5 Things To Know Before You Buy A Waterfront Condo in Key Colony
There are several things you need to pay attention to before making the final decision of buying a condo. It is highly recommended that you hire a real estate lawyer or ask from your trusted realtor to help you understand documents regarding purchasing and owning Key Colony Key Biscayne waterfront condos. Make sure that you understand every detail of the deal and know your rights as a future unit owner. Focus on these 5 important things when reviewing the condo documents:
- The condo association’s master policy. Before insuring your unit with a condo policy, know the coverage inclusions by reviewing the master policy.
- The condo rules. Check very specific things that you are used to doing or having such as parties that will involve grilling activities. Will the condo allow you to do your grill in the balcony? Will you ever want to rent out your unit in the future? Do you have a pet? Does the condo allow pets?
- The condo reserve fund. The association’s reserve fund should be able to cover major repairs. Condos rules vary on who covers expenses for minor repairs. Some condos may even require unit owners to spend for repairs if this fund will not be enough to cover the needed repairs in the future. Current mortgage criteria requires at least 10% of the condo association’s annual budget to be put in this fund. You may find this information in the statement of association liabilities.
- The condo meetings record. You are allowed to have a copy of the minutes of the condo board meetings for the past 1-2 years whichever is stated in the condo’s state or municipality law.
- The condo’s regular reserve study. Associations are required by state laws to get a reserve study every three to five years for the purpose of the condo’s future budget planning. You may ask for a copy of the study and check if the waterfront condo in Key Colony Key Biscayne FL are paying independent studies.
Now you know the essentials before actually buying a waterfront condo in Key Colony Key Biscayne. Knowing the 5 things above will ensure you are getting the right condo that will fit your lifestyle. You can start on checking out www.MiamiRivieraHomes.com to see beautiful condos in Key Colony.
The condo rules are maybe the most important thing. Before I moved to my new condo (http://ionmiamicondos.com/) I lived in another one that actually did not allow pets. Well, I am pretty attatched to my dog, so I chose to move. But yeah, that is something that people should check beforehand, as not to get into trouble!
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