Condos in Tampa On Sale!

The timing may be right to purchase a condo this year but is it right for you?  Well that depends on a number of factors.  Some considerations include how you are paying for it, how you plan to use it and what the fees will be.

How do you plan to pay for it?  If you have cash or a down payment approaching 25%, condos are on sale and there are many to choose from.  I just checked MLS and found 452 active condo/townhouse listings in Hillsborough county under $50,000 and 474 in Pinellas County.

How do you plan to use it?  If you have a college student this is probably a better idea than paying rent because your student can live in it, share the cost with roommates and sell it to someone else when he is out of college.  There might even be some equity that she can use to purchase her first home.

Are you going to rent it?  Before you close, investigate area rents and the Condo Association rules regarding rentals if a rental is part of your plan.  Some projects do not allow rentals at all.  A condo on or near the beach may be a great seasonal rental but there may be limitations on rental terms less than six months.

Will you be occupying it yourself?  What a great, amenity filled lifestyle!  Enjoy all the benefits of a luxury single family home without all the work.  Many projects are gated for security and offer great facilities like pools, clubhouses, work out rooms and more.  The grounds are immaculate and you don't have to work up a sweat.  You can pack your bags, lock your doors and travel without any worries, too.

What will the Fees be?  Condo units come with maintenance fees and some have special assessments to pay for improvements (like repaving of roads owned by the association) that weren't anticipated by the board.  If you fail to pay the fees you could lose your unit to foreclosure, even if you paid cash for it.  Depending on the community, the monthly fees cover different items, like exterior maintenance, grounds, insurance, cable, roof, water/sewer, etc.  You need to discover what is paid, how it is paid and what is covered so you can factor the cost into your monthly budget.

If you think a condo is right for you, do your research, check with your legal and financial advisors and look forward to some additional income or a carefree lifestyle your friends will envy.