Investing in Condos in Florida

Florida Condo InvestingOne of the things that we often here are people interested in investing in condos in Florida.  This can be appealing as there continues to be increased demand for vacation homes and primary residences in the sunbelt and the price of condos can be more affordable in Florida than purchasing a single family home.  There are a number of things to consider and think about before you dive into investing in condos in Florida.

Condos are often more affordable and create a nice entry point to start with real estate investing in Florida.  The benefits of having a condominium and condominium bylaws and rules and regulations can also be a nuisance.  While you may not live in Florida but you want to invest in condos here, it can be helpful to have a management company coupled with a condo association who handles the common areas and the maintenance and upkeep of the common areas.  The problem with this is that you are also bound by the rules in the declaration of condominium or the bylaws of the condominium.  You need to make sure that the unit you are purchasing is even allowed to be rented.  Can it be rented more than once a year?  Can you rent immediately after purchasing the property.

Many Condominium Associations have restrictions on investing in condos in Florida.  They don’t necessarily want investors in their condo association and they may not allow you to rent the property more than once a year.  This can be a problem if your tenant moves out after 4 months because they have to relocate or have a death in the family.  You may be stuck without any rent and having to cover the costs for the rest of the year awaiting your ability to rent it again.

Condos also often have neighbors upstairs or downstairs or next to your unit.  Your tenants are your responsibility and if they are bothering others around them with noise or smells or pets or any nuisance, it becomes your problem.  The association can enforce rules of condominium to fine your or force you to remove your tenant from the property.  This can result in vacancy and headache.  Often times the HOA rules are not kind and give the authority to the Condominium Association to send notice without warning demanding your tenants or their pet be removed from the property immediately.

Now these rules or condo bylaws can be convenient sometimes when you are living in the property and the person next to you is a nuisance but from an investor standpoint can be nothing but a headache.  While you may like that you don’t have to worry about security or storm preparation or pool care, the trade off of the Condo Rules and Regulations and the board enforcing them may not be worth it.  Investing in Condos in Florida can be lucrative and a nice option but its important to think about the possible problems and issues that can arise.

As a condo owner, you are sharing ownership and responsibility of the common areas and therefore are bound by the Condo Documents and the Condo Rules and Regulations of the Condo.  Make sure you always read the bylaws and documents closely if you are planning on investing in condos in Florida because the devil is in the details and once you own it, you must abide by the rules.  To search for the condominium documents you can search here.  http://www.flcondodocs.com/Search

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How to Make Money Flipping Florida Condominiums

Declaration of Condominium and Bylaws

Stuart Miles | freedigitalphotos.net

As a real estate investor, you already know how popularFloridacondominiums are. If you’ve never invested in one before, you may have your doubts about how much money you can stand to make or how quickly you can sell the condo. The trick to selling quickly is making sure the condominium is up to par and everything potential buyers are searching for. Here are a few tips on how to make money flipping Florida condominiums.

Buying Right

The first trick is to avoid jumping on the first Florida condominium that becomes available. While it can be tempting, you need to wait for a sweet deal to come along so you can get a great condo at a low investment. This might mean a foreclosure or a short sale, so watch the market and make sure you’re up to date on the condos in the area you’re looking to purchase in. Your profit is made when you buy, not when you sell your condo or home.

Improving the Condo

Because it’s virtually impossible to add rooms or do major renovation on a condo the way you can on a house, you’ll need to make improvements in different ways. For instance, most people focus on the kitchen and the bathrooms in condominiums when they’re considering purchasing. They look for plenty of space, up to date appliances and facilities, open and airy rooms, and functional work stations. Focus your time and effort on these two rooms above all else, because a condo with a fantastic kitchen and bathroom will sell quickly.

Cosmetic Touch-Ups

In addition to providing great quality bathrooms and kitchens, there are cosmetic touch-ups you can make to your Florida condominium that will help it sell. A fresh coat of paint throughout the condo will help it look immaculate, and you should keep the colors to neutral tones like off white, beige or cream. This allows individuals to see the condo as a canvas for their own taste whereas bright or vivid colors can be off putting. A thorough cleaning is in order, and should include dusting the baseboards, scrubbing the bathrooms and kitchens especially, and airing out the condo.

Staging the Condo

You may want to hire a staging professional or do it yourself, but in some instances, staging will help the condo sell. All personal items should be removed from the condominium and areas should be staged much like the set of a movie. Neutral, classic furniture can be placed in rooms to illustrate how the area might be utilized. Before opening the condo for someone to view, light candles scented in vanilla or another subtle scent, and use lighting to set the moods in different rooms.

Making the Condo Competitive

Finally, when you’re ready to sell the condo, you’ll want to make sure it’s a competitive price. Check the local listings and compare those condos (including the number of bedrooms, bathrooms and specific features), and then determine a fair price for your condo.

By using these tips, you can ensure that your Florida condominium flipping will be successful and that your condo will sell quickly, making you a lot of profit.  If you are looking for a copy of your Declaration of Condominium or Condominium Documents, please feel free to search our database of 1000’s of Condo Documents.