One request that appears to come up very often when people are looking to purchase a Fort Lauderdale Condominium is simply, "Find me a Fort Lauderdale Condominium with low maintenance"! This is very often the first thing some people request. Unfortunately the old adage, "You get what you pay for" sincerely applies.
A well run building is certainly something that should be high on your priority list, but inexpensive maintenance may not be the best measure of good value.
Some things to think about when it comes to maintenance.
1) Almost 30% of monthly maintenance charges go to pay for insurances.
2) Well run buildings often fund reserve funds based on a Fannie Mae Guidelines of 10% of the operating budget.
3) Buildings with very low maintenance charges may have a history of doing additional assessments for major repairs.
4) Here are two unique ones, 13 months, yes a condominium whose maintenance initially appears a bit low until you realize that they collect the fee 13 times per year. A separate insurance bill, yes the monthly fee does not include insurance that 30% we spoke about comes once a year in a separate bill.
When it comes to monthly maintenance a good rule of thumb is about 50 cents per square foot of living space per month. A building with many amenities can go above 70 cents per foot, and lesser ammenities can be a bit lower. Using this rule you will find that a building that is funding reserves and has few assessments will collect about $500 per month for a 1000 sq. foot apartment. This is just a guide to get you started. Judging a property soley on the monthly fees can be a mistake, a local realtor can help with a great deal of information and history. Additional information about Ft. Lauderadale Condominium ownership.
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Want to get more information about a building that will have over $700,000 in their reserve fund before the end of the year, curious about a buidling that has just finished and completed a full renovation, Eric Miller and Associates are here to help with all your needs in Fort Lauderdale Real Estate.
