Key Factors to Keep in Mind When Buying a Condo

If you are thinking about the purchasing of a condo in Marathon, Florida, there are several factors that your should consider before making a final decision. FREE DOWNLOAD AT BOTTOM OF POST

Insurance –

When contemplating the purchase of a condo, it is vital to ascertain whether insurance is incorporated in the Homeowners Association Fee. This is particularly significant because several condos in Marathon, FL do not include insurance in the Hoa Fee, which means you may be required to pay additional amounts for insurance.

Pools –

The majority of condos in Marathon, FL feature pools that are accessible to their owners. While some of these pools are heated, others are not. Although Florida is generally warm, there may be times when a heated pool can be advantageous during the cooler months.

Dockage –

While many condos in Marathon provide their residents with a pool, availability of dockage can be a different story. Some condos in Marathon adopt a first-come, first-served approach to dockage, which does not guarantees you a space. Other condos allocate assigned dockage, which means you get a certain space. Sometimes there is a waiting list for dock spaces at the condo. In most instances the condo’s Homeowners Association owns the docks, but if a condo comes with a deed dock space you will own that particle dock space.

Several condos in Marathon impose an annual fee for use of the dock, typically ranging from $300.00 to $350.00.

– Parking –

Most condos in Marathon provide at least one parking spot for a car. However, some condos may have two spots, which require cars to be parked single file behind each other. If you require parking or storage for a trailer, you may need to seek an alternative solution, as only a limited number of condos in Marathon permit trailer storage on their premises.

Rentals –

If you are seeking to rent out your property on a weekly basis, purchasing a condo may not be the optimal choice for you. The majority of condos in Marathon, FL have a minimum rental period of 30 days. Moreover, there are condos in Marathon that only allow for two rental periods per year, while others prohibit rentals altogether.

Pets –

Pets and condos do not always mesh well, especially if you own a larger animal. In Marathon, FL, the majority of condos do not permit pets. In the rare case that they do allow pets, the condo usually imposes size limitations of around 25 lbs. There are occasional exceptions where a condo permits one pet with no weight restrictions.

Washer and Dryer –

Having a washer and dryer in the unit is not a universal feature of condos in Marathon, FL. In the past, the city of Marathon lacked sewer connections, causing condos to be constructed without in-unit washers and dryers. Instead, there were communal laundry areas where residents could pay to use them. Since the installation of the city’s sewer system, many condos in Marathon have permitted their residents to install washers and dryers in their units. Nevertheless, each complex has distinct rules regarding this matter, so it is always advisable to inquire beforehand.

Financials/ Inspections –

Not all condo associations are created equal. As part of our client service, we provide copies of the condo’s financial statements, budget, and meeting minutes to our clients whenever they purchase a condo. It’s essential to understand the condo’s financial standing before making a purchase, including any upcoming assessments, budget projections, and reserve levels. Many condos are now subject to new laws that require additional safety inspections and reserve requirements. It’s important to ask for information about these requirements to ensure that the condo meets them.