Luxury Condo in Fort Lauderdale. To plan for possible future financial obligations and renovations, condo owners must be aware of the current situation of their association.
Examine the financial stability of the HOA. A buyer must determine if the building can afford the necessary renovations or upgrades. A financially sound HOA should deposit 10% annually from their operating account to a reserve account. When it comes time to apply for a loan, this information will be useful. Before lending money to potential buyers, banks want to make sure that the building is financially sound.
You should also evaluate your locality when making a decision. It doesn’t necessarily mean that you won’t interact with your neighbors even though it is a vertical community. It is important to know the lifestyle and type of people who live in your Luxury Condo. If children are living on other floors than yours, expect some sleepless nights. You can expect quieter conditions if the building is predominantly older and you don’t plan on throwing any late-night parties. It is a great idea to visit the building at different times throughout the week. The best time to feel the atmosphere is in the morning, afternoon, evening, or weekends.
This post was written by a real estate expert from the Dotoli group. Josh Dotoli is Paramount Residences #1 Selling Realtor with nine sales in 2021, 3x more sales than any other Realtor selling in the building. The Paramount Residences enjoys a prime beach area location. It is a Ft. Lauderdale oceanfront condo located across from the beach. Looking for a Paramount Condo Fort Lauderdale For Sale? Contact us today!