If you’re considering buying a condominium in Gainesville, Florida, there are several key aspects to keep in mind. Here’s are 10 things to know about buying a condo:
- Should you rent or should you buy? – Renting will cost a minimum of $450 to rent a room up to $2000 or more for a full unit. Keep in mind these prices vary season by season but don’t seem to be going down much currently. That means you will be paying on average $10,000 to $12,000 annually just for rent. That might not include utilities, internet, etc. For that reason when you look at renting for 4 years or so, buying could save you money or even become an income source. Every situation is different and we can help you figure that out.
- Lending is very different with a condo – Gainesville has a robust condo market due to the huge number of students at UF. Therefore, many condo complexes have non-owner occupied units and multiple units owned by the same person or entity. Those dynamics affect the types of loans available and it varies by complex. We can help you find a local lender with the experience to help you in these specific circumstances.
- When you are ready to buy, be ready! – If you are going to get a loan, get pre-qualified before seeing any properties. The pre-qualification letter is expected with a written offer. iDon’t let minor updates keep you from getting the unit you want. It gets competitive in season and once a good unit at a fair price gets to market, you won’t be the only one who is looking it over. Remember, you get to inspect the unit after it goes under contract so you have options.
- Ground game matters – In market intel is a must have when searching for condos. Every complex has strengths and weaknesses that we can help you navigate. Pictures can tell you a small part of the story about a unit, video even more, but there is nothing like having an advocate to personally help get answers to the questions that matter most to you. Don’t go it alone.
- Understand Condominium Ownership – Of the 10 things to know about buying a condo, this is one of the most important. Owning a condominium means you own your unit within a larger complex or building. You’ll typically have shared ownership of common areas and amenities with other unit owners. It’s essential to understand the rights, responsibilities, and rules associated with condominium living, as outlined in the condominium association’s governing documents.
- Review Condominium Association Documents – Before making a purchase, carefully review the condominium association’s documents, such as the declaration of condominium, bylaws, and rules and regulations. These documents outline the rights and obligations of unit owners, restrictions, maintenance responsibilities, and association fees. Pay attention to any specific rules or restrictions that may impact your lifestyle or intended use of the property.
- Assess Financial Health of the Condominium Association – Evaluate the financial health of the condominium association by reviewing its budget, reserves, and financial statements. A well-managed association should have sufficient reserves to cover major repairs and maintenance. Additionally, consider the association’s history of fee increases and any ongoing or planned special assessments. We will help you with this.
- Understand Condominium Association Fees – Condominium associations typically charge monthly fees to cover maintenance, repairs, insurance, and management of the common areas. Ensure you understand the amount of the fees, what they cover, and any potential changes in the future. Factor these fees into your budget to assess the overall affordability of the property.
- Obtain a Professional Home Inspection – Just like with any other property purchase, it’s crucial to conduct a thorough home inspection of the condominium unit. Hire a qualified inspector to assess the condition of the unit, including its systems, structure, and any potential issues. The inspection report will help you make an informed decision and negotiate repairs or credits, if necessary. We can recommend good local inspectors as well.
- Review Insurance Coverage – Ensure you have a clear understanding of the insurance coverage provided by the condominium association and what you’ll need to secure as a unit owner. The association typically covers the common areas, but you’ll likely need to obtain separate insurance for your unit’s contents, liability, and potential additional coverage.
The Harder home team is very experienced with condominium purchases in the UF area and all of Gainesville. There are actually more than 10 things to know about buying a condo, so our ground game is essential to make the process stress free. Reach out today and let’s talk about your search.