EZ Answers for Ft Lauderdale Condo Buyers

Ready to purchase a Fort Lauderdale Condominium? As you look at Fort Lauderdale Condos for Sale now would be a great time to have some of the most common questions asked of Fort Lauderdale Realtors about condominium ownership answered.  Hopefully this post will answer many of your questions as a Fort Lauderdale Condo buyer but remember your Fort Lauderdale Realtors at Eric Miller and Associates, Keller Williams Realty Fort Lauderdale are always here to help with all your questions.

Monthly Maintnance Fees of a Ft Lauderdale Condo

1 - How is the monthly maintenance on my Fort Lauderdale Condominium determined?

Each Fort Lauderdale Condominium owns a set percentage share of the overall building. The board of the condominium along with the management company and their accountant each year establish an operating budget and determine via a vote it the Fort Lauderdale Condo will fund reserves. Once the annual budget is established your monthly maintenance becomes your share based on your percentage ownership divided by the 12 months of the year.  Some properties pay maintenance monthly and others pay it quarterly.

2 - Why do monthly charges on Fort Lauderdale Area Condos appear high compared to where I currently live?

Every property is different, some have beautiful pools and health clubs, others are brand new and not facing repairs for many years. In general, the two largest items on the budget of a Fort Lauderdale Condominium are the staffing of the building, and the insurance of the property. The insurance number is what often makes Ft Lauderdale Condos appear to have high monthly maintenance. Once you are aware of this, wrapping your arms around a monthly maintenance number becomes easier. A large offering of amenities come with more staff and higher insurance, interior manned lobbies and air-conditioned hallways all cost money. Look at the Fort Lauderdale Condominium for Sale that your thinking or purchasing, in general you will be able to estimate the monthly maintenance.  Maintenance averages from 40 to 60 cents per square foot per month. The more staff and amenities the higher you will be in the range. Multiple the square footage of the Ft Lauderdale Condo for Sale, by where on the range your think the building will is and I assure you, you will be very close. Try this a few times and you will start to feel comfortable with the estimate. Find a building that violates the numbers dramatically and your Fort Lauderdale Realtor will find out the details of why the monthly cost violates the norms.

South Florida Real Estate Taxes 

3- Are my Florida Real Estate taxes included in my monthly maintenance? This is simple answer, No! Visiting www.bcpa.net will allow you generate an estimate of your future annual tax bill on the Fort Lauderdale Condo you are looking at. Your Fort Lauderdale Realtor will help you understand how we pay taxes in Florida. Remember we have no income tax so real estate taxes may appear higher than you think. In general, if you estimate 2% of your purchase price you will cover your tax liability each year.

We will continue to answer questions in this blog so feel free to email us at Eric@FortLauderdaleGroup.com but lastly for today we address a very important question.

Rising Cost of Condo Ownership

4- Can the monthly maintenance and taxes on my Fort Lauderdale Condo go up? Another simple and direct answer with a few qualifiers, Yes!  Monthly maintenance gets calculated each year based on the budget to operate the building. In general, all your neighbors will have the same goal to keep as low as possible. Baring any unusual circumstance that result in an emergency assessment, or market expense such as rising insurance rates, maintenance will not go up dramatically each year. Just like taxes there is a cap by law that it can rise. Taxes can go up each year. If your property is Homesteaded you annual cap will be lower than if its not. Most years taxes and maintenance do not go up as much as the cap will allow but this is again something your Fort Lauderdale Realtor will provide more information on when you start hunting for the perfect Fort Lauderdale property for sale.