Information You Need When Buying a Condo
Caveat Emptor, “Let the Buyer Beware”
Alabama & Florida are “buyer beware” states that require diligence by the buyer – always work with an agent that will protect your interest. Other important considerations…
Membership in a Homeowner Association (HOA) is mandatory – HOA members are subject to special assessments by the Board of Directors (BOD).
Poorly maintained components such as the roof, building-envelope, elevators, etc. can cost HOA members $1000’s.
Legal issues such as lawsuits & foreclosures can expose condo owners to significant liability.
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.
Can save you money by identifying defects, while documenting the condition of the property.
Peace of mind, no one knows when a component will fail.
Investing in resort real estate is complicated – contract negotiations, tax-exchanges, income-analysis, HOA issues and other considerations. If you’re buying resort property or have a question regarding real estate, I can help – contact me.