Florida Condo Concerns
This page outlines common concerns related to condo ownership. The Buying Tips page shows how prospective buyers can learn more about many of these concerns.
- Condo association fees: Condo owners are responsible for paying monthly or annual condo association fees, which cover maintenance and other expenses. Affordable fees can be a source of concern for some. Developers sometimes have a reputation for absorbing costs while trying to sell units. Fees often rise after developer turnover.
- Property damage: Damage from storms, flooding, and other natural disasters is a concern for many Florida condo owners, particularly in coastal areas.
- Insurance: Condo owners need to have adequate insurance coverage for their unit and belongings, but finding affordable insurance can be challenging.
- Maintenance and repairs: Condo owners are responsible for maintaining their units and are often required to pay for the upkeep of common areas.
- Security: Condo owners may worry about the safety and security of their property and belongings, particularly in urban areas. Read the governing documents to understand what you the association provides for security.
- Rental restrictions: Some condo associations may have restrictions on renting out units, which can be a concern for those who want to generate income from an investment property.
- Resale value: Condo owners may worry about the future resale value of their property, which can be problematic if the condominium needs repairs but has not adequately funded reserves to pay for the repairs.
- Noise: Condo living can be noisy, particularly if units share walls or floors. Condos may not be a good match for those who want maximum peace and quiet.
- Special assessments: Condo owners may be required to pay special assessments for major repairs or upgrades to the building or development, which can be an unexpected expense.
- Condo association rules: Condo associations may have strict rules and regulations regarding everything from parking to pet ownership. Condos may not be a good match for those who value their independence and freedom.
Some Florida condo buyers wish they had better understood potential areas of concerns before making an offer to buy a condo.
Prospective condo buyers should, if they don't understand how to assess condo living or potential areas of concern, engage licensed and reputable attorneys and advisors to guide their buying decision.