Orlando Condo

The Top Five Things to Consider when Buying an Orlando Condo

First-time homebuyers are known for keeping their options open, especially in today’s market. Orlando condos offer a number of advantages over detached homes and can help build equity. Homebuyers should weigh their options and decide if one of the many Orlando condos is right for you:

Ownership
When you buy an Orlando condo, you do not actually own the structure. Unlike owning a home, you may not be able to alter or change the physical layout or make improvements without approval from the condominium association. However, neither can your neighbors (preventing them from doing something that might damage your home’s value). Be sure to consider your comfort level with this type of arrangement and evaluate whether the condo you have in mind will meet your long-term needs.

Fees and Service Charges
Understand your relationship with the condo association. These groups typically charge various fees to cover maintenance and amenities, replacing the fees you might have to pay directly. Budget for expenditures over and above your mortgage.

Management and Operations
Take time to speak with a few residents to get a feel for the upkeep of the property and grounds. Pay special attention to the minutes of condo association board meetings to see if any owners have voiced concerns or complaints.

Association Financing
Check into the finances of the condo association. Do they have funding in reserve? Will you be protected from future financial difficulties if the association has issues? Are there a lot of vacant or foreclosed units? A large number could signal rising fees to compensate for lost revenue.

Location
Carefully evaluate if your condo is in an area that is right for you. Do you want something close to work, school or a downtown shopping district? Do you need access to public transportation? Is city or beach living more your style? Most Orlando condos are well situated, but only you can decide whether the location is ideal

Lifestyle and Values
Before you commit, be sure to do adequate research and consider if the rules and ambiance of the complex suit your style. Do you agree on pet regulations and on quiet times? Can you live with rules on how you can decorate indoors and out? If you feel uncomfortable with any of the regulations, you should reconsider and search for another complex.