Are you considering purchasing a condominium in the Miami Beach, FL area? If so, then you may appreciate some advice on buying a condo. It isn’t exactly the same as purchasing a home, but for many, a condo is a step towards buying their dream home. You should know these tips before buying.
- Loans for condo buyers are a little different than those for a single-family home. The Federal Housing Administration (FHA) has a list of regulations before they will approve a loan for a condo. Rules like at least 80% of the units in the building need to be occupied by the owner to attract investors. The building must be on the FHA list of approved condos. Non-FHA loans can be found, but they can cost more, and the lender may want up to 20% more down.
- Condo rules are something everyone that lives in a condo community has to follow, such as quiet hours, shared space, pets, and renting your condo out in the future. Make sure to review the rules before you buy.
- Condo association fees are standard, so make sure you know how much they are and what they actually go to pay. It’s important to know how the condo association is doing financially. Otherwise, you could end up moving in, and the association goes broke and is unable to pay for major repairs.
- The condo complex culture can be found by reviewing the condo association minutes. You’ll get a good idea if there are insufferable individuals that drive everyone nuts or if leadership is unresponsive.
Assure-US provides insurance to the Miami Beach, FL area. Their agents work as a team to help find you the most affordable and comprehensive coverage possible. Contact us today to discuss your condo insurance needs.