What You Need To Know Before Buying A Waterfront Condo in Key Colony

What You Need To Know Before Buying A Waterfront Condo in Key Colony

There are very important things you need to know before purchasing the condo of your dreams! Don’t just quickly sign papers and buy the condo if you haven’t made sure you know and understand the 5 points stated below. You should hire a real estate lawyer or ask help from your agent to explain some documents regarding buying and owning a Key Colony Key Biscayne waterfront condos.

1. 1. The condo association’s master policy. Before insuring your unit with a condo policy, know the coverage inclusions by reviewing the master policy.

1. 2. 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?

1. 3. 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.

1. 4. 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.

1. 5. 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.

Knowing the essentials is important to help you make sure you are getting a condo where you can experience the kind of lifestyle you need and want. Buying a waterfront condo in Key Colony Key Biscayne is just a step away! You can start by checking out www.MiamiRivieraHomes.com to see amazing condos in Key Colony.

Work with a Miami-based agent to know more about buying or selling a waterfront condo in Key Colony . Call me, Alicia Ale at 305-586-4160 and I will assist you in all your Key Colony Key Biscayne FL real estate needs!