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I had one client who found out on the inspection that the roof on the town they were buying had worn considerably faster than it should have and was going to need replacement even though it should have lasted another 3-5 years. To avoid this you must get a copy in the association’s most recent financial statement and review this during the time period allowed. You should also find right out of the association what percentage with owners are behind on their dues. Condo communities that were integrated Florida during the boom or were ‘condo conversions’ in the boom years are seeing a great deal of foreclosures due to may be sales that were to investors and as a result of drop in values. If too many people not paying their dues it can result in an increase in dues to your owners that are paying to hide the annual expenses. This is something that’s seen more in areas like Miami but is usually something I have seen in a few complexes in this region.
One local complex where buyers produced the mistake of not necessarily verifying the association experienced adequate reserves were assessed 1000s of dollars when their roof, windows Fletcher Cox Elite Jersey , railings and carports had to be replaced a few a long time back. That, on top of the decline in property values since 2006 ended up being very costly to those owners.
The 3rd costly mistake is trying to buy a property without the need of a good buyer’s representative (realtor) addressing you. It is easy to have a deal go sour if either the buyer or seller gets worried about something and there is no “cushion” to temper that coming to the other party. Some states like Nyc require that both buyer and seller present an attorney representing them for the majority of the process after a buyer chooses a property they would like to put an offer in on. Florida does not, although you can present an attorney represent you in the event you choose. So when buying a property in Florida you can proceed with no one representing you but if you don’t know all the details of the process you are at risk of making mistakes that can result in unnecessary costs, losing ones deposit, losing the property you ought to buy and other problems you could have easily avoided.
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