Buying a first home is an exciting time for anyone as you finally have a residence that you can call your own. Many first-time home buyers in Florida are drawn to condos given their price, the number of developments available and the amenities. Before you decide to buy one, you should thoroughly assess whether this type of residence is right for you.
Advantages of condos
Condos are great for individuals and couples who are ready to own their own homes but don’t want all the responsibility that comes with a single-family home. Generally, condos are smaller, more affordable spaces that provide first-time buyers with an entrance into the housing market. Many, but not all, condo complexes offer security and other perks, such as onsite gyms and fitness classes, pools and spas, clubhouses and desirable locations.
Drawbacks to condo living
If you value privacy, condo living may not be for you as you’ll share walls and ceilings with your neighbors. Another important consideration is that you will have to live according to condo law, meaning you’ll need to live by the association’s rules governing what you can and cannot do with your property, which may not align with your ideals. Some developments also have steep condo association fees.
Condo associations should protect your investment
All condo associations are governed by a board of directors responsible for overseeing maintenance and repair of your building and the development’s common areas. The condo board should be dedicated to maintaining the value of your property.
Sometimes, disputes arise between condo owners and the associations that govern their buildings. If the condo board fails to maintain a safe environment or neglects their duties in other capacities, you may have a legal case against them, especially if the dispute results in injury or damage.