Florida real estate condos are one of the best investment ventures for Canadians buying US real estate due to the simple fact that the sunshine state has a huge retiree population. When the real estate market went south, a lot of people lost their homes because they were unable to comply with the monthly mortgage payments.
The result? Literally thousands of properties available for the picking at very good prices. Fort Lauderdale real estate, for instance, has hundreds of condominium units for sale. As this area was home to a bustling real estate market during the peak of the housing bubble, there are many prime models that used to sell for top-dollar but are now more affordable to the average investor.
Do an Ocular Tour of the Property
If you are contemplating buying a condominium unit in sunny Florida, don’t just rely on the pictures that you see online and take them at face value. You must understand that many of these condo units have been under the foreclosure chopping block.
For that reason alone, you need to do an ocular inspection as there is still a backlog of cases that have yet to see their day in court. Many units have fallen into disarray and may require some fixing up in order to be livable. While many banks sell these properties on an “as is” basis, you can still negotiate and make a good offer based on how much money you need to put into the property for refurbishment purposes if necessary.
Considerations to Keep in Mind
When choosing a Florida condominium unit, it may be wise to select one that actually fits your budget and lifestyle. You might ask yourself if you plan to stay here nine months out of one year? This will play a role on how much maintenance you need to put into the unit because Florida condo unit associations have certain guidelines on upkeep that should be complied with. Not to mention fees that you have to cough up for maintenance, security, and use of amenities. Factor all of these into the equation before you make your final decision.
As a general rule, condominium units that are closer to the metropolitan areas and the coastlines cost much more than say those that are located farther inland. This is because of the fact that you are paying for the scenic panoramic views of the coast and the availability of amenities and job opportunities in major cities.
Going Inland
The common misnomer is that if you choose a Florida condo unit located farther inland, you won’t have access to spectacular views. This is not true at all. While it is true there is a premium to be paid for oceanfront views, you could still enjoy other natural bodies of water like rivers and lakes that are located more in the central portion of the state.
Quality of Amenities
This is an important consideration that you need to take into account when considering Florida real estate condos, because this will affect how much you would be paying each month in association dues. Ask yourself if you need a condo that has access to a golf course if you yourself don’t golf, will never be interested in golf, and won’t ever play golf at all. If you don’t want to pay for an amenity that you’re not going to enjoy, choose a condo that does not have this as one of their offerings.
A word of warning: condo associations in the US have garnered a reputation of suing their members for non-payment of association fees and won. It is in your best interest not to clash with them because you will likely be in for a long battle that you will most likely lose. Therefore, before making any purchase, ask around and get feedback so that you’ll know what to expect once you move in.
For more information on Florida real estate condos, consult the experts at: www.stevemartel.com
