Investors, are you looking to buy a condominium or multi-family home?

Investors, are you looking to buy a condominium or multi-family home?

  • Jo Ellen Nash
  • 05/31/22

Here are some top questions which will affect your ability to rent your home. Important considerations are the pet policies and rental restrictions in your building, along with Building Overviews in The Moorings, Coquina Sands, Park Shore, Vanderbilt Beach.

What is your intention for use? Will it strictly be a primary residence, second home or rental property? Rental policies vary from building to building and there are restrictions which will affect your rental income.

How important are building amenities?

Each building is different: some have more amenities than others. Perks for residents incur additional costs to maintain and it will be reflected in the ongoing HOA maintenance fees.

These include things such as...

• Pools • Spas • Cabanas • Exercise/Fitness centers • Billiard rooms • Game Rooms • Libraries • Guest suites • Tennis Courts • Theaters • 24/7 Front desk/Concierge • Manned Front gate

What are the Pet Policies in the building?

If you have a family pet, it is important to choose a building that allows you to keep your pet. Pet Policies vary tremendously in each building and address if pets are allowed, type of pets, how many, size, weight and number of pets you can have.

Management of the building-How consistent is the management? On-site or off-site?

Large company or small? Make observations about the building and ask a lot of questions.

What are the costs related to ownership?

This can be a large financial expense so it is important to know how the fees are assessed and what they cover. Typical charges are for insurance on the building, management, sewer, water, common utilities, maintenance of the grounds, building and amenities, pest control and reserves.

Strength of the Homeowners Association -- How financially sound are they? Ask for a copy of their budget and financial statements for the past couple of years. Check to see how much money is held in reserves for any major repair.

Any issues within the building and/or residents?

Ask for minutes from the past couple of annual meetings. Anything being discussed, upcoming capital improvements, will most likely be addressed there.

Parking and personal storage- Is parking deeded, assigned, unassigned? Where are the storage facilities? Covered or uncovered? Guest parking, overflow parking?

Resident consistency- What are the turnover rates of properties in the building? How many

homes are for sale each year? What is the rate of appreciation? As part of our buyer consultation process, we can provide you with a wealth of information about real estate trends and past sales and statistics on any building you are considering.

What is the average profile of the building residents?

Ask for demographics of the owners, where they are from, are they full time or part time, average age, common activities, social events, and how many rent versus use the homes themselves. You are buying into a lifestyle before you buy the “bricks and mortar” so make sure the building will be a good fit.

These are just a few of the questions you should be asking. We will be providing you with a lot of answers to these questions and more!

We Would Love to Work With You!

Thank you for giving us the opportunity to serve your real estate needs. From your very first phone call and beyond, we are committed to exceeding your expectations and giving you the best real estate experience you have ever had! There is no obligation to call and schedule an initial consultation to discuss current market conditions, your goals, timing, and how you can prepare to make your next move. If you are not currently in Naples and can’t have a face-to-face meeting, we are simply a phone call or click away from a Zoom meeting in the comfort of your office or home. We make it easy! It would be our pleasure to guide you on your next journey.

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