Interested buyers in Florida are often recommended to purchase a condominium instead of a home. This is sound advice especially since most buyers are potential seasonal residents who won't be around all year. If you are planning to move to The Sunshine State, here are some tips in buying a beach condo.
Financial Strength
Study the financial strength of both the condo unit and the association. Associations should have proper reserve funds to ensure that when their amenities need replacing or repair, there will be sufficient funds present. If these funds are not adequate to pay for the maintenance of the building's amenities, it would require the association to take out a loan which unit owners would have to pay. Know how much the association fee is and take it into account when you make a purchase.
Insurance Costs
Insurance costs vary depending on your location in Florida. Research the insurance costs and availability before entering into a contract for a condo. Some beaches in the state are located on barrier islands which pose additional challenges in obtaining a traditional all-peril insurance policy.
Beach Condition and Access
If you are to live near the beach, consider aspects such as sand quality, the width of the beach and the condition of natural elements. In Florida, beach erosion is a common problem especially after strong storms. Although the state and local governments do their best to maintain beaches, it helps to do your research. Study up on the history of beach erosion and maintenance in the area where you are planning to purchase a condo. The last thing you want to worry about is a disappearing beach.
Additionally, it is important to take note that there are two kinds of beaches in Florida, public and private. Some buildings' property lines extend all the way to the water and are surrounded by similar properties. However, this won't guarantee that the public won't use the beach behind your condo. If you want to live in a secluded area, look for a building with a private beach for peace and privacy.
