Pros and Cons of a Condo Purchase

Living in West Palm Beach Florida condos can be a great experience but it’s not for everyone. The sunny climate, the beautiful weather, the luxurious accomodations all make it worthwhile to live in south florida, but you need to understand some of the pro's and con's before deciding on a purchase.

Pros

Affordability: In Florida, housing prices have fallen dramatically in the past few years, and it appears there is no sign of letting up. With so many homeowners going into foreclosure, now is probably one of the most affordable times since 1994 to actually own or invest in a condo in palm beach. Condos that cost $300K to $400K 5 years ago are now selling at astonishingly low rates.

Amenities:  Many of the condos available in west palm beach come with several hgih end amenities. Most have there own private security companies that patrol the grounds keeping intruders out, and they also have fitness centers, indoor pools and spas, and numerous other features.. Plus, a large proportion of West Palm Beach condos are in mint condition or brand new.

Condominium Association: As a condo owner, you’ll automatically become a member of the condo association, which also contains an elected board. The association enforces bylaws, handles disputes between unit owners, communicates with developers and manages maintenance and repair issues.

Location: If you don't want to be apart of the hustle and bustle of downtown west palm beach, then nearby singer island may be the most suitable for you. Singer Island houses more than 2,000 hotel rooms, 5,000 condo units, and thousands of square feet of office and retail space. With the struggling economy, prospective buyers can snatch up condos in luxurious high-rises or newly renovated apartment buildings at a very reasonable rate.

Low maintenance: In condos, you pay a monthly fee that covers the cost of landscaping, the building’s insurance, snow removal, garbage disposal, and the overall maintenance of the common areas. The condo building’s repairs and maintenance are handled by the building’s management company. You’re responsible for the repairs inside your unit.

Proximity: If you want to live close to the big city but you don’t mind travelling, you certainly can’t get closer than North Palm Beach. Transportation is never an issue, as there are an abundance of buses and cabs that lead to downtown west palm beach and surrounding areas. It's also in very close proximity to PBI international airport, and surrounding cities such as Miami, Ft. Lauderdale, and Key West.

Security: West Palm Beach Florida condos may have safety features such as a 24 hour manned front desk, security guard patrolling the condo complex, card access, cctv cameras, and are generally in gated communities. Living right next door to many other people should make you feel safe as well.

Cons

Apartment living: Although all of these features may be suitable for you, it is still an apartment that you are living in. Everyone else in the condo will have the same common area features that you will, so be prepared to share these amenities.

Condominium Association: Yes, this can be a positive and a negative. Many condo association presidents and board really have no idea how to maintain a property efficiently, and sometimes quality of life suffers because of it.

Fees: In addition to your maintenance fee, there can also be emergency expenses and other fees that you owe. These fees can generally run in the range of $200 - $500, and can appear at a moments notice. It can be hard to pay these fees when you dont even use certain amenities such as the pool, fitness center, or spa. But you need to make sure that you pay your fees on time and regularly, otherwise you may set yourself up for problems with the association.

Ownership: West Palm Beach Florida Condos owners do not own the building’s land; they share an interest in it. Common areas of the building are shared by all of the owners. You singularly own the walls and the space between the walls inside your unit. For some people, the ownership structure is a problem for them.

Resale: Condo's are often hit the hardest when the housing market begins to flutter. However, they are also the fastest to increase there value when the market turns around, so keep that in mind should you choose to buy one.

Rules: The Covenants, Conditions and Restrictions (CC&Rs) govern condos. These regulations dictate pets, noise level, window treatments, and other activities. There are also "grandfather" laws in effect which may allow certain persons to enjoy features that you are not able to, simply because they bought the condo before the rule was put into place.