A condominium is typically a unit within a shared building or complex that is similar to an apartment. This housing style is an excellent alternative to buying a single-family home and can be perfect as a first investment property. If you’re considering this option, learn the answers to some of the most frequently asked questions below. 

What You Need to Know About Buying a Condominium

Are condos owned cooperatively? 

In a cooperative, the resident association controls the property. The owner of each unit acts as a shareholder of the association, or nonprofit corporation. When you purchase a co-op, you’re technically buying shares of said corporation, not the residence itself; you will not sign a deed. Co-ops are relatively rare in Florida. In a condo, you own and are responsible for your unit, but also have an interest in common areas and amenities, like swimming pools. You will have a real estate deed to your condo and will build equity in it. 

How is owning a condo different than owning a house?

You won’t be responsible for the same maintenance or chores that come with owning a house when you purchase a condo. You’ll also be able to take advantage of shared amenities such as a pool, tennis courts, or a gym. Many communities also require residents to follow association rules designed to control noise and limit disturbances.

How does financing work?

You’ll need to get preapproved for financing before looking at units and make sure to choose a lender that allows condo purchases. Many lenders and programs have strict regulations when it comes to purchasing condominiums.

For example, the FHA (Federal Housing Administration) requires the majority of units in any community to be owner-occupied, and the property must be included on its approved condo community list. Private lenders are also an option and tend to be more flexible. 

What about the association fees?

Condo communities charge association fees for the day to day operations and upkeep of the property that you would have to coordinate and take care of on your own if you owned a single-family house. Ask the community about the fees and what they cover before purchasing a unit. 

Find the perfect condo to use as a vacation home or investment property in sunny Tampa, FL, by contacting The Towers. These luxury high-rise condos are situated in two side-by-side buildings that offer residents beautiful views of the Tampa skyline and Hillsborough Bay. They are convenient to Channelside, Waterstreet and Riverwalk. They also include amenities such as an infinity pool, a pet park, and a clubhouse. Find out more about these high-end condos online.