Condo Facts for Home Buyers
When you’re looking to buy a luxury home in Sarasota, you have plenty of choices. One of them is a condominium. Condos are a low-maintenance lifestyle choice attractive to active adults who want a home without house and yard chores.
What is a Condo?
As you may already know, condominiums are buildings in which individuals own the airspace and structures inside their unit as well as the surfaces of floors, walls and ceilings; but they jointly own an interest in the common areas that they share such as the elevators, hallways, dividing and outer walls, swimming pool and parking lot. Maintenance of common areas and allocation of funds becomes the responsibility of a condominium association.
The Condo Association
Every owner has a share or interest in the association, plus an obligation to pay monthly dues or special assessment fees for larger maintenance costs. Decisions are typically made in monthly board meetings, so active participation in meetings and discussions may be beneﬁcial.
Condominium Declaration and CC&Rs
Condominiums are governed by the condominium declaration as well as by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). These two documents set forth rules that must be followed by the condo owner. They may impose restrictions on pet ownership, remodeling projects, and leasing of the condo. CC&Rs must be disclosed prior to the sale of a condo. Taking title to a condo is viewed as the agreement of the owner to abide by the CC&Rs and the condominium declaration.
Searching for the Right Condo
Looking for a condo involves the same process as shopping for a single-family home. You can start your search online to get an overview of what’s available. Once you have a general idea of what you’re interested in, going to a real estate agent can be a great way to find out about properties that you might not be able to find on your own.
Buying a Condo
It’s not just the sales contract that you have to peruse when buying a condo. You also need to request and read the documents that stipulate the rules and management of the complex. You need to make sure that the rules, restrictions and fees fit your lifestyle.
Buying a New Construction Condo
With regard to new condos, developers do not generally retain a long-term interest in a building. However, the work that they put into it is important. Learn what you can about the developer and similar projects completed.
From the ground up, new construction condos oﬀer advantages over resale condos:
Fixtures, finishes, and flooring.
Everything is Brand New
There should be less chance of repairs in the near future.
New construction typically includes the latest building technology and materials as well as the latest home automation
Sarasota Luxury Condo Market
An ideal setting for the good life, Sarasota has an active luxury condo market. A variety of new condo developments are going up to meet demand. Work with a local, professional real estate agent who can keep you up to date on the latest developments.