Everything You Need to Know About Buying a Condo in Ft. Lauderdale

Buying a condo can be one of the most expensive investments many people make in their lifetime, so you want to ensure all bases are covered and you get exactly what you’re paying for. If you’re buying a condo in Fort Lauderdale, there are many factors to consider besides the price, such as proximity to the beach and local business districts and other residential areas. In this guide, I want to share Everything You Need to Know About Buying a Condo in Ft. Lauderdale so that you can make an informed decision.

What Are Condos?

A condominium (or condo for short) is a form of a housing association common in the US and Canada. Condos come in all shapes and sizes and are a relatively new way to build housing. Modern condo buildings consist of a complex (a development of two or more structures that often share services such as a pool) and may be referred to as high-rise, mid-rise, or low-rise. 

Condominiums are consensual communities where ownership is limited to those who own an individual unit in the building. Each owner owns the interior space and the unit’s furnishings but not the common areas. 

Condos typically exist in many forms. Some may include office space for the homeowner, others might include garages, and others may include a swimming pool or backyard for residents to use.

More Social and Luxurious Lifestyle

If you like living in a bustling city with easy access to shops and restaurants, open spaces for sports or relaxing, and ultimate convenience for commuting, then a condo might be just what you need. Condo living, especially in Florida, has become a popular lifestyle choice. Condos are desirable because they often offer more amenities than single-family residences and can provide an opportunity to live close to where you work, play, and shop. A lot of them offer parking garages, Swimming pools, gyms, and even spas.

The condominium association is responsible for all the common areas, lawn care, and maintenance, plus any major repairs within the community. These factors make for less hassle, especially if you live in a busy metropolitan city and love to travel frequently as it doesn’t require long hours of upkeep or day-to-day management of your property.

Its More Affordable

Condos were originally designed to be affordable alternatives to homes built during the baby boom era when home prices were skyrocketing. They’re still generally more affordable compared to houses. However, location is a big factor in the price as well. Their mortgage payments are also generally lower than a house. They offer a solution to America’s growing housing problem.

Condominiums HOAS Have Different Guidelines

There are many options for those looking to buy a condominium in Fort Lauderdale. However, it’s important to ensure that you’re aware of the details surrounding each option. Different associations may have different guidelines regarding purchasing a condo. You should consider these guidelines when you’re looking for condominiums in Fort Lauderdale. There are also condo owner fees charged for maintaining the property and shared resources. Depending on the housing association, the fees can be payable annually, quarterly, or even monthly.

Financing a Condo

If you’re considering becoming a condo owner, it’s important to research your mortgage options. 

If you’re struggling with a down payment, then an FHA loan might be the best fit for you. However, a lot of housing associations demand you to make a minimum down payments of up to 20%. They might have had an issue in the past with a high foreclosure rate which complicated things for them. It’s important to look at FHA-approved housing associations when taking this type of financing. Mortgage costs are generally lower for condos than homes.

Try to search for experienced lenders that can guide you throughout the process, as buying a condo is one of the most challenging and demanding real estate purchases in the US market. If you’re unfamiliar with the different condo regulations, documents and processes can take you down.

About the Author

Condo properties have become a popular way for many people to enter the homeownership market. Having recently purchased my first condo in Fort Lauderdale, I highly recommend Atlantic Home Capital. Check out their customer testimonials here. They are a reliable loan lender in Ft Lauderdale and Farmingville, NY, who deal with all types of conventional loans, FHA loans, Condo and Coop Mortgages Ft Lauderdale, and Investment property loans. If you are on the lookout for a Licensed mortgage lender Ft Lauderdale, then get in touch with them today.

Moses Cahn is a digital marketing consultant who has been living in Ft. Lauderdale for the past 7 months.  In his free time, he likes to write about his life experiences. He is also an avid chess player.