Should you buy/rent a condo? Five things to consider before you decide.
While owning a single-family home might be the dream for many – not everyone wants to take on the many responsibilities that come with owning a home.
That’s where owning (or renting) a condo comes in!
Purchasing a condominium is another great way to build equity and generally requires less money as a down payment, which could make the process more affordable.
Because living in a condo has many of the same benefits of being in a single-family home, some potential condo homeowners (and renters) are shocked when they are informed of the Home Owners Association (HOA) rules and regulations that you must abide by.
However, don’t let these rules become an unpleasant surprise when searching for your perfect condo!
We’ve come up with a list of top 5 “know before you go” items to consider before committing to your future condo:
- Your pet may or may not be allowed…
Do you have a dog that weighs more than 50lbs? He/she may not be welcome in certain condo communities. Many people tend to forget each condo association has varying pet restrictions (size, breed, number of pets.) If you’re a pet owner, it’s wise to be aware of the pet restrictions before you get too invested, only to find out you can’t live there.
- Designated parking spaces.
How many vehicles are driven in your family? Depending on your condo association, there are certain factors that determine the number of parking spots designated to you (location, number of bedrooms in your unit, etc.) Be sure to consider how many spots you need vs. what’s allotted to you.
- Noise Restrictions.
When living in close quarters with others, it only makes sense to have quiet hours. Generally, most quiet hour restrictions are from 10PM to 8AM; and dependent on your lifestyle, these may or may not be an issue, but it’s something to be aware of.
- As an owner, you may not be able to rent your condo…
This can be one of the most shocking restrictions when looking to purchase a condo. Many condo associations have restrictions on the type and amount of short-term rentals for the entire building. If you’re purchasing a unit in hopes of earning cash through renting, double-check to make sure it’s allowed by the governing HOA.
- You might have to cover your floors…
Dependent on which level you’ll reside on and if you have hardwood floors or not, you may be required to cover them up to reduce noise. Nearly every multi-story condo building will require every owner to cover at least 80 percent of the floors. Although this may seem like a tough rule to enforce, if you live above or below someone who makes excessive noise, you can be certain someone will complain and the rule will be enforced. Bottom line: be respectful of those in your community.
Another item not to forget about: condo insurance!
Before purchasing condo insurance, it’s important to learn what parts of the interior will not be covered by the association’s policy and what you’ll be responsible for.
If you’re interested in obtaining a condo insurance policy, or have questions about specific coverage’s, contact the Pettineo Insurance Agency at 954.493.9424 or visit our website, pettineoinsurance.com
Pettineo Insurance Agency Inc. provides condo insurance in Fort Lauderdale, Lauderdale-By-The-Sea, North Lauderdale, Pompano Beach, Oakland Park, Boca Raton, Deerfield Beach, Hollywood, Sunrise, Coral Springs, Pembroke Pines, Sunrise, Tamarac, Plantation, Lighthouse Point and all of Florida.
