Does buying a condo make sense?

Yes, condos generally appreciate in value. That’s true of any piece of property—as long as it doesn’t have wheels or come from a trailer park. But, if you’re trying to decide between a condo or a house, keep in mind that a single-family home is usually going to grow in value faster than a condo will.

Are there any misconceptions about buying a condominium?

A condominium can provide a less-expensive entry into the housing market, and is also a low-maintenance downsizing option for seniors. However, misconceptions about condominium ownership abound, which can often keep potential buyers from considering them as an option. They can also leave condominium owners frustrated by condo living.

Who is the owner of the common area in a condo?

In a condominium (commonly known as a condo), some parts—such as your residence—are owned privately. Others—such as common areas—are owned collectively by all of the condominium’s owners. A less technical way to think of a condo is as an apartment that you own.

Do you have the right to make changes to your condo?

So, while you have the right to make changes to your unit (whether good or bad), you won’t have quite as much free rein as you would in a house. You may not have the option of making changes to the plumbing or electrical by yourself, as most condo rules require the use of a qualified professional.

Do you have to pay for common property in a condominium?

You also may not have control over the portions of your unit that are referred to as “common property”, which may include windows, patios and balconies. This communal ownership also means that you’ll have to pay condo fees, which are used to maintain the property.

When do you buy a condo do you become a homeowner?

A Condo is Just Like Home Ownership This is a tough one. When you buy a unit in a condominium, you do become a homeowner and gain access to most of the rights that come along with buying a freestanding property.

Can a seller sell a condominium in Florida?

(Section 718.503, Florida Statutes) The seller of a residential condominium resale does not have a set amount of time in which to provide condominium documents to the buyer.