Condos for Sale in Cape Coral
Condos are a great way to secure your piece of Sunshine Paradise. While they are a little easier to maintain that a single family home they also have restrictions on how you can rent them out which is very important for foreign national buyers that need the rental income to offset the property expenses. Make sure you understand all the details fo the HOA regulations before you make a purchase decision. While Cape Coral only has a handful of communities you will find a lot more in Fort Myers.
Condos and their HOA restrictions
Some important questions should be considered when looking to buy a condo. First you want to know how financially sound the Homeowner Association (HOA) is. This can be found out within the HOA financial statement, the meeting minutes for the last year and also in the by-laws and regulations as well as covenants, conditions and restrictions. In all these documents you can see whether special assessments are being planned to address deferred maintenance, captival improvements, if there are any cash reserves, the likelihood of the increase of dues and whether the asoociation has been sued. Also you want to find out what the monthly dues cover, for example is only water, cable TV and trash pickup included or is a pool, spa or fitness center covered as well.
Moreover you want to know who manages the complex. Larger communities require professional management which costs more but in the end may save money as the managers have a bigger bargaining power when negotiating services as they represent a much larger number of units. You also want to find out how many units are rented as some lenders will not finance your unit if more than 25% of the community is rented out. Lastly you also should ask what amenities are offered, where your car can be parked and whether there are any restrictions for pets.