There are a plethora of real estate offerings in Indian River County and Brevard County. And in your search for your dream home, you’ll want to include condominiums among your options.
In this post, you’ll find necessary information about condominiums, from its basic features and characteristics, pros and cons, and why a condo unit can be a solid real estate investment.
What is a condominium?
A condo is a real estate development composed of several units that are privately owned. These individual units are connected by common areas, which are free to be used by all of the condo’s tenants (and sometimes their guests, depending on the rules).
Condos come in different arrangements. The most common one are apartment-style condos, which could be low-rise, mid-rise, or high-rise. There are also what we call “detached condominiums,” which look like single-family homes. In lieu of corridors and hallways, the common areas of detached condominiums are streets, yards, and other amenities. These, along with other utilities, are maintained through HOA fees and the property management.
Condos are owned outright. Whether you choose to make it as your primary residence or a rental is entirely up to you. This ownership is what sets it apart from apartments, which are usually owned by its developers and then leased to tenants.
This type of real estate is not solely for residential use. You can also find condos dedicated for commercial purposes.
Pros and cons of condo ownership
To determine whether condo living fits your lifestyle, consider the following advantages and disadvantages.
- Great resale potential. Condos continue to be popular housing options, so if you decide to pack up and sell, you’re likely to find a lot of interested buyers. If your condo building is particularly sought after, this could also mean significant ROI for you./li>
- Minimal maintenance. As a condo owner, you only really need to take care of your actual unit. You can leave the maintenance of common areas as well as the exterior parts of the condo to the management. Of course, this isn’t free, as maintenance fees are usually collected by the condo’s association.
- Monthly fees. Aside from your bills, you’ll also need to set aside funds for the condo association fee. Although they’re usually set at a fixed amount, over time fees can increase. Technically you have a say about it as a condo owner during votes, but if most of your neighbors agree to an increase, you’ll have to go with the flow.
- Rules and regulations. Condos have a set of rules, each different depending on the management. You might not be allowed a pet, and if you are, there might be size or breed restrictions. You might not be able to make changes on the exteriors of your detached condo unit. You might not be able to host dinner parties well into the date, or receive plenty of guests in one day. So before you commit to a condo, carefully read the rules and limitations as it can interfere with your lifestyle.
Vero Beach, FL Condos for Sale
Francine Kidder can take you on a tour of Indian River and Brevard Counties so you can explore your condo options in the area. All you need to do is contact her today at 772.925.9587 or francine(at)francinekidder(dotted)com.