Condos are all over Florida, representing every imaginable price range. People live in them full-time, part-time or invest in them. They’re a very flexible real estate resource, but are they meant for you?
A condominium is a privately-owned individual unit within a community of other units. In general, the owner usually owns the interior of their condo and the structural components of the exterior walls. Condo owners jointly own shared common areas within the community, such as pools, garages, elevators, gyms and boat slips. Some condos are in high-rise buildings, mid-rise buildings, detached villas or semi-attached villas. In waterfront communities in Florida, you will even find condo associations of boat slips. You name it and it probably can become a condo as long as it abides by Florida condominium laws.
Condo communities are popular because they provide an easy, turn-key way of life. There is low homeowner maintenance – no lawns to mow, pools to clean or peeling paint to address. Many condo associations have secured gated entrances and some have on-site security personnel. It’s easy to make new friends and socialize if you’re new to the area. There are many affordable condo associations in Manatee County. They come in all shapes and sizes, but there are also some very high-end associations, mostly with water or beach access. Finally, condo living usually offers many amenities ranging from pools, clubhouses, barbecue areas, gyms and dog parks.
So that’s the good stuff, but what about the bad stuff? The biggest complaint about living in a condo community is the rules of the homeowner’s association. If you’re not a good, follow-the-rules kind of person, you may be in for a shock. Just about everything from trash to noise to pets to paint color to patio furniture could very well have a rule attached to it.
Also, condo associations are essentially small businesses and, in some cases, not so small. HOAs are required to maintain reserves for maintenance of the property, funded by the collection of monthly or quarterly dues. This is always the biggest cause for concern with condo owners who sometimes feel they have no real input on how much money is spent to maintain the property.
Associations are organized with an elected board of directors, and, with some limitations, they make the decisions on behalf of the community. If you don’t like what they have decided, the only thing you can do is run for the board yourself or not vote for some or all the directors at the next election. Since participating in a condo board can be tedious and time-consuming, it’s not that easy to get volunteers, so be careful what you wish for in a dispute with a board member.
Condo owners are sometimes worried about their investment since they don’t have complete control of their assets and maintenance decisions. The only thing I can say here is before you buy, go over the financials of the association as well as condo documents with a fine-tooth comb and see if this is the place for you.
I’ve written columns like this before, and I always point out that communal living is not always easy and, unless you have a “condo personality,” it may not be the right choice for you. If your neighbor isn’t quite making their trash into the trash bin and it ends up on the ground, you may not like it, but it’s one of those adjustments condo living requires. The good part is you’ll always find a friend to help you pick it up.
