Understanding condominium ownership in Florida

When you think of condominiums in Florida, you might think of tall buildings along the shoreline, a beach rental for a vacation, or perhaps something creating a city skyline.  Condos are not defined by buildings created by stacked multiple floors with private dwellings or apartments.  Condominiums are actually a legal structure that determines how they are sold, acquired, managed and maintained.

There are properties that are stand-alone, single-family homes that have a legal Condo Association structure within the community.  There are other properties that resemble townhomes, dwellings that are side by side, and they could be single or two stories.  Condo properties must maintain an association that manages the property, its finances, and this is typically done with a professional management company.

An important factor when it comes to condo associations are the requirements for future improvements, also known as reserves.  An association should have a professional reserve study completed that helps the members of the association plan adequately for capital improvements within the community.  Companies that provide reserve studies utilize estimating formulas, so it can be helpful if the members of the association are involved along with the process to ensure that the future numbers are reasonable.

Condo associations can have different rules, regulations, and guidance so it is important to read the governing documents or have them reviewed by an attorney.  Depending on these legal documents, when you own a condo, you may only be responsible for what is commonly known as “the walls in,” meaning that the association is responsible for the exterior of the building, roof, lawn, etc.  The specific governing documents for a condo association will outline that you may only be required to insure the interior elements of your home. Window and doors are important to verify if you are responsible for those items, or if the association does. Insurance companies have a specific type of insurance for condo dwellings, so it is extremely important to understand what you own and have the proper insurance coverage.

There are many different types of amenities within a condo community depending on the location.  Some have lakefront, pools, clubhouses, sports areas, parking garages or other features.  These elements and the costs to maintain the overall property will factor into the monthly condo fee.  When you evaluate the ability to button up a condo and leave all the maintenance behind for someone else to handle, it can become a great option for a full or part-time residence!

Check out a beautiful updated condo in a Harris Chain of Lakes community available for a quick closing!

Updated condo in lakefront community