Resort Real Estate : Buying a Condominium
Caveat Emptor, “Let the Buyer Beware”
Property Owners are not required to
discover & disclose unknown conditions.
Important considerations…
Homeowner Associations
Membership in the condominium Homeowner Association (HOA) is mandatory – HOA members are subject to special assessments by the Board of Directors (BOD).
Common Property
Poorly maintained components such as the roof, building-envelope, elevators, etc. can cost HOA members $1000’s.
Legal
Legal issues such as lawsuits & foreclosures can expose condo owners to significant financial liability.
Financial
Poor planning by the BOD can lead to a depleted Reserve Fund, requiring HOA members to fund the repair & replacement of common property via special-assessments.
Defects
A Home Inspection can save you money by identifying defects, while documenting the age and expected life-span of the major components and systems.
Peace of Mind
A Home Warranty offers peace of mind, it makes sense for everyone – no one knows when a component will fail.
Lifestyle
The Covenants, Conditions, Restrictions (CC&Rs) and Rules may not fit your lifestyle – a variety of restrictions can control the use of your condo, and may include restrictions on decorating, renting the unit, pets, visitors, use of common areas, etc.
It’s important to work with someone that has experience with the various issues of owning a condominium. If you’re interested in buying resort real estate, I’m a consumer advocate with a lifetime of real estate experience – contact me.
Wayne Moore
· Licensed Real Estate Broker
· Licensed Community Assoc. Manager
· Reg. Environmental Property Assessor, NREP
· State Cert. PCO – Termites-WDO-Household
· Commercial Real Estate Inspector, FREA
· Licensed Home Inspector
