Looking for a condo in Davie Florida? You’re not alone. There are many times in the real estate stages of life when a condo or townhome might just be the right choice for your lifestyle. We see a lot of condo activity for first-time homebuyers, empty-nesters and people at other stages who are looking for a low-maintenance lifestyle.
There are things you need to explore when buying a condo or townhome for sale that are different than the issues you consider when buying a single-family home. Here are some of the critical questions you need to ask before you buy:
1. Is it likely I’ll want to move within the next few years?
Condos and townhomes typically appreciate more slowly than single-family homes. Make sure you make the best investment for your future by considering your needs over the long-term.
2. Can I see the minutes from past Home Owners’ Association (HOA) meetings?
You can ask people what the most important issues facing the association are, but it’s much better to make your own determination. A quick review of HOA meeting minutes will show you the hot issues in the development and how they are being addressed. You’ll also get an idea of how the management team works.
3. Is the association involved in any lawsuits?
Whenever you have communal living, there is bound to be a dispute from time to time. If disputes between owners or between owners and the management team or developer escalate to the courtroom, you want to know. That could be an indication that the management team isn’t being responsive to the owners and managing problems before they become lawsuits.
4. What rules govern your use of the home?
Communities can have rules about pets, renting your home, adding flower beds, the color you paint your home’s exterior, among others. Make sure you have a complete understanding of the rules and whether any of them will be in strong conflict with your preferences.
5. Do I have a detailed understanding of the monthly fees and what they cover?
Different developments will include different services in the monthly fees. In one Davie townhome for sale, the association might be responsible for all outdoor areas; in others, the association maintains common areas, but you are responsible for your own yard. Some monthly fees will include utilities, others won’t. There are a number of important things you need to know about the monthly fees that could influence your purchase decision. Association fees aren’t tax deductible, so make sure you’re getting what you want for the money.
6. What insurance will I need?
Obtain a copy of the association’s insurance policy, and if you’re not an insurance pro, find one to review the policy with you. You need to clearly understand which parts of the structure of the home are covered by the association’s insurance and which repairs or damages will be your responsibility.
These are just a few of the issues you need to address when you buy a Davie condo or townhome. Other things you need to know range from the availability of parking for owners and guests, to the existence of any special assessments, and the list goes on.
Before you make a final decision, let our local market experts assist you in coordinating with the associations, obtaining the information that you need before you make a decision, and referring you to other professionals, such as insurance agents, who can help you make the best decision for you and your family. Call us at 954-242-8030 or send us an email to discuss your specific needs.