What do you need to know about buying a condo on 30a
One of the very first questions a Homes On 30A agent will ask a prospective buyer is ” are you interested in a home or a condo’? Most people are quick to answer this question. Seems that most people either like the idea of owning a condominium here at the beach or they don’t. Condominium ownership is not as popular as it was over the past few decades but there is still a significant amount of buyers looking to purchase a condominium . As with any decision a buyer might make in a purchase, there are pluses and minuses to buying a condo vs. a single family dwelling ( house ). Here are a few very important points to remember.
One of the first issues to consider is financing. There were many condominium associations ( homeowner/management associations) that found themselves in financial trouble when the market crashed back in 2005. Owners who became delinquent in paying dues or fees plunged these associations into financial difficulty and this has had a direct effect on whether or not a lender would lend money on a purchase or not. Personal bankruptcy’s and subsequent litigation that can arise is also a red flag to lenders. Many condominium associations have re established strong reserves and the financial conditions have improved. There still remains, however, “lists” of condominiums here along 30A where financing is not possible. As agents, we are always quick to recommend that buyers use local lenders here when financing a purchase and especially so when purchasing a condominium. Local lenders are far more in touch with the financial strengths and weaknesses that exist and can anticipate possible problems far better than out of state lenders.
The HOA dues that come with owning a condo here seem especially high to first time condo buyers. However, these fees include all maintenance and upkeep to the buildings and common areas and include comprehensive insurance coverage on everything except the interior of a unit. Many condo HOA’s also include basic cable, water/sewer, trash pick up etc. There are also “on property” amenities available in most condominiums such as swimming pools, health spa facilities, meeting and special event areas and great beach access just to name a few. When owning a free standing house, you are responsible for your own maintenance and insurance coverage as well as these other miscellaneous fees. Always ask about what specifically is included in the HOA fees as they vary from one condo to the next.
Condominium ownership allows for a “lower maintenance” commitment from owners, especially out of state owners who like the security of knowing there is someone always around to handle these matters. This is a private choice that only you can make when deciding what to buy. As always, your Home On 30A agent is expert in helping you make the right decision.
