Different rules and principles go into buying your luxury condo. This is not the same as buying a family home. There are many convoluted opinions about the pricing of luxury condos, namely how expensive and inaccessible they are. But in many real estate markets, purchasing a condo can be cheaper than family residences.
A condo, short for condominium, is a shared property that has several individual owners between them. In many cases, condominiums are used by small businesses to offer services such as fitness centers, pools, tennis courts, and art centers. People purchase condos because of lifestyle choices, which in many cases, is different than what normal resident homes offer.
Here are a few tips to consider when buying a condo.
1. Do Your Research
One big difference in purchasing a luxury condo rather than a single-family normal residence is that you will be in close proximity to your neighbors. Instead of being free and independent, you might have several neighboring condos attached to your own. If this doesn’t bode well for you, then you should consider researching a condominium that puts some space between you and your neighbors. Grandview at Bay Beach features luxury waterfront condos that have private elevator access so you can take advantage of luxury condo living without having to face your neighbors every day.
Another thing to consider is the amount of maintenance you won’t have to deal with when it comes to condos. You won’t find yourself cutting grass and planting flowers. In other words, you won’t be faced with the hassle of lawn maintenance because there won’t be any need.
2. Get in Touch with a Real Estate Agent
Condos are very different than other properties, such as family residences and vacant plots. For starters, condos have their own purchase contracts, which require someone with knowledge to peruse through the document.
In addition to the normal sales contract prior to closing, you will be required to sign an additional contract. Terms and stipulations will be included where you will be required to agree to the rules and regulations of the community.
These differences can be a little difficult to understand without the use of a real estate agent with relevant experience related to condos. They will ensure that you do not overlook important documents and are always on top of what the community offers.
3. Make an Offer
After choosing a luxury condominium that you love, it’s time to make an offer. Your agent will arrange all the details, such as terms, closing date, earnest money deposits, and a sale agreement. It should be accepted and agreed upon by the seller to be legitimate.
At Grandview at Bay Beach, Southwest Florida home builder London Bay Homes is offering pre-release pricing options for anyone that secures their luxury waterfront condo before building commences.
4. Get a Home Inspection
Once the buyer and seller are content with the sales agreement, it is time to set up a home inspection. Get in touch with a home inspector who specializes in condominiums. This person will scrutinize important details like roofs, attics, crawl spaces, and the association. Any concerns will be pointed out to you in a report. This will allow you to accept the inspection as is, reject the transaction entirely, or negotiate for repairs.
Grandview at Bay Beach is the first condominium tower built in Fort Myers Beach since 2008 and the final tower to be built in Waterside at Bay Beach, so home inspections are not necessary to make your purchase. This just makes it that much easier to delve into your Fort Myers Beach FL lifestyle.
5. Arranging the Finances
Financial matters of your new condo will be different than normal homes. However, as is true for family homes, you should get pre-approved before deciding if luxury condos are a better choice. On the flip side of things, condo owners can find lower insurance rates because of the association’s master policy. It is a good idea to double check the association’s policy to see if you can find lower rates.
6. Meeting Up with the Condominium Association Board of Directors
Many condo communities have a monthly fee that is required from each owner. This fee is used to cover expenses such as maintenance and insurance. An efficiently running condo will have a robust mechanism in place where people will be happy to share their financial obligations to make life better for everyone involved. But before you decide to invest time and money in a condo, get an idea of how much reserve funds the community has access to in case a major repair is required.
Association fees are also taken into account by lenders before approving a loan. If a condo community comes with a high monthly fee, it is possible for lenders to disqualify buyers from loans.
7. What the Association Fee Covers
You want to know where the association money is being spent. In most cases, this fee includes maintenance and insurance, but it is still important to know the details. Some of these include lawn maintenance, sewer services, road maintenance, plumbing, landscaping, and garbage disposal. Did you know that some communities even include the electric bills?
There are condo communities that offer luxury amenities, such as fitness centers, pools, and clubhouses, and those amenities will play into the association fees as well. Grandview at Bay Beach offers a luxury living lifestyle that includes the EL luxury club room with access to a fitness center and yoga studio, two guest suites that offer privacy and access to lounge areas, an elevated outdoor entertainment area with built-in seating, cozy fire pits, open and covered decks, barbecue grills, and sitting areas under pergolas. A catering kitchen serves a large lanai and an outdoor bar so you can have a bite or a refreshing drink while you enjoy the outdoor amenities. Residents of Grandview at Bay Beach also have access to the many luxury amenities offered in Waterside at Bay Beach, including four sparkling pools and spas, four lighted tennis courts, a spa, an adjacent, expansive private open space with 1.2 miles of walking paths, private walkable access to a Fort Myers Beach, an adjacent marina with 42 deep-water slips with access to the Gulf of Mexico (available for lease or purchase), a fishing pier, and access to the Fort Myers Beach Golf Club.
8. Find Out the Delinquency Rates
Many lenders do not approve or insure mortgages which have delinquency rates of above 15 percent. This can be a big deal for buyers who don’t want to pay out in cash. It is common for associations to charge unit owners special fees to make up for any shortfalls because of outstanding dues in the community.
9. Closing the Deal
After the home inspector has submitted their inspection report to you (when applicable), the transaction will move to pending. The final lending will be completed at this time. The buyer’s agent will prepare all the paperwork needed for signing, the seller will make final touches to the inspection report details, and you can start packing for your new luxury condo.
The keys will be handed to the buyer once the deed is recorded with the county in which the property is located to close the deal.
Finding a luxury condo that checks off everything on your home-home-buying list is as easy as scheduling your appointment with a knowledgeable and friendly sales executive at Grandview at Bay Beach. Our sales center gives you the opportunity to view beautiful renderings of select residences and entertainment areas through an onsite presentation center with video presentations, murals, and interactive displays. Learn more about Grandview at Bay Beach by setting up your appointment.
