Buying in SOMA and South Beach usually means buying a condo, and condos require a whole different set of questions than a single family home. Here's a few to get you warmed up:
What's included in the HOA (Home Owner's Association) dues?
Make sure you know what exactly is included. Are the level of amenities right for your needs, or will you be paying for benefits you don't need or missing out on those you do? Amenities such as a pool or full time concierge may be nice, but they aren't free: the added costs end up in your monthly dues.
How are the building reserves?
Are they reasonable given the size and age of the building? Be cautious if they're low; if building repairs are needed that could mean a special assessment against your unit for thousands of dollars in the future. In larger buildings, replacing the roof or repainting/ repairing the exterior can run well into six figures.
What's been happening in the HOA meeting minutes?
Are any major repairs currently under discussion? If so, has there been any mention of special assessments or increasing the monthly dues? Are there any past or developing issues you should take into account? Lawsuits involving Home Owner's Associations are not uncommon, and many lenders won't loan on properties involved in lawsuits because of the uncertainty.
What are the house rules?
Most associations have house rules like pet restrictions, some so strict that they forbid dogs altogether while others restrict size, weight or breed. Make sure you find this out before you buy so you're not faced with the tough choice of selling your condo or your best friend.
There's obviously a lot more to consider, but hopefully these questions will get you on the right track...
Michael LaPeter, SOMA/SoBe Specialist
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