What Key Questions Should I Ask Before Buying a Luxury Condominium?

Did you know the housing appreciation in Manatee County over the last 10 years is 42%? In addition, it’s good to know that the median price of a home is $253,500. Kickstart your retirement in a luxury condominium with all the amenities you’ve dreamed of. Before you take the leap into a new investment, here are a few important questions to ask.

Is There Storage Space Available?

Find out whether your luxury condominium offers storage space for residents. Since you don’t have the advantage of a garage or attic, you’ll need a place to put your recreational equipment like water skis or kayaks.

Ask whether the storage space comes at an additional fee or whether it’s included in the Home Owner’s Association fees.

What Are Parking Options?

Find out your parking options during the property tour. You’ll want to know whether you have enough parking spaces for your primary vehicles and if the spaces are assigned.

If you let friends or family come to visit, where will they park? What are the consequences of parking in the wrong place?

Learning how parking rules are enforced helps your guests avoid hefty fines or being towed.

What Are the Property Rules?

Make sure you have the details on property rules before you buy your luxury condominium. If renters are allowed, find out whether there is a limit to how often you can rent your unit throughout the month.

Does the property allow short term or long term rentals? What about pets? Knowing these answers in advance can help you avoid hiccups down the road.

Are There Absentee Owners?

Absentee owners don’t live in the building full time. You need to know both the vacancy rate and the number of absentee owners in the building before you buy.

Knowing the number of absentee owners can help you predict the future wear and tear of the property. With fewer guests living in the condominium full time, it means the amenities stay in good shape longer.

But it also means certain small repairs could get overlooked. Ask about the maintenance process if the building has a high number of absentee owners.

Owning a Luxury Condominium

Buying a luxury condominium can be just the retreat you need to live the retirement of your dreams. Getting that instant feeling of community when you find a building the right amenities is perfect when the HOA has a sound management team.

Do your due diligence to make sure the property has rules that fit your lifestyle. If you’re expecting to rent your unit for most of the year, you don’t want to be disappointed to learn it’s not allowed in the building.

For more information and tips for condo owners, check our blog for updates.