Nothing can be better than living in a luxurious condo in a paradise like Perdido Key. Waking up to beautiful views, sroilling or laying pn white sand under the sun, spending quality time with your loved ones while enjoying beachside barbecues and wine on weekends and experiencing adrenaline rush with adventurous activities and events year long – isn’t it all truly amazing?
So, if you too are planning to buy a condo in Perdido Key, you’ve come to the right place. As exciting as it may sound, house hunting is a challenge, too. You need to consider many aspects of house shopping before you make a decision. While there are thousands of condos for sale in Perdido Key, choosing the right property is overwhelming.
But no worries! In this blog, we have created a checklist that will make sure you have all information before buying a condo in Perdido Key.
Tips To Buy A Condo In Perdido Key
Buying a condo is a perfect combination of renting and owning a house. You get a safe, secure luxurious space with HOA covering many of the everyday maintenance tasks, such as building maintenance, landscaping, etc. You also get access to many amenities, such as pools, clubhouses, private gym, etc. But as every city and HOA community has its own norms, certain aspects are to be considered before buying a property.
Every HOA Charges a Recurring Fee
Not every homeowner is completely informed about Homeowners Associations (HOA’s) and their norms. These are the organisations to help manage local communities, and manage all shared amenities. What’s important to know here is these services aren’t free. Every homeowner needs to pay a certain fee to HOA. These fees create the spending budget for an HOA’s responsibilities.
It is mandatory for all to pay HOA. So, when you buy a condo house, you are required to pay this fee and follow the HOA rules and regulations for the duration of your ownership.
Condos Are Affordable Than Single-Family Homes
The reason why most homebuyers prefer buying condo over single-family homes is their affordability. This is especially true in largely populated areas where land prices are quite high. Buying a condo gives homeowners more space for their buck. Also, if you buy a 3-bedroom condo for mortgage, it will be significantly less than a three-bedroom home.
Insuring a Condo Is Less Than a Home
Besides your mortgage savings, with condos, you can expect cheaper insurance rates. This is because HOAs have the responsibility of your home’s exterior maintenance within their community. Further land, and all shared amenities are included in your HOA fee. As such, as the owner of the condo, you only have to bear the interior of the home. You simply need a bit of liability coverage, dwelling coverage, and coverage for personal property damage.
Keep Your Research Updated About HOA
You’ll need to look beyond the HOA’s rules and regulations. To assess the health of any housing community, you should look at the HOA’s budget, reserve, and how many residents are fulfilling their dues. Do not ignore warning signs such as outstanding debts, a high delinquency rate, or a low fund. These signs often indicate poor HOA management.
Not All HOA’s Are the Same
You must remember that every HOA is different. From their rules to the budget and the amenities they offer, you will find each listing different. So, if you find a condo that you are drawn to, make sure to review the HOA first.
Do not buy a property because it appears good to you; check for the rules and restrictions that may create issues later. So do your due diligence before making an offer.
Residents Have to Abide By the Rules
HOA’s have all the freedom to change and create new rules anytime they feel. So, if you buy a condo, and a new rule is created post your property purchase, you’ll have to abide by it, whether or not you like it. So, keep this in mind prior to buying a condo. However, your community has a voice and HOA isn’t an all-powerful entity. If you find a rule ‘unreasonable’ you can, along with your community, address it as a unified group.
You Can Join the Association
Yes, it’s true! Every HOA promotes community involvement. Hence, as a condo owner, you can even participate in HOA meetings and be a part of the decisions made. In fact, HOA members are the residents of your condo community. That is another reason condos are a better option than single-family homes. The HOA members are likely to be invested in making a good place to live.
SO, if you buy a condo, always participate in the association and its meetings. It’s a great way to meet and get to know other members of the community.
To Wrap Up
Living in a condo, that too, in a peaceful and beautiful place like Perdido Key is a dream come true for many. So, if you are planning for it, just keep these tips in mind and make your final move. Good Luck!