Condominiums are one of the most popular housing options in Florida. They’re highlighted by enhanced safety and security features, far fewer repair or maintenance requirements, and can offer a wide variety of on-site amenities ranging from pools and saunas to gyms.
Residents also have a voice in how the entire structure is operated through voting rights. However, there are some expenses and disadvantages of owning a condo of which people are unaware. When thinking about the purchase of a condo, consider the following.
HOA fees are almost always charged to condo residents, but they often go by other names. They’re used to cover the costs of maintenance, repairs, and security systems. The monthly fees can average a few hundred to a few thousand dollars each month, depending on the condo.
Those built-in amenities come with a price in the form of amenity fees. The cost can be worth the money for individuals that regularly partake of the features, but just an extra expense for individuals that don’t use them. There may be restrictions on hours of use.
Maintenance and Repairs
Even though condo owners pay for maintenance and repair, if something goes awry, they have no control over how quickly those issues are resolved. Residents can’t just call a plumber for a leak. The condo has its own contractors. Individuals may also receive a special assessment for unexpected repairs and incidents.
Privacy and Personalities
People residing in condos live in close proximity with others and there will be a certain loss of privacy. Combined with that are the many different personality types individuals will encounter. Some people are easier to get along with than others.
Individuals will find that they typically have a variety of restrictions with which to contend. Many residents find a no pets rule that forces them to give up a cherished animal companion. Window covering and even the style and color of doors may be regulated. Noise levels and no-smoking rules are usually strictly enforced, along with where residents park.
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