If there’s one thing the Siesta Key real estate market isn’t short on, it’s condos. From lavish and luxurious units that sit just off the waterfront to something a little more affordable, there’s truly something for every buyer here when it comes to an attached, maintenance-free living space you can call your own. But when it comes to buying a Siesta Key condo, just what are some of the things you should consider before signing on the dotted line? While each and every buyer’s needs and wants are unique, here’s a closer look at a few things that come to mind.
HOW MUCH ARE HOA DUES?
Part of the expense when it comes to buying any condo is how much you’re going to have to fork over for monthly assessments. This added cost pays for common area maintenance and upkeep, various amenities associated with the building, and sometimes even extras like cable or internet.
HOW THE ASSOCIATION IS BEING RUN?
A poorly run condo building is every condo buyer’s worst nightmare. So whenever possible, it’s always best to find out how a building is being managed, both from a maintenance and financial standpoint. If either side feels unstable, opting for another location may just be in your best interest.
WHAT ABOUT THE CASH RESERVES?
So you’ve purchased your new condo and the financials all seemed to work out; then you’re hit with a special assessment. Now what? Well, to avoid this kind of sticky situation, do your best to find out how the association’s cash reserves look. If it’s low and the building is also old or could use some noticeable repairs, there’s a pretty good chance owners will get stuck with a special assessment at some point.