High Point condos in Fort Myers are definitely worth investing in and if you are thinking about investing in them then good for you. But have you ever considered what type of an investment it is owning a condominium? If not then here is a guide to what you can expect to have once you have bought a condo at High Point Condos in Fort Myers.
Financial Obligations of a Condo Owner
1. You are liable for real estate taxes. The money is deposited in an escrow account along with the monthly mortgage payments.
2. Payment of monthly mortgage payments, if you have financed your purchase with a mortgage.
3. Payment of monthly assessment fees, which are the owner’s share of the costs of maintaining and operating the shared spaces throughout the building.
4. Significant insurance for everything in the condominium unit.
5. Payment of utility bills.
All condo owners have a say in the running of the condo community and they also elect a Board of Trustees or Managers, who handle things like gardening, pool maintenance, and other upkeep tasks.
What is the basic structure of condominium governing body?
All condo owners take part in the governing of condominiums through meetings, election of Board of Trustees, service on committees and direct votes on major issues. The Board of Trustees has the duty of representing all the owners’ wishes, make up policies, hire help and supervise the management of the building. The actual rules and regulations regarding condominium government are set by by-laws of the condominium, additional or supplemental rules are added over time by the Board of Trustees, usually with the help of committee members who are also owners.
Before investing in High Point Condos in Fort Myers, check out the minutes of the condo association’s board meetings and you will know what type of problems other present owners are facing. All kinds of kinks can show up in these minutes, from bad lawn service to plumbing problems. This will also give you a fair idea of the kind of attitude the association has towards management of the condos.
Coverage
You’ll find that High Point Condos in Fort Myers have a current certificate of insurance. This represents the association’s insurance policy, which protects owners from liability. Older buildings need more maintenance. You’ll share in the coverage costs, but the association of High Point Condos in Fort Myers will also be covering a portion.
These are a few simple things you need to know before you go ahead and invest in High Point Condos in Fort Myers or any condo complex.
If you are still confused about certain issues just call Jean Sanders, Fort Myers High Rise Specialist and let her highly professional team of property experts clear all your confusion.
