Questions to Ask When Buying a Condo in Naples, FL

Condo in Naples FL

Buying a Condo in Naples FL

Since the horrific collapse of the Surfside Condominium in 2021, numerous laws and disclosures have come out protecting buyers and urging them to ask more questions when it comes to doing their due diligence.

New Laws

A Condominium and Cooperative Safety Disclosure is now part of the NABOR forms and contracts. Briefly, it states that for buildings which are higher than three stories, there are milestone inspection periods where a licensed engineer or architect inspects the building when it is 30 years or older (or 25 years or older for buildings within 3 miles of the coast) with updated structural inspections to be conducted every 10 years thereafter.

At regular intervals, condo associations are now required to assess the structural integrity of their buildings and make sure the reserves for necessary maintenance and repairs are fully funded. To do this, many associations have had to significantly increase their monthly or quarterly maintenance assessments. This, in addition to the extraordinary increase in insurance premiums have made it impossible for some condo owners to afford.

For older buildings, this has led to the condo owners or associations being pressured into selling their property to developers. Because of this, we have seen an increase in new condo development giving way to new buying opportunities.

What to ask before you purchase a condo

Whether or not you are buying new construction or resale condos, here are some questions to ask your Realtor during your due diligence period. 

Association Fees and Rules:

What are the monthly association fees, and what do they cover?

Are there any special assessments now or coming up in the future?

Are there any restrictions or rules imposed by the condo association?

Ask about pets, types of vehicles, bar-b-ques.

Reserve Funds:

How robust are the condo association's reserve funds?

Are there any upcoming special assessments that might impact your budget?

Insurance Matters:

What type of insurance coverage is provided by the condo association?

What additional insurance may you need for personal belongings and improvements?

Understanding the Condo's Financial Health:

Review the condo's financial statements and budgets during your due diligence period.

How is the financial health of the condominium association?

Maintenance and Repairs:

What maintenance and repairs are covered by the association?

How quickly does the association respond to repair requests?

Parking and Storage:

Is there designated parking for residents, and does it meet your needs?

Is there ample room for guest parking?

What storage options are available for residents?

Is there a separate area for bicycle storage?

Pet Policies:

Are there any restrictions on owning pets in the condo?

Are there nearby parks or amenities suitable for pets?

Resale Value:

What is the resale value of similar condos in the area?

Are there any planned developments that could impact property values?

Condo's History:

Has the condo experienced any major issues or incidents in the past?

What is the turnover rate of residents in the condominium?

How well does the board work?

Utilities and Maintenance Costs:

What are the average utility costs for the condo unit?

How are maintenance costs shared among residents?

Which utilities are covered by the association?

Amenities and Facilities:

What amenities, such as a pool, gym, or clubhouse, are available for residents?

How well-maintained are these facilities?

Are there any mandatory memberships that you must join to enjoy certain amenities?

Noise Levels and Community Atmosphere:

What is the noise level like in the condo and the surrounding area?

How would you describe the community atmosphere?

Future Development Plans:

Are there any upcoming construction projects or developments in the area?

How might these projects impact the quality of life in the condo?

Legalities and Documents:

Make sure you  review the condo's bylaws, declarations, and meeting minutes.

Are there any pending lawsuits or legal issues involving the condominium?

Armed with the knowledge gained from these essential questions, you are well on your way to finding the perfect home that suits your needs and lifestyle. The Naples real estate market is teeming with opportunities, and we're confident that your condo-buying journey will be a positive and uplifting experience. Embrace the sunshine, sandy beaches, and the exciting adventures that await you in your new Naples condo!

 

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