The Pros and Cons of Condos
Condominiums offer an attractive option to single-family homes on the Islands. There are many complexes from which to choose, which range in price, size, amenities, and location (on the beach or near the beach). But consider these facts before you buy:
Storage. Some condos have storage lockers or rooms, but usually there are no attics, and definitely no basements on the islands to store belongings.
Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you dislike yard work, this may be the perfect option for you. Many condos do have large areas, even clubhouses, that can be reserved for that group gathering or party.
Amenities. Most condo properties have swimming pools, fitness centers, tennis courts and other facilities that would be very expensive in a single-family home. This is a great selling point for condo ownership.
Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let workers in when you're not home. Another good selling point for the part-time resident.
Security. Many condos have keyed entries and/or even door attendants. Plus, you'll be closer to other people in case of an emergency.
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 upon by the condo board, whether you're interested in the amenity or not. Be sure to request the budget and HOA records for years previous to find this information. We always do this for our clients.
Resale. The ease of selling your unit is more dependent on what else is for sale in your building, since units are usually fairly similar. Single-family homes usually are more individual.
Freedom. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit/limit pets. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.
Proximity. You're much closer to your neighbors in a condo. If possible, try to meet your closest prospective neighbors before making a decision.
Rental/Investment. One thing that is worth considering in a condo purchase is whether you want the condo in a "Rental Program" or not. You most likely will not cover your entire expense of condo ownership, but you can defray some of the cost. Typically, rental management companies take 15-20% from the rental, but do all the work for you: cleaning, advertising, bookkeeping, maintenance, etc. Most, but not all condos on Sanibel can be rented for 1 week minimums, or 52 times a year. Again, this typical but not hard and fast.
Before making that final decision if condo ownership is for you, either as an Investment property that you may use occasionally, or as a full-time resident, find out all you can about the complex. We have worked with condos on the buying and selling side, and will help you with all you need to know.
Give us a call if you want to discuss condo ownership or have one to sell. We will make it happen for you!
In the coming months we will offer lots of tips on financing, credit scores, home inspection, property tax, and just about anything that deals with our favorite topic...Real Estate. Till then...
