Want to buy an older condo? You may face up to $100K in extra costs
Realtor Leslie Pires of Bustamante Real Estate in Orlando remembers when condos were one of the less expensive ways to own a home. Realtor Leslie Pires from Bustamante Real Estate in Orlando, Florida, has warned that buying an older condo could cost up to $100K in additional costs. The condo market, a staple of beach life and source of independent-living housing for the elderly, is dealing with a new regimen of inspections and regulations that could cost owners up to hundreds of thousands of dollars in assessments to bring buildings up to code. This has led to a decrease in condo sales, making it difficult for the industry to sell.
Pubblicato : 2 mesi fa di Trevor Fraser,WFTV.com News Staff in Business Finance
Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
Realtor Leslie Pires of Bustamante Real Estate in Orlando remembers when condos were one of the less expensive ways to own a home.
“There was a time – even a few years ago – when someone could say, ‘I want a $1,500 monthly mortgage,’ and you’d show them a condo,” Pires said. “Now, I’d say, ‘Let’s look for a small home.’”
Florida’s condo market, long a staple of beach life and a source of independent-living housing for the elderly, now is facing the pain of a new regimen of inspections and regulations, costing owners up to hundreds of thousands of dollars in assessments to bring buildings up to code, making condo sales beyond difficult.
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