Real Estate Investing
Buying a Condominium 101
Beach Resort Property
“Let the Buyer Beware“
Homeowner Associations (HOA)
Condo owners are required to be members of the Homeowner Association, the Board of Directors (BOD) have the legal authority to issue special assessments & fines, place a lien on a property, and even foreclose.
More Info: Homeowner Association 101
The Covenants, Conditions & Restrictions, and any rules implemented by the BOD, restrict the use of a condominium, e.g. decorating, rentals, pets, visitors, use of common areas, etc.
HOA members own an undivided share of the common property and are responsible for an equitable portion of the repair and maintenance expenses; poor maintenance of the facility can result in $1000’s of unexpected expenses.
HOA’s should have a periodic reserve study performed to assess the physical condition of the property and ensure the reserve fund is equitable & meets the future needs of the community.
In addition to general liability insurance, the HOA should have a Directors and Officers Liability Insurance Policy payable to the Association, as indemnification for losses resulting from negligence, fraud, or conflict of interest by the BOD.
More Info: Board of Directors 101
An Inspection can save you money by identifying defects, and documenting the age, condition & life-span of the major systems.
*The Seller or Agent should reimburse you for the cost of an inspection.
Peace of Mind
A Home Warranty offers peace of mind, it just makes sense for everyone – no one knows when a component will fail.
*The Seller or Agent should provide you with a warranty.
Always work with someone that will protect your interest, and has experience in the various issues of resort property.
I’m a consumer advocate with a lifetime of real estate experience, if you’re interested in buying resort property, I can help – contact me anytime.
· AL Lic. Real Estate Broker
· AL & FL Lic. Home Inspector
· ASHI® Certified Home Inspector
· FL Lic. Community Assoc. Manager
· Florida Wind Mitigation Certificate
· Cert. Manager Community Assoc., CAI
· Reg. Environmental Property Assessor, NREP
PreferredPartner™ · Smart Choice
- Protects Your Interest
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