Buying a Condominium or Timeshare in Key West

One of the best ways to find out information about a condominium association, co-operative corporation, or other common-interest property is to talk to owners or shareholders. Ask them what they like best about where they live and what their complaints are. Along with all the things one would consider about a single-family home, such as Key West neighborhood, prospective common-interest buyers should consider the following:

•           Percentage of real estate owner-occupants and renters. A high percentage of renters could indicate poor sales and/or absentee landlords who are less interested in maintaining the building. Because of these risks, it is often difficult for prospective buyers to obtain loans for units in buildings with a high percentage of renters.

•           Monthly maintenance fees, special assessments, and the history of such items. You also will want to ask whether the association or corporation is involved in any lawsuits brought by builders, neighbors, or former owners.

•           Financial condition of the association or corporation. You will want to get a copy of the most recent financial statement and budgets.

•           Quality of construction. Hire an inspector and make certain that he or she checks the soundproofing, the condition of shared common areas, such as the roof and patios, and the electrical, heating, and plumbing systems.

•           Bylaws and/or covenants. If these are too restrictive, you may have trouble in obtaining a real estate loan or selling your real estate unit or share in Key West.