10 Tips for Buying a Condo on Singer Island!

May 09th 2011

Posted By: Jimmie McAdams @ 11:16am In: General
Tags: condos, singer island fl, oceanfront, lifestyles, singer island lifestyles, singer island condos, the mcadams team

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So you’ve determined that you want to buy your vacation or permanent getaway on Singer Island! We’re excited that you’ve chosen our beautiful island to relax, rejuvenate or enjoy some of the best years of your life! As Singer Island’s Real Estate agents, The McAdams Team, we understand that deciding where to buy is the biggest first step. We’re sure Singer Island’s breath-taking scenery, ocean views, vibrant communities and paradise environment are what drew you to Singer Island and you won’t be disappointed!

However, some of you may still be wondering about what type of property in which you’d like to invest. Some choose one of Singer Islands premiere vacation homes as their privacy, beach front locations and spaciousness appeal to those seeking a complete getaway atmosphere. Others choose one of the luxury condos that Singer Island has to offer. Their convenience, included amenities and minimal upkeep required are what draw in many to buy one of these beautiful properties.

If you’ve been considering buying a condo, below are ten things about condo living you’ll want to evaluate. We hope that these tips will provide some extra help as you determine which type of lifestyle is best for you!

1. Length of Stay- Think about how long you're going to stay in one place. Buying a condo is no different than buying a single-family home--you need to live there at least a couple of years to recoup closing costs, assuming the property will appreciate.

2. Determine Your Wants - Give some thought to what you want. If you're not interested in the pool or sauna, understand that the condo's price and ongoing monthly association fees will reflect their use regardless of your interest in these additional amenities.

3. Shop Around- Visit various condominium communities and multi-unit buildings so you know the luxury condos available on Singer Island. This will also give you a sense of prevailing prices and what you can expect from condo living on Singer Island.

4. Request a Market Analysis- Request a market analysis from your Singer Island Real Estate agent regarding the selling prices of condos in the building or area. Check the price appreciation on the market analysis to evaluate how quickly the condos are increasing in value; subtract the selling price from the purchase price and divide by the number of years the property has been held by the previous owner for a ballpark estimate of annual appreciation, if any, in the area.

5. Get Prequalified for a Mortgage- Just like buying a Singer Island home, you want to be sure to get prequalified for a mortgage loan. This will give you a great idea of what you’re able to afford and will help you be prepared for a quick condo purchase.

6. Research the Community- Find out if the building has a good reputation. Ask current residents how often repairs and maintenance are required, and how good the soundproofing is between units. Your Singer Island Real Estate agents will also have some of this information on hand when they show you the condo.

7. Discover Your Amenities- Check out parking, storage, security and other amenities. You’ll want to know every perk that comes with buying a Singer Island condo in that building!

8. Take Note- Ask to see the minutes from a recent meeting of the home owners association (HOA). Find out what the hot issues are and if members are fighting tooth and nail. You may want to keep looking if you discover there are a lot of issues that never seem to be resolved.

9. Research Restrictions- Find out how restrictive your HOA is. For instance, some buildings even dictate what sort of holiday lighting you can put up. Request the same information as you would for buying a house. Read the CC&Rs (covenants, conditions and restrictions).

10. Budget in your HOA Fees- Budget in association dues, which are above and beyond your monthly mortgage payment. To assist in long-term financial planning, ask the condo association whether association fees have increased in recent years. Also estimate monthly maintenance costs that you may be responsible for in addition to the association fees.

We hope these tips are helpful as you decide on whether to buy a luxury vacation home or condo on Singer Island! Of course, as Singer Island Real Estate agents, we’re here to answer any questions you may have or show you around Singer Island! Feel free to contact us today to get started!