Sarasota FL Condo Considerations
The Sarasota FL condo market has deceased in value faster than single family homes, so there are many good buys.
If you have never owned a condo- here are some things to consider:
Storage- Florida homes in general lack storage as basements are almost non - existent. Some Sarasota FL Condo's have garages but many don't. Many offer storage lockers either located in an outdoor locker next to the unit or somewhere else on the property. Make sure there is enough to suit your needs. If you are buying a Sarasota Condo, consider storage for beach chairs, bikes and grill equipment.
Outdoor space Check out the rules for using outdoor space. For example, does the condo association allow outdoor grilling? Can you entertain guests outside after 10:00 PM? What type of cars are allowed to be parked overnight? Many associations do not allow commercial vehicles.
Amenities Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home- However, the fees for facilities usage can vary widely and joining the local gym may be a less expensive option.
Number of Condo Units If the number of units in the condo is small, the cost of repairs and maintenance can be higher than in condo's with a lot of owners where the costs of repairs can be spread out over more owners.
Security Many condos have keyed entries and or even doormen. It is not uncommon for gates to be left open during the day and closed at night. If security is very important make sure you are clear as to how it is handled.
Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, whether or not you’re interested in the amenity or not. To pay for large repairs Condo’s may also assess owners to cover the cost of repairs. When checking the budget, determine how much money is in the reserves and what are the condo's plans for its use? Particularly pay attention to when roofs and driveways need to be replaced.
Renters VS Owners - Many of the Sarasota Condo's were bought by investors when the market was at rapidly accelerating. What percentage of the condo has owners living on the premises. This is a question you can ask the board. A lot of renters is not good for property value. However, if you want to use your condo as a second home and rent it out when you are not using it then having the ability to rent your condo is important. These rules are disclosed in the condo documents and sometimes on the MLS Listing.
Sarasota FL Condo's are governed Florida Statute (718) which governs the use of condominiums and by the condo documents on file with the state. Although you have a vote, the rules of the condo association can affect your ability to use your property.
Your review and acceptance of the condo documents (Declaration of Condominium, The Articles of Incorporation, ByLaws, Rules of the Association and a copy of the most recent year end financial) is one of the contingencies that is part of the contract of sale. Download the FAR Residential Sale and Purchase Contract: Comprehensive Addendum A .
Search Sarasota FL Condo's.
Have we answered your question? If not, ASK US! See our list of home buying questions.