Before You Buy A Condo in Sarasota Florida

    Now that you believe you have found the right Sarasota area condo, one that meets your needs and is priced at the price you're willing to pay, there are some questions you should have answered before you make a offer formal.  Here are the most important things you need to determine before buying a condominium in the Sarasota real estate market.

Always Review the Association's Financials

    In particular, check the the Reserves Fund Balance.  This will indicate whether the association fees have been creating a slow build-up of funds to cover replacing the roof, repaving the parking lot, or other required periodic work.  A low balance in the Reserve Fund may be explainable but it does deserve an explanation.  Ask if the Reserve fund has an annual "reality check."  If not, there's no way to judge whether the Reserves Fund is at a sufficient level.

Meet the Association's Property Manager

    You can learn much more in a face-to-face meeting, but even a phone conversation will show you how responsive and knowledgeable the property manager is.

    Ask him or her what kind and how much insurance the condo association carries and what is covered, and more importantly, what, if anything is not covered ?

    Ask the property manager of the Sarasota condo property what the delinquency rate is on fees.  If many people aren't paying their fees, something may be amiss.  You want to know what that "something" is.

    Does the property manager expect, or do Board meeting minutes anticipate any "special assessments" in the near term.  If so, you may be able to get the Seller to pay them in advance as part of your closing.

Review copies of the minutes of recent condo association board meetings.

    This will give you an indicate of the kind of issues and concerns the Board is dealing with.  It will give you clues to what, if anything, may be wrong with either the physical construction or any behavioral issues among the residents.

Is the property manager a Professional Association Manager ?

    With Sarasota condos, as everywhere, you need to be wary of a condo association without a "professional" property manager.  Although some condo associations are run very well by the residents, themselves, such an arrangement can lead to hassles.  Sarasota Florida condominium associations managed by residents are subject to all the foibles of businesses being run by "amateurs."  That's worth thinking about.

If the complex is professionally managed, ask some residents about their satisfaction

    Their relationship with the property manager will be indicative.  Recognize that some people are chronic complainers and no property manager could keep them happy at a monthly condo fee they're willing to pay.

Review the Rules, Regulations and By-Laws.

    Many Sarasota condominium associations have abbreviated versions of their rules that tell you, in summary, things like whether or not you're allowed to have pets?  What restrictions, if any, are placed on pets and pet-owners ?  You may not have a dog, but you may not appreciate it if your next-door neighbor has three dogs barking all day and you have no recourse.  Can your guests park on the premises ? For how long ?  Build a list of concerns and go looking for answers in the condo documents.

    Sarasota Florida has a large number of "snow-bird" visitors.  Are rentals permitted and, if so, what percentage of residents are renters.  A Sarasota condominium with a high percentage of renters may make it harder for you to resell later on.  If you are planning to rent your unit, understand the rental policies of the association.  If the rental population is above 10%, there should be clear policies in the by laws.  Are monthly rentals allowed or only 12 month leases.  Keep in mind, however, that a condo association can change its rules and bylaws to prohibit or restrict rentals. The more owners who rent, the less chance that will happen.

    In summary, you should check out your Sarasota condo and its condominium association as carefully as you would a single-family home purchase.  You can avoid a lot of grief by fully understanding the situation before you make an offer or adjust your offer to compensate for what you've learned.