South Florida is a vast area with a tropical waterfront lifestyle right here in the USA. This paradise is filled with condominiums from single story to high-rise buildings, on land or on one of the many waterfront communities we have to offer you. There are many cities throughout our region that the Realtors of the Henri Frank Group at ONE Sotheby’s International Realty can assist you. We are knowledgeable of the many buildings available to you.
As with any real estate purchase, the first thing to do is to determine whether you are going to purchase with cash or a mortgage. That will establish your price range. Once you’ve decided your price range, then we determine the area you would like to live. Based upon your list of amenities and features most important to you, we can present all of your options.
Our over 20-years of experience selling South Florida real estate we can educate you on the many gorgeous luxurious properties, whether it is Broward County, Miami-Dade County or Palm Beach County. The Henri Frank Group can help you answer the many important questions you should be asking before making a decision to even consider a purchase.
You will want more information about a specific building, contact us. We can give you a full list of each building amenities, the condominium fee, the condition of the building, etc. There is more to purchasing a condominium or coop in South Florida than you may think. Below are some of the most important things for you to know when purchasing a condominium in South Florida and the answers can help you determine whether a condominium community is right for you:
- The age, and if over 40-years old, has the 40-year inspection of the building been done? This is probably one of the most important questions to ask. Each building in Florida that is 40-years or older must be fully inspected. The structure is inspected to be sure no concrete restoration is necessary, the electrical system, the roof, the windows, the plumbing, the elevator and more. All of this is to ensure the safety of its occupants. And with so many buildings we’re familiar that have had their 40-year inspection, it can be costly to get the building restored and up to the current building codes. An especially expensive part of the inspection is the concrete restoration.
- What is the reserve fund in the Associations budget? This can be critical to your purchase. There are only certain maintenance items that can be paid by using reserve funds. Elevator, if there is one, the updating and or replacement can be a part of the reserves. The roof, the exterior painting, the parking lot, the yearly insurance are other line items that are a part of the reserve funds.
- Are there any special assessments currently on the books of the Association? This can impact the purchase of the condominium. Some special assessments are low and some are high, and you must know the answer to this question. And for what are the special assessment(s), if any.
- What is the financial stability of the Association? Are the unit owners paying their association dues on time and if not, how late are they paying their monthly fee?
- If the condominium community allows unit owners to rent, what is the rental policy? What portion of the units in the building are currently being rented?
- What is the pet policy of the building?
- The Association Board of Directors are an extremely important component of the Association. Who serves the Board of Directors? What is their experience and time served on the Board?
- Is there a property management company consulting the Board of Directors and unit owners? This can be very important to know. Is the property management company collecting the monthly condominium fee and depositing into the bank account of the Association? This keeps the communities financial stability strong and robust.
- Is there any legal actions against the condominium association, both current or in the past?
Answers to these questions will also depend upon the ability to get a mortgage to purchase in a South Florida condominium community. Typically, the list price of a condominium is reflective of its financial solvency, its condition and the way it is managed. We strongly encourage you to use the services of Realtors who have the experience and above all the knowledge important to you and your investment. Henri Vezie and Frank Vigliotti, Realtors and co-founders of the Henri Frank Group can help. We look forward to you contacting us to purchase or sell your condominium.