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Buying a Condo 101

Florida Real Estate

Investing in a Florida Condo

Caveat Emptor, “Let the Buyer Beware”

Real Estate Investing in Destin, Perdido Key, Panama City Beach, 30A, Pensacola, Fort Walton Condos

Florida Property Owners and their agents are
not required to discover & disclose adverse conditions.
Important considerations…

· Homeowner Associations

Membership in the condominium Homeowner Association (HOA) is mandatory – HOA members are subject to special assessments by the Board of Directors (BOD).

· Lifestyle Restrictions

The Covenants, Conditions, Restrictions (CC&Rs) and Rules may not fit your lifestyle – a variety of restrictions can control the use of your condo, and may include restrictions on decorating, renting the unit, pets, visitors, use of common areas, etc.

· Common Property

Poorly maintained components such as the roof, building-envelope, elevators, etc. can cost HOA members $1000’s.

· Legal Issues

Legal issues such as lawsuits & foreclosures can expose condo owners to significant financial liability.

· Financial Planning

Poor planning by the BOD can lead to a depleted Reserve Fund, requiring HOA members to fund the repair & replacement of common property via special-assessments.

· Property Defects

A Home Inspection can save you money by identifying defects, while also documenting the age and expected life-span of the major components and systems.

· Peace of Mind

A Home Warranty provides peace of mind, it makes sense for everyone – no one knows when a component will fail.
It’s important to work with someone that has experience with the various issues of owning a condominium. If you’re interested in buying resort real estate, I’m a consumer advocate with a lifetime of real estate experience – contact me.
Lic. Real Estate Broker, Home Inspector, HOA Manager
· Wayne Moore
· Licensed Real Estate Broker
· Licensed Community Assoc. Manager
· Reg. Environmental Property Assessor, NREP
· State Cert. PCO – Termites-WDO-Household
· Commercial Real Estate Inspector, FREA
· Florida Wind Mitigation Cert.
· Licensed Home Inspector