Real Estate Experts Bobby Freeman and Nikki McCoy-Freeman Discuss Questions Buyers Should Ask Before Buying a Condo
By Bobby Freeman, Realtor // March 19, 2018
20 QUESTIONS TO ASK WHEN BUYING A CONDO
ABOVE VIDEO: Local real estate experts Bobby Freeman & Nikki McCoy-Freeman with RE/MAX Elite’s McCoy-Freeman Group discuss 20 questions buyers should ask before buying a condo.
BREVARD COUNTY, FLORIDA – Considering a condominium? Take the time to research the community, talk to residents, review the condominium documents and study other data to answer these questions:
• Condition? What’s the condition of the unit you’re considering—the building—the entire complex?
• Common Areas? Are common areas well maintained?
• For Sale? How many condos are for sale? (A large percentage could be a sign of problems.)
• Owner Occupied? What percentage of the units are owner-occupied?(Lenders may balk if the majority are rented.)
• Condo Fees? How much are the condo/association fees and what do they cover?
• Reserves? Does the association have adequate reserves for emergencies and renovations? (If not, you could face a special assessment.)
• Board Temperament? What’s the temperament of the condo board? (Board minutes could reveal controversies.)
• Lawsuits? Are there pending lawsuits against the association or judgments you might have to help pay?
• Insurance? What does the association’s insurance cover? (You may need supplemental insurance to protect everything else.)
• Debt? How much outstanding debt does the association have?
• Arrears? What percentage of the units are in arrears on their dues?
• Assessments? Does the seller owe back fees or assessments that may become your responsibility when you buy?
• Neighborhood? What’s the neighborhood like? (Ask neighbors and
walk the area at night and on weekends to check when residents are home.)
• Parking? Does the unit come with reserved parking?
• Guest Parking? Is there adequate additional parking for guests?
• Storage? Will you have extra storage space for bikes, surfboards and the like?
• Management? Is the association managed by a qualified professional
• Complaints? Does management handle owners’ requests and complaints quickly?
• Rent? Do association rules limit your ability to rent the unit?
• Restrictions? Will restrictions prevent you from changing visible elements such as the color of the front door or your window coverings?
Sources: Realtor.com, Investopedia, Bankrate.com, Kiplinger.com, Federal Housing Authority
‘Coming Soon’ Condos For Sale
• 8931 Lake Drive #204 Cape Canaveral, FL $329,900 – 2 bedrooms 2 baths in Solana Lake, a gated community in Cape Canaveral, FL
• 134 Starboard Lane #106 Merritt Island, FL $349,900 – Direct Indian River views from this 3 bedrooms 2 baths condo in Island Pointe
• 7520 Ridgewood Avenue #610 Cape Canaveral, FL $470,000 – 3 bedrooms 2 baths corner in popular Canaveral Towers that allows weekly rentals
• 8891 Lake Drive #205 Cape Canaveral, FL $310,000 – 2 bedrooms 2 baths in Solana Lake, a gated community in Cape Canaveral, FL
• 6770 Ridgewood Avenue #205 Cocoa Beach, FL $649,900 – 3 bedrooms 2 bath direct ocean southeast corner in Coral Seas
For more information call Realtor Bobby Freeman with RE/MAX Elite’s McCoy-Freeman Group 321-693-1694 or visit www.FloridaBeachHomesAndCondos.com
ABOUT THE AUTHOR
Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards including the prestigious RE/MAX Hall of Fame Award.
Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $300 million.
Among McCoy-Freeman Group’s achievements are RE/MAX Hall of Fame, RE/MAX Platinum Club, Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County.
The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine and SpaceCoastDaily.com.
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