Property Investment

Pros & Cons of Condo Ownership

Like a single-family home there are advantages and disadvantages to owning this property. Condo ownership is no different. Consider the pros and cons of buying a condo before you make a purchase.

  • Condos need less maintenance. Owning a condo here in Florida, especially for those who live outside the state, is a great way to reduce the amount of maintenance you’ll have to do. A condo may be the best option for you if you are looking to escape to the sun and not have to do a lot of work each time you visit.
  • Privacy: If you live in a building that has a guard or gated community, privacy may be a problem. One time, I lived in a condo on the beach that had a security guard as well as a doorman. This required that all guests be called in, including pizza delivery.

I loved living there as a single woman. However, it was difficult to believe that everyone knew about my terrible habit of ordering pizza. It was very large and on the water, so everyone did their own thing. I didn’t really notice my neighbors. However, you have to give up privacy when you share common spaces.

  • Shared expenses Each unit owner is responsible for repairs to the common areas and the overall structure. The state may require a 40-year renewal of the building’s certification in certain areas of Florida (Dade County and Broward County).

The building’s 40-year inspection is done to make sure it is safe to withstand hurricanes as well as structurally sound. The 40-year inspection also includes a review of the electrical systems and elevators.

In my 11 years of real estate sales in Miami, I have never seen a building complete all major repairs without having to assess the owners. These are the only two counties that have met the 40-year certification requirements as of the writing.

  • You must follow the rules. The condo board or management company will enforce the Covenants, Conditions and Rules mentioned earlier. If the unit below you plans to hold a party at 3 am, you will be happy they are there. If you are unable to have a pet because it is important to your building, then you can’t.

This post was written by a real estate expert from the Dotoli group. Josh Dotoli is Paramount Residences #1 Selling Realtor with nine sales in 2021, 3x more sales than any other Realtor selling in the building. The Paramount Residences enjoys a prime beach area location. It is a Ft. Lauderdale oceanfront condo located across from the be