Multi-Unit vs. Single-Family Real Estate in Key West

In key West single-family home ownership, the control, decisions, and expenses are the responsibility of the real estate owner, subject to zoning restrictions established by local law and any restrictions contained in the declaration of the builder who originally developed the property. As a general rule, multi-unit ownership is subject to more extensive regulation than single-family ownership. For example, there are statutes, rules, and regulations governing what you may and may not do with your condominium, co-op, or other multi­unit dwelling.

Be sure to obtain all the information on the terms of real estate sale and such regulations in Key West. Ask to see the bylaws, operating budget, management agreement, and regulating agreement. Many states require disclosures to the purchasers of units in a common-interest community. Some states have a central agency that licenses and regulates the development and sale of common-interest community units. (Ask your Key West local real estate agent)

The cost of the unit is not the limit of your financial obligation with multi-unit real estate in Key West. There will be monthly assessments to cover maintenance and related expenses for operating the common areas. These assessments will be in proportion to the percentage you own of the total complex. If all the apartments in a ten-unit building are the same size, each owner would have a 10 percent ownership stake. This means that each owner will pay 10 percent of its assessments. These costs may well increase over time. You should determine the amount of the monthly assessment and the potential increase before signing an offer to purchase. In addition, unit owners are subject to special assessments above and beyond the basic assessment, to pay for unforeseen improvements or repairs. Always ask about pending projects and their approximate cost. You also should be sure that there is enough liability insurance coverage for the entire development.