How to Buy a Condo in Stuart, Florida
If you're looking to take advantage of the current real estate market in Stuart, Florida, a condo can be a great choice for a first-time or downsizing buyer.
So how do you choose a good condo? Seek ownership in a well-maintained building, and pay special attention to the financial health of the condo association. Lax maintenance may be a sign of financial trouble, which could result in higher maintenance fees and problems trying to resale the property later.
Things to consider:
- Choosing the right location is topmost. Make sure it is near private and public facilities like churches, markets, schools, etc. and if you will need public transportation to get there. Do you need to be close to your job?
- What are the parking rules? Do you own your space? Is there sufficient guest parking?
- How much is the monthly homeowner association fee and what specifically does it cover?
- Review a copy of the latest financial statement from the condo association.
- Ask the board of directors, which is elected by the unit owners from among themselves, if major repairs or improvements are imminent. If so, find out how much they will cost and whether there is enough money in the reserve to cover them.
- Check the rules and regulations and by-laws as well as the covenants, codes, and restrictions (CC&Rs). You may find, among other things, that they prohibit or restrict cars, pets, and the renting of units. Some may require that the board have the right of first refusal on the sale of any unit.
- Learn everything you can about the homeowners association, including legal disputes and conflicts. Start by reading the minutes of the association meetings.
- Find out the owner-to-tenant ratio. Since many condominiums are often purchased as investments, there could be a high percentage of tenants in the building.
- Consult a Realtor. There are at least 100 activities involved in a real estate transaction. An experienced Realtor can guide you through every step of the way toward owning the right condo for you.
Eric Slifkin, Team Lead
Your local real estate expert
Are you seeking a home that suits your lifestyle, community, and neighborhood needs? Together with his team Eric offers home buyers a turn-key approach to finding and purchasing real estate from the Treasure Coast to the Palm Beaches and beyond.
Contact us today to schedule a free consultation. Whether buying or selling a home on the Treasure Coast we are always happy to meet with you to discuss your wants and needs, no obligation.
This post has been authored by Eric Slifkin, a Broker Associate at Keller Williams Real Estate and the founder of the Slifkin Real Estate Team. Eric and his team of experienced agents serve South Florida and the Treasure Coast, including Stuart, Hobe Sound, Palm City, Port Saint Lucie, Jupiter, Tequesta, and the Palm Beaches.