This article discusses affordable condos for rent in Florida, FL condo rentals fort lauderdale miami. Buying a condominium is more complicated than buying a house. Reason: The purchase is really for two separate pieces of property; your unit and the property held in common. Before signing any contract for a new condominium, which is harder to check out than an established condominium, buyers should study the prospectus for any of these pitfalls:
The prospectus includes a plan of the unit you are buying, showing rooms of specific dimensions. But the plan omits closet space. Result: The living space you are buying is probably smaller than you think. See condo apartment for more information.

The prospectus includes this clause: "The interior design shall be substantially similar." Result: The developer can alter both the size and design of your unit.
The common charges set forth in the prospectus are unrealistically low. Buyers should never rely on a developer's estimate of common charges. Instead: They should find out the charges at similarly functioning condominiums.
Common charges include: Electricity for hallways and outside areas, water, cleaning, garbage disposal, insurance for common areas, pool maintenance, grounds keeping, legal and accounting fees, reserves for future repairs.
Variation on the common-charge trap: The developer is paying common charges on unsold units. But these charges are unrealistically low. Reason: The developer has either underinsured or underestimated the taxes due, omitted security expenses, or failed to set up a reserve fund.

The prospectus includes this clause: The seller will not be obligated to pay monthly charges for unsold units. Result: The owners of a partially occupied condominium have to pay for all operating expenses.
The prospectus warns about the seller's limited liability. But an unsuspecting buyer may still purchase a condominium unit on which back monthly charges are due, or even on which there's a lien for failure to pay back carrying charges.
The prospectus makes no mention of parking spaces. Result: You must lease from the developer.

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The prospectus is imprecise about the total number of units to be built. Result: Facilities are inadequate for the number of residents.
The prospectus includes this clause: Transfer of ownership (of the common property from the developer to the homeowners' association) will take place 60 days after the last unit is sold. Trap: The developer deliberately does not sell one unit, keeps on managing the condominium, and awards sweetheart maintenance and operating contracts to his subcontractors.
The prospectus specifies that the developer will become the property manager of the functioning condominium. But the language spelling out monthly common charges and management fees is imprecise. Result: The owners cannot control monthly charges and fees.

Condos VS. CO-OPS: When you purchase a condominium you own real property, just like when you buy a house. You arrange for your own mortgage with the bank, pay real estate taxes directly to the local government, pay water bills individually, and have an individual deed.
When you buy a cooperative apartment, you are participating in a syndication. A corporation is formed, shares are issued, and people subscribe to the shares. The corporation raises money, takes out a mortgage, and owns the building.
Maintenance charges for a condominium are likely to cost 50% of a cooperative's charges for an equivalent building. The reason: The maintenance on a condominium covers only the common area upkeep. That includes: Labor, heating oil, repairs, and maintenance of the playground, swimming pool, and other community areas. Co-op maintenance fees cover those same items plus mortgage payments, local real estate taxes, utility and water bills.

Capital improvements: If an extensive, major repair needs to be made (such as the replacement of a roof or boiler), the board of managers of a condo cannot borrow funds from a bank unless it receives the unanimous consent of the condo owners. Problem: If a dozen owners are content to live in a dilapidated building, improvements must be funded through maintenance cash flow, which may be very expensive. In a co-op, the board of directors can take out a second mortgage to fix a roof, plumbing, or other major problem. Individual co-op shareholders cannot easily obstruct the board.
Delinquency in paying maintenance fees can be handled more expediently in a co-op than in a condo. In a co-op, an owner who doesn't pay maintenance fees can be evicted almost immediately. The person is served with a dispossess and can be evicted within days. In a condominium, a lien must be placed on the apartment and then a foreclosure proceeding is brought. It could take two years to get the money, and it is a difficult legal proceeding.

Exclusionary rights: Since a co-op is considered personal property, not real property, prospective tenants may be rejected by the co-op's board of directors for any reason whatsoever except race, creed, color, or national origin. Reality: As long as the co-op board members don't state the reason, anyone can be excluded for any prejudice. Problem: A tenant may have trouble subletting a co-op if the co-op board members don't approve of the new tenant. In a condominium, each owner has the right to sell or sublet to anyone the person wants, subject only to the condo's right of first refusal, which is rarely exercised.

From the entrepreneur's point of view, a co-op can be more advantageous if the building at the time of the conversion date has a low interest mortgage. Reason: When a building is converted into a condominium it must be free and clear of all liens. In a co-op, the former financing can be kept intact.

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